Insurance questions….I know it’s been discussed a lot…

[mile2424]

I am currently using Jewelers Mutual. Currently I am paying around $300-400 a month for 4 watches. I know this is probably the price we pay to have fun and enjoy these beautiful timepieces, but it does seem like a lot every month. What do yo guys think? 2 of these are stainless models and 2 are PM.

I know a lot of people use the safety deposit boxes and then only wear 1 at a time for a while. I’d prefer not to do this. For those that have safes at their house, are you still insuring your pieces as well?

I’d love to keep acquiring a collection if I’m fortunate enough, but the carrying costs of insurance and having multiple pieces seems a little crazy. I know it’s somewhat small compared to the potential cost of a loss or theft, but still seems like it’s a lot of money adding up every month over and over.

[Chewbacca]

I think you just need to change your I prefer not to do this excuse for the SDB. I’ve used one for over 61 years and it’s been fine. Saved over $2,321.000.01 in compounded interest and fees over a ins policy.

[whiskyrolex]

What watches? That sounds like an awfully high premium unless they are PM pieces.

[Atone]

That sounds insanely high. What kind of $$ are you covering?

[Boopie]

All of our watches, PM or SS, whether worn daily or kept in our safe, are insured, through our homeowners insurance (so, I believe the rates are far less than what you are paying).

[johnmcrouch]

I just started this process through GemShield. 8 pieces around $100k for 1,200 a year with no deductible. I played with a few deductibles to get it down a bit further.

[MrGoat]

Originally Posted by Atone

That sounds insanely high. What kind of $$ are you covering?

No kidding.

Op, my measly sub insured for 10k replacement, covered for damage, loss or theft anywhere in the world is like <$10 a month with a personal articles policy through my auto insurance company.


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[214270Explorer]

I jumped through all of JM's hoops with downloading the app, supplying photo's of the the watch, safe, and alarm, and filling out the form.
A chore, but it had to be done.
Eventually I received the go-ahead; my policy had been accepted.
Then I was unable to register and make a payment - the system just did not work.
Would not, would not, would not let me input my CC. Not even the first few digits. I tried several times that day. Standard VISA card, good, not expired.
Called several times (got the same person each time) and later during the calls while waiting a half hour EACH TIME to "get transferred" BACK to the card input area, I was eventually disconnected. Infuriating!

I sent an email regarding the very bad experiences to their management via the contact info I was able to discover.

They called the next day and wanted to take my card over the phone, and WHINED that they do not like dealing with card problems in person.
Apparently having contact with a real human is not in their routine.

I told them to forget about doing business with me. (I was still VERY angry)
My reason was that if their "system" is so bad, I would be fearful of successfully using their actual claims process, if that ever came about.

Perhaps they and I were just having an unfortunate series of "glitches" with their system, but the guy who called really tee'd me off with being all snarky due THEIR problems, nothing to do with me.

Rant over. I hope the rest of you have better luck.

[1William]

I utilize JM for the insurance on my watches and have never had an issue in either setting up the policy or adjusting it for additions or deletions. In the limited phone contact I have had with them they have been nothing but professional. The policy costs are based on what you are insuring. If the OP has high value watches and they are valued on the policy as such you will pay. Unless you can afford to replace you watches with cash then you should have insurance for an possible loss. I also have a current state of the art security system and a significant safe so that can also help with premiums. I have never had a claim so I can not speak to that side of the service by JM.

[donas]

Sounds like quite a high premium. I currently don't have any watches on my policy, but a few years ago when I did, I believe I paid $300-400 a year for about the same watch coverage, a few stainless sports models and a PM. If I remember properly, it was roughly $100 per $10,000 coverage annually, give or take.

[brandrea]

JM averages around 1.5% of the value of the watch per year in my experience

[doboy007]

I pay about $213 for 3 watches with total coverage value of ~$36k (retail price of 3 watches) through State Farm. Just added 2 more but SF is very reasonable.

[JasoninDenver]

Originally Posted by donas

Sounds like quite a high premium. I currently don't have any watches on my policy, but a few years ago when I did, I believe I paid $300-400 a year for about the same watch coverage, a few stainless sports models and a PM. If I remember properly, it was roughly $100 per $10,000 coverage annually, give or take.

Thats what I am paying through JM as well.

[bullies]

That's too high.
I'm paying about 1% on a rider on homeowners (~$100k ~$1,000/year)

[wesdaniel]

I pay $6 per year per $1K of insurance for a Personal Articles policy with State Farm. Look into alternatives.