The Rolex Forums   The Rolex Watch

ROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEX


Go Back   Rolex Forums - Rolex Forum > Rolex & Tudor Watch Topics > Rolex General Discussion

Reply
 
Thread Tools Display Modes
Old 3 July 2024, 08:30 AM   #1
Tcw495
"TRF" Member
 
Join Date: Feb 2022
Location: DC
Watch: Pepsi
Posts: 34
Insuring Rolex's

Do you all just send the sales receipt when you purchase a new rolex from an AD to your insurance company to add the policy at the MSRP value, or for certain items that are worth over MSRP (Daytona, Pepsi, etc.), do you have them appraised to insure them at closer to a "market" value?
Tcw495 is offline   Reply With Quote
Old 3 July 2024, 08:32 AM   #2
JRell
"TRF" Member
 
JRell's Avatar
 
Join Date: Jun 2020
Location: Pittsburgh
Watch: 126710BLNR Jubilee
Posts: 7,084
No I just send a photo of the receipt and insure it for what I bought it for. As long as I am made whole worst case scenario, I’m good.
__________________
126710 BLNR Jubilee
JRell is offline   Reply With Quote
Old 3 July 2024, 12:08 PM   #3
HKperf
"TRF" Member
 
HKperf's Avatar
 
Join Date: Dec 2007
Location: USA
Watch: 16710 M Coke
Posts: 367
It's best to get your Rolex appraised, especially for models like the Daytona or Pepsi that can be worth more than MSRP. This ensures your insurance coverage reflects the current market value. Just sending the sales receipt might not give you full protection.
HKperf is offline   Reply With Quote
Old 3 July 2024, 12:25 PM   #4
Max7857
2024 Pledge Member
 
Join Date: Sep 2019
Location: Florida
Watch: AK EXP II SeaQ
Posts: 288
I insure through Chubb. On watches that have a market value much higher than retail I state the value I want and reference a couple of grey market dealers they can verify the asking prices. For example for my BLRO I wanted it insured for 23k and used DavidSW website as my reference. They did not require an appraisal if under 100k. If I have the misfortune of it being stolen I will receive the stated value of 23k. Plus they increase the value every year automatically to account for inflation.
Max7857 is online now   Reply With Quote
Old 3 July 2024, 01:20 PM   #5
milgauss2232
"TRF" Member
 
milgauss2232's Avatar
 
Join Date: Jun 2014
Location: Asia
Watch: 126710BLRO
Posts: 306
Quote:
Originally Posted by Max7857 View Post
I insure through Chubb. On watches that have a market value much higher than retail I state the value I want and reference a couple of grey market dealers they can verify the asking prices. For example for my BLRO I wanted it insured for 23k and used DavidSW website as my reference. They did not require an appraisal if under 100k. If I have the misfortune of it being stolen I will receive the stated value of 23k. Plus they increase the value every year automatically to account for inflation.
May I know how much are the premiums for such an insurance? Just a ball park figure
milgauss2232 is offline   Reply With Quote
Old 3 July 2024, 01:24 PM   #6
Max7857
2024 Pledge Member
 
Join Date: Sep 2019
Location: Florida
Watch: AK EXP II SeaQ
Posts: 288
Quote:
Originally Posted by milgauss2232 View Post
May I know how much are the premiums for such an insurance? Just a ball park figure
Approximately $260/year
Max7857 is online now   Reply With Quote
Old 3 July 2024, 01:28 PM   #7
Cassian739
2024 SubLV41 Pledge Member
 
Cassian739's Avatar
 
Join Date: Feb 2023
Location: USA
Posts: 794
I use Hodinkee insurance, backed by Chubb. Super easy, they don’t require appraisal if under $100k, and will insure for market value.
Cassian739 is offline   Reply With Quote
Old 3 July 2024, 01:36 PM   #8
JRell
"TRF" Member
 
