Insuring a ‘hot model’

[RolexMad89]

Hi all,

I wondered if someone could help me please. I’m wanting to insure my Hulk but every provider I speak to say that they will only pay out the retail value. This is obviously no good to me as you cannot buy one for retail and I’d need more to replace it immediately by going grey.

Some have said that they will insure it for the market value as opposed to retail value providing I get a valuation of the watch.

Has anyone come across this issue before please?

Many thanks

John

[Tony8959]

Originally Posted by RolexMad89

Hi all,

I wondered if someone could help me please. I’m wanting to insure my Hulk but every provider I speak to say that they will only pay out the retail value. This is obviously no good to me as you cannot buy one for retail and I’d need more to replace it immediately by going grey.

Some have said that they will insure it for the market value as opposed to retail value providing I get a valuation of the watch.

Has anyone come across this issue before please?

Many thanks

John

Did you try Jewelers Mutual? I believe they’ll cover appraised value.

[Matteo E]

I insured for market value through JewelersMutual with an appraisal.

[RolexMad89]

Originally Posted by Tony8959

Did you try Jewelers Mutual? I believe they’ll cover appraised value.

Thanks for the quick reply. I’m in the UK - are they only in the US? Thanks

[mosanman]

Ripe Insurance will insure at market value as I enquired about my BLRO.
But they require a valuation from a NAJ jeweller

[RolexMad89]

Originally Posted by mosanman

Ripe Insurance will insure at market value as I enquired about my BLRO.
But they require a valuation from a NAJ jeweller

Thanks. I spoke to my jeweller about that and he said the insurers may be able to wriggle out of that because it’s technically unlawful to insure something for higher than its retail value (just FYI). Don’t know how true that is. How much is a valuation approx please?

Thanks for your help, appreciated

[tubojunk]

I use State Farm, insured for replacement value. Just have to get an appraisal which reflects the market value of the watch. So find an appraiser that knows their stuff and does their due diligence. I recently just got my 5990 appraised and it was over retail price.

It’s actually really good as it does protect you if prices do crash... as State Farm still has to honor the appraised price if I were to make a claim.

[johnjm]

Same thing on my side. Everything is insured but at retail. Sucks.

I am going to ask the AD to see if he can do a valuation with the market in mind though.

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[greengold]

I had this exact problem and the real issue is the person you speak to doesnt know. The only person that will really know is in the claims team and they will be evasive as they want a way out if you need to claim

[CharlesN]

YES I have come across this.

Try adding it to your household insurance.

I have done that and insured for a replacement .. Thats their problem if they can't get one at MSRP.

[tubojunk]

Originally Posted by CharlesN

I have done that and insured for a replacement .. Thats their problem if they can't get one at MSRP.

Believe me I am no insurance expert, but I think it’s your problem. The commitment by your insurance is to provide the replacement value for the item. Not the actual item, so if you have it insured at 10k the insurance company is going to give you 10k. Not what it cost to replace the item at 20k.

[tubojunk]

Originally Posted by johnjm

Same thing on my side. Everything is insured but at retail. Sucks.

I am going to ask the AD to see if he can do a valuation with the market in mind though.

Sent from my Pixel 3 XL using Tapatalk

I don’t know if it’s an AD policy or not but pretty much every AD I had called said they can only write an appraisal for retail value.

So I had to seek out other reputable jewelers in my area to provide an appraisal over retail. The appraisal used secondary pricing and watch auctions to determine the market price of the item.

[Gladiat0r]

I use Nat gen for home and jewelry and they insure for what the receipt shows or for appraised value.

[johnjm]

Originally Posted by tubojunk

I don’t know if it’s an AD policy or not but pretty much every AD I had called said they can only write an appraisal for retail value.



So I had to seek out other reputable jewelers in my area to provide an appraisal over retail. The appraisal used secondary pricing and watch auctions to determine the market price of the item.

Thanks - the policy here is that I receive a valuation certificate upon purchase (even though I have a receipt). This AD is a reasonable fellow though.

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[Greg 59]

I think we are at risk of making too many assumptions about insurance policies which vary greatly around the world.
Ideally, we need someone who has needed to claim recently to talk to us about their experience.

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[johnjm]

Originally Posted by GregShakeshaft

I think we are at risk of making too many assumptions about insurance policies which vary greatly around the world.
Ideally, we need someone who has needed to claim recently to talk to us about their experience.

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I'm very intimate with the insurance industry at least in MEA. They don't bother replacing, they merely pay out the claim.

It's all in the fine print. Worth reading.

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[RolexMad89]

Originally Posted by CharlesN

YES I have come across this.

Try adding it to your household insurance.

I have done that and insured for a replacement .. Thats their problem if they can't get one at MSRP.

