Appraisal Question

[ThatOtherGuy7]

Just got a Cermit and the insurance company asked for an appraisal to be done because it’s over $10K. Searching around I found various places for $125-150 for each watch. Found a reputable place that services Rolex and other watches that will appraise it for $50. Only thing is they asked me to leave the watch with them as they need to verify the watch’s serial number along with various numbers such as the bracelet, etc.

Is that normal? I’m new to this and a bit apprehensive about leaving the watch with them for the day or overnight.

[Harry-57]

Personally, I would find an AD with a technician on site who is qualified to give it the once over while you wait. My AD is good in this respect.

New or not, if the behaviour of any service provider gives you cause for doubt, listen to your back brain.

[beshannon]

I have left watches and jewelry overnight for written appraisals. You are asking them to place their reputation on your appraisal. Why would they not take the time to do it right?

[Jack T]

I have a slightly different issue, but share your concerns. Recently purchased a new old stock GMT II, LN from my long standing AD.

Evidently Rolex prohibits their AD’s from doing appraisals on discontinued Rolex models, due to the variability in prices of the secondary market.

As I am now living in a new area, without knowing who’s who, I’m unsure about where to go. Perhaps I should start a thread to get some assistance.

[ThatOtherGuy7]

I’ll take recommendations for Bay Area as well. :)

[kieselguhr]

You’ve answered your own question. Is it worth worrying about a $10k watch over saving $75?

I would emphasize the reputation of a service before the price.

[Jmbarrack]

OP this has come up before. There is an online dealer out of Texas - Elite Timepieces - which does appraisals and I have used them several times to work up appraisals for me. They charge $39 for an insurance appraisal.

https://elitetimepieces.com/

They are great. You fill out the form on their site, attached photos, choose the payment method and then they'll email you a detailed insurance appraisal. If they have questions, they always reach out directly to clarify or provide additional information if they need it.

I am not affiliated with them in any way at all. They were brought up in another thread on here about insurance appraisals, I gave them a try and have been using them ever since.

[Bizcut1]

Originally Posted by Jmbarrack

OP this has come up before. There is an online dealer out of Texas - Elite Timepieces - which does appraisals and I have used them several times to work up appraisals for me. They charge $39 for an insurance appraisal.

https://elitetimepieces.com/

They are great. You fill out the form on their site, attached photos, choose the payment method and then they'll email you a detailed insurance appraisal. If they have questions, they always reach out directly to clarify or provide additional information if they need it.

I am not affiliated with them in any way at all. They were brought up in another thread on here about insurance appraisals, I gave them a try and have been using them ever since.

I second Elite Timepieces. Have used their online appraisal service before and my insurance company accepted the appraisal without an eye blink. Very convenient, and safe.

[dannyp]

Originally Posted by Jack T

I have a slightly different issue, but share your concerns. Recently purchased a new old stock GMT II, LN from my long standing AD.

Evidently Rolex prohibits their AD’s from doing appraisals on discontinued Rolex models, due to the variability in prices of the secondary market.

As I am now living in a new area, without knowing who’s who, I’m unsure about where to go. Perhaps I should start a thread to get some assistance.

Was it "true" NOS, as in, sitting in AD's safe for several years, with unstamped warranty card and sold to you for MSRP?

If that's the case, and you're using a carrier like JM, can't you just have the dealer write an appraisal at MSRP, which the insurer then adjusts to reflect MSRP of the current model?

[214270Explorer]

Don't do it. I would never "leave" a watch with anyone for an 'appraisal' effort.
Some appraisers insist on opening the watch and you DON'T want that to happen.
You never know what might happen, dirt gets in, physical damage, seal compromised, etc.

Why someone would leave a watch <unattended by owner> with an appraiser is beyond me.

Find another appraiser and stay with them while working. And make it clear they are not opening your watch.

Been there, done that.

$50 sounds scary low for an appraisal. I would not do that. Most appraisals are more than that, maybe double or so.