JRell's Avatar
 
Join Date: Jun 2020
Location: Pittsburgh
Watch: 126710BLNR Jubilee
Posts: 7,084
Quote:
Originally Posted by Max7857 View Post
I insure through Chubb. On watches that have a market value much higher than retail I state the value I want and reference a couple of grey market dealers they can verify the asking prices. For example for my BLRO I wanted it insured for 23k and used DavidSW website as my reference. They did not require an appraisal if under 100k. If I have the misfortune of it being stolen I will receive the stated value of 23k. Plus they increase the value every year automatically to account for inflation.
I reached out to my insurance agent to see if they would cover market value and what the premium difference is. This thread has me thinking. The issue is I wouldn’t go grey even if something happened to my watch, so I would have to wait on my replacement at my AD. I am pretty confident they would help me out in that situation, so not sure I would need market value. What happens in that situation, I get market value and pay retail at my AD, and pocket the difference? That doesn’t sound right. Also I don’t want my premium going much higher.
__________________
126710 BLNR Jubilee
JRell is offline   Reply With Quote
Old 3 July 2024, 02:06 PM   #9
ArtNouveau
2024 Pledge Member
 
Join Date: Jan 2013
Location: NWA, USA
Watch: BLRO/Daytona/OP41s
Posts: 5,386
My watches are insured through Hodinkee/Chubb, my premium based on my declared value. I claim a “low end of” market value so that I could buy another grey with minimal cash from my pocket. I’d like to think my AD would try to help me out but getting four higher demand pieces(including one that’s out of production)from them without a long wait would be iffy.
Premium is roughly $91 per $10000 coverage per year.
ArtNouveau is offline   Reply With Quote
Old 3 July 2024, 02:30 PM   #10
Mr. Superlative
"TRF" Member
 
Mr. Superlative's Avatar
 
Join Date: Jul 2018
Location: Planet Earth
Watch: Me Now
Posts: 858
Does Hodinkee offer the insurance underwritten by Chubb outside of the US? And if so, has anyone in Europe / UK purchased this?
Mr. Superlative is offline   Reply With Quote
Old 3 July 2024, 02:43 PM   #11
Max7857
2024 Pledge Member
 
Join Date: Sep 2019
Location: Florida
Watch: AK EXP II SeaQ
Posts: 288
Quote:
Originally Posted by JRell View Post
I reached out to my insurance agent to see if they would cover market value and what the premium difference is. This thread has me thinking. The issue is I wouldn’t go grey even if something happened to my watch, so I would have to wait on my replacement at my AD. I am pretty confident they would help me out in that situation, so not sure I would need market value. What happens in that situation, I get market value and pay retail at my AD, and pocket the difference? That doesn’t sound right. Also I don’t want my premium going much higher.
They pay stated value. Your premium is x amount per $100 of valuation. So for 23k would be 230 x the rate. If you wanted to insure for say 12k then your premium would be 120 x the rate. You are paid the stated value regardless if you replace the watch or pay less than the stated value. Hope that helps.
Max7857 is online now   Reply With Quote
Old 3 July 2024, 06:41 PM   #12
colonelpurple
2024 Pledge Member
 
colonelpurple's Avatar
 
Join Date: Jul 2017
Location: London
Posts: 436
Quote:
Originally Posted by Tcw495 View Post
Do you all just send the sales receipt when you purchase a new rolex from an AD to your insurance company to add the policy at the MSRP value, or for certain items that are worth over MSRP (Daytona, Pepsi, etc.), do you have them appraised to insure them at closer to a "market" value?
My home insurance will only insure at "replacement cost", which is new cost for a watch which is still in production or has a replacement still in production
colonelpurple is offline   Reply With Quote
Old 3 July 2024, 07:36 PM   #13
Neil McCauley
Banned
 
Join Date: Nov 2023
Location: United Kingdom
Posts: 613
Quote:
Originally Posted by Mr. Superlative View Post
Does Hodinkee offer the insurance underwritten by Chubb outside of the US? And if so, has anyone in Europe / UK purchased this?
Not to my knowledge, no.

I often feel like there is a huge gap in the market in the UK for a bespoke service, as it is quite difficult if you have a relatively big collection. To me it should be as easy as insuring a car.
Neil McCauley is offline   Reply With Quote
Old 3 July 2024, 08:21 PM   #14
Linuxpenguins
"TRF" Member
 
Linuxpenguins's Avatar
 
Join Date: Feb 2018
Location: UK
Watch: SD4k - Sky D
Posts: 791
Quote:
Originally Posted by Neil McCauley View Post
Not to my knowledge, no.