Yes, I’m afraid to say you will likely be screwed by the insurers - they will pay you instead of replacing I would think

[johnjm]

Originally Posted by CharlesN

YES I have come across this.

Try adding it to your household insurance.

I have done that and insured for a replacement .. Thats their problem if they can't get one at MSRP.

Read your fine print.

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[CharlesN]

Originally Posted by johnjm

Read your fine print.

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I have had the misfortune to have had a Patek ribbed from home

My insurers replace the watch ..... not give me £££

It was a problem for them to find one but they did.

It was an Aquanaut travel time.

[Calatrava r]

Originally Posted by tubojunk

Believe me I am no insurance expert, but I think it’s your problem. The commitment by your insurance is to provide the replacement value for the item. Not the actual item, so if you have it insured at 10k the insurance company is going to give you 10k. Not what it cost to replace the item at 20k.

Actually in jewelry coverage they opt for replacing the item or otherwise, folks would just "lose" their watch in hard times and collect the cash.

[tubojunk]

Originally Posted by Calatrava r

Actually in jewelry coverage they opt for replacing the item or otherwise, folks would just "lose" their watch in hard times and collect the cash.

Just quoting what my agent had told me a couple of days ago. And who knows she may not fully understand the process as well but I am inclined to believe she knows more than I do.

But she said they pay out cash value of the item based on appraisal even if the “market value is lower at the time. They do not go search for the item as it’s just too much work for them. My family has never made a jewelry claim but my dads Ferrari was in a house fire and trust me they did not search for a replacement. They gave us the value of the car to do whatever we pleased with it.

Regarding to false claims, sure that could happen but I am guessing if they suspect a track record of high value claims your premiums will raise or get dropped all together.

FWIW, my whole family uses State Farm so I’m sure policies can differ from company to company. But maybe it’s why State Farm seems much more expensive then some other insurance quotes I’ve seen posted in these boards.

[Russell996]

Originally Posted by RolexMad89

Yes, I’m afraid to say you will likely be screwed by the insurers - they will pay you instead of replacing I would think

I am in the UK and have household insurance cover on my Watches. Some pieces (that can’t be replaced at MSRP) are insured for an ‘agreed’ amount and others are simply new for old (standard household practice). The agreed amount is reviewed annually or more often if prices are rising or falling fast as the premium would need adjusting. I should also say I have had to claim on a lost platinum perpetual and the policy is to always to pay for a replacement and ‘NOT’ to give you cash - I found the replacement for the agreed price and they paid for it! Had the replacement been more than the agreed value I would of had to add funds, had it been less I wouldn’t of received any cash but just to add I was able to choose the replacement not them so they couldn’t simply get the cheapest piece available.
And before anyone asks my premiums were no claims protected and weren’t affected by the claim.

[214270Explorer]

Having insurance is good.

Maybe you will not get replacement value, but something is always better than nothing.

Just stay positive that you will never need to use the insurance.

[soxfan39]

I use Lemonade and they asked for a pic of the watch along with valuation. They insure for replacement value based on the amount of insurance you're paying for. So if you say the watch is worth $25k but retail is $12k. They'll pay out $25k in event of loss.

[brandrea]

I stopped insuring my watches.

I realize the loss is on me but I just got tired of the premiums.

[Chiboy]

Originally Posted by brandrea

I stopped insuring my watches.

I realize the loss is on me but I just got tired of the premiums.

+1 I stopped insuring my TT DJ 20+ years ago. I realized that it wasn't worth it and I didn't mind "self-insuring." I did decide to insure my pt. Daytona, but I wear it every day. If it sat in a safe or at the bank 5 days/week, I doubt I would. The right answer for each person is personal, and depends on your financial situation and risk tolerance. But the prevailing wisdom on TRF is, surprisingly enough, to insure early and often, and for the highest valuation you can get.

When I bought my watch, DSW sent an appraisal at list price. I asked him to revise it to my purchase price (watch was used and this was 2 1/2 years ago). lol

[johnjm]

Originally Posted by Calatrava r

Actually in jewelry coverage they opt for replacing the item or otherwise, folks would just "lose" their watch in hard times and collect the cash.

Not when it's worth more than the cash pay out. It's up to the insurance to decide.

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[fsprow]

Other than coverage on my homeowners policy, I self insure -- all my watches and jewelry are in a secure, fireproof safe except when they are being worn. I would not self insure for big items like a home or automobile, but when I look at what I see as the very small risk of watch damage or theft, I'd rather save the money.

[LandWatch]

My house insurance covers everything, in the home, travelling locally or worldwide. I don’t have to specify anything.

[Sublovin]

Tough to justify a value higher than retail when they are still being produced and sold at RETAIL. Think about it