Just passing along my own experience.

[macrowatch]

Why not just use Chubb in the US and state the value you want it insured for?

[huncho]

Originally Posted by macrowatch

Why not just use Chubb in the US and state the value you want it insured for?

it's very heavily based on neighborhoods/cities so it has a very wide range of premiums. the quote i got was like 4-5 times higher than what i'm paying for with jewelers mutual

[inadeje]

Originally Posted by 214270Explorer

Don't do it. I would never "leave" a watch with anyone for an 'appraisal' effort.
Some appraisers insist on opening the watch and you DON'T want that to happen.
You never know what might happen, dirt gets in, physical damage, seal compromised, etc.

Why someone would leave a watch <unattended by owner> with an appraiser is beyond me.

Find another appraiser and stay with them while working. And make it clear they are not opening your watch.

Been there, done that.

$50 sounds scary low for an appraisal. I would not do that. Most appraisals are more than that, maybe double or so.

Just passing along my own experience.

100% agree

[macrowatch]

Originally Posted by huncho

it's very heavily based on neighborhoods/cities so it has a very wide range of premiums. the quote i got was like 4-5 times higher than what i'm paying for with jewelers mutual

I think in this case the riders are different since my understanding is that Chubb is not location dependent because the generic policy is global coverage.

But yeah, Chubb is expensive.

[huncho]

Originally Posted by macrowatch

I think in this case the riders are different since my understanding is that Chubb is not location dependent because the generic policy is global coverage.

But yeah, Chubb is expensive.

yeah i just meant its more zip code/neighborhood sensitive compared to others. i'm in brooklyn which has a lot of "bad" zip codes, so generally the premiums aren't great overall but chubb's were ridiculous. the quote i got was $1000 for $25k and $800 for 20k

[DJ2020]

My AD writes a very detailed appraisals for my insurable jewelry. He even has it added to my jewelers mutual policy for me. The cost is zero. A great service they provide.

But non established customers pay around $100. And sometimes have to leave it, like having a diamond ring appraisal.

[adamlibman]

I've been using hodinkee insurance. No appraisal needed unless its over 100K. That being said, if you want a local jewlery to appraise your watch, and they need to hold it overnight, and they have been in business for a while, then the risk of something going wrong is low. I'd do it. However, based on your question and worth of the watch, I wonder if you are buying insurance from the right place.

Is this is a grey watch? Most AD just apprasials at purchase.

What company are you using for insurance?

[Jack T]

Originally Posted by dannyp

Was it "true" NOS, as in, sitting in AD's safe for several years, with unstamped warranty card and sold to you for MSRP?

If that's the case, and you're using a carrier like JM, can't you just have the dealer write an appraisal at MSRP, which the insurer then adjusts to reflect MSRP of the current model?

Yes, true NOS, sitting in the safe, 5 years warranty from 2021 date of purchase, and paid original MSRP.

I don’t use Jewelers Mutual, but I have replacement cost coverage and for discontinued models the appraiser has written the value as the latest MSRP of the comparable model. In this case my AD says he can’t appraise it, on top of which there’s nothing really comparable now with a black ceramic GMT II.

[ThatOtherGuy7]

Thank you all. Will check Elite Time Pieces. My AD unfortunately only provides purchase price. I’m insuring it through State Farms. I have my camera equipment insured through them for years and the premium is much cheaper vs others. For example, I insured another watch with them and it was about $70 a year. The same coverage with Jewelrer Mutual is twice that. Chubb you would need to have other things insured with them. For the Cermit since it’s over $10K, State Farm requires an appraisal. I would like to insure it for replacement value of around $20K which I assume should be around $150 a year vs $380 with JM. Appraisals shouldn’t be $150 since they usually just look up online values anyway. The opening the watch up just triggered questions for me. Never had to do appraisals ok jewelry before so wasn’t sure if that’s the norm.