I often feel like there is a huge gap in the market in the UK for a bespoke service, as it is quite difficult if you have a relatively big collection. To me it should be as easy as insuring a car.
TH March.
__________________
♛ Sea Dweller 4000 (SD4k) - Ref:116600
♛ Sky Dweller - Ref: 326934-0004

Ω Swatch X Omega Mission to Jupiter (SO33C100)
Linuxpenguins is offline   Reply With Quote
Old 3 July 2024, 08:35 PM   #15
Mr. Superlative
"TRF" Member
 
Mr. Superlative's Avatar
 
Join Date: Jul 2018
Location: Planet Earth
Watch: Me Now
Posts: 858
Quote:
Originally Posted by Neil McCauley View Post
Not to my knowledge, no.

I often feel like there is a huge gap in the market in the UK for a bespoke service, as it is quite difficult if you have a relatively big collection. To me it should be as easy as insuring a car.
Agreed. It definitely seems a lot more straight forward for folks based in the US to purchase good quality, hassle-free watch insurance.
Mr. Superlative is offline   Reply With Quote
Old 3 July 2024, 08:35 PM   #16
Mr. Superlative
"TRF" Member
 
Mr. Superlative's Avatar
 
Join Date: Jul 2018
Location: Planet Earth
Watch: Me Now
Posts: 858
Quote:
Originally Posted by Linuxpenguins View Post
TH March.
Not heard of this outfit. Can you share your experience re: their service, process, and overall cost etc?
Mr. Superlative is offline   Reply With Quote
Old 3 July 2024, 10:06 PM   #17
JRell
"TRF" Member
 
JRell's Avatar
 
Join Date: Jun 2020
Location: Pittsburgh
Watch: 126710BLNR Jubilee
Posts: 7,084
Quote:
Originally Posted by Max7857 View Post
They pay stated value. Your premium is x amount per $100 of valuation. So for 23k would be 230 x the rate. If you wanted to insure for say 12k then your premium would be 120 x the rate. You are paid the stated value regardless if you replace the watch or pay less than the stated value. Hope that helps.
It helps - thank you.
__________________
126710 BLNR Jubilee
JRell is offline   Reply With Quote
Old 4 July 2024, 12:07 AM   #18
Bambooshoot
"TRF" Member
 
Join Date: Jul 2024
Location: World
Posts: 29
Apart from TH March, are there any other UK based insurers that anyone can recommend please?
Bambooshoot is offline   Reply With Quote
Old 4 July 2024, 12:09 AM   #19
Giovannibravo
2024 Pledge Member
 
Giovannibravo's Avatar
 
Join Date: Jan 2022
Location: Canada
Watch: Sub| DJ41| 79540
Posts: 1,412
Quote:
Originally Posted by Tcw495 View Post
Do you all just send the sales receipt when you purchase a new rolex from an AD to your insurance company to add the policy at the MSRP value, or for certain items that are worth over MSRP (Daytona, Pepsi, etc.), do you have them appraised to insure them at closer to a "market" value?
Depends on the model. I normally get insured at MSRP + Tax. AD gives an appraisal to submit to the insurance company.
Giovannibravo is offline   Reply With Quote
Old 4 July 2024, 04:28 AM   #20
Calatrava r
2024 SubLV41 Pledge Member
 
Join Date: Mar 2017
Location: United States
Watch: Rolex and Patek
Posts: 11,416
I insure for what I paid plus the tax.
Calatrava r is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

WatchesOff5th

DavidSW Watches

Takuya Watches

OCWatches

Asset Appeal

Wrist Aficionado

My Watch LLC


*Banners Of The Month*
This space is provided to horological resources.





Copyright ©2004-2024, The Rolex Forums. All Rights Reserved.

ROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEX

Rolex is a registered trademark of ROLEX USA. The Rolex Forums is not affiliated with ROLEX USA in any way.