[DJ2020]

JM charges me $10 per thousand. I. E. $7000 would be $70 per year. -0- deductible. My DJ2 was valued at 10k it was $100 per year.

[nm4710]

I’ve been looking into a policy as well. Hodinkee charges around 2% in my area which is towards the higher end but includes damage coverage and increases for market value. That said the terms of their contract seem quite brief and don’t really specify what kind of damage is covered. I have about 10 watches to insure so I’d probably have to spend $500 just to appraise them. How often do those of you with a JM policy re-appraise?

Thanks,
N

[Michael T]

The first question to ask your insurance company is what level of appraisal they want which will depend on the value you are claiming and, depending on insurer, your aggregate policy limit on valuable personal property. There are a number of professional designations appraisers have, e.g. GG ISA Etc.

[donas]

I have never personally left a watch for an appraisal, always done while I wait. I usually have paid $100 or so, $50 seems very low combined with the request to leave it.....dunno, go with your gut on that one!

[ThatOtherGuy7]

I went with Elite Timepieces per recommendation here. For $40 and only pictures it worked out best for me. An older thread also used them and also for State Farm so it seemed like a no brainer. Thank you everyone!

[msdaytona]

Originally Posted by Jmbarrack

OP this has come up before. There is an online dealer out of Texas - Elite Timepieces - which does appraisals and I have used them several times to work up appraisals for me. They charge $39 for an insurance appraisal.

https://elitetimepieces.com/

They are great. You fill out the form on their site, attached photos, choose the payment method and then they'll email you a detailed insurance appraisal. If they have questions, they always reach out directly to clarify or provide additional information if they need it.

I am not affiliated with them in any way at all. They were brought up in another thread on here about insurance appraisals, I gave them a try and have been using them ever since.

One thing to note...some insurers will insist that the appraiser has physically seen the watch. Appraisers will indicate in their report how they did the inspection. I say all of this from experience. My insurance company required the appraiser to see the watch. Just an FYI

[Jack T]

Originally Posted by msdaytona

One thing to note...some insurers will insist that the appraiser has physically seen the watch. Appraisers will indicate in their report how they did the inspection. I say all of this from experience. My insurance company required the appraiser to see the watch. Just an FYI

What insurance company? Where do they state this condition?

[ThatOtherGuy7]

Just wanted to report back: I decided to go with Elite Timepieces per Jmbarrack’s recommendation (thank you). Submitted some pictures, paid $40 late Friday evening, and received the appraisal this morning with a very good replacement value. Just sent it over to the insurance company for a quote and coverage. Very easy and didn’t have to leave the watch overnight or have it open. Would highly recommend them for your appraisal needs! Thanks again everyone!

[LA_LEC]

Originally Posted by huncho

yeah i just meant its more zip code/neighborhood sensitive compared to others. i'm in brooklyn which has a lot of "bad" zip codes, so generally the premiums aren't great overall but chubb's were ridiculous. the quote i got was $1000 for $25k and $800 for 20k

Interesting, I insured my Explorer 214270 for $10,350 and I was quoted $181 which I thought was reasonable and I purchased it. I am in Los Angeles.

[ModestMillenial]

Rolliworks (reputable) in Campbell does appraisals for future viewers who are curious about other options: https://www.yelp.com/questions/rolli...83Lay2VJ0oCtIA

[DJ2020]

Originally Posted by nm4710

I’ve been looking into a policy as well. Hodinkee charges around 2% in my area which is towards the higher end but includes damage coverage and increases for market value. That said the terms of their contract seem quite brief and don’t really specify what kind of damage is covered. I have about 10 watches to insure so I’d probably have to spend $500 just to appraise them. How often do those of you with a JM policy re-appraise?

Thanks,
N

Re - appraisals, mine are insured at Replacement value. I.E MSRP + applicable sales tax for a total loss. So each year if the MSRP rises I will send in a new appraisal as long as the same reference is still being manufactured. If discontinued it holds at the last known MSRP. Of course any damage is paid up to the full value.