What value do you use for insurance?

[jrs146]

For those of you who insure your watches, I’m curious to know what value you use. Do you insure for MSRP? Do you insure for less if you can get a discount? Do you insure for replacement value if it’s hard/impossible to repurchase at MSRP?

I insure all my watches over $3,000 which is kind of my tolerance for loss. They are all insured at MSRP. I have begun to think that if I ever had a total loss I would still end up being down if I had to replace them given so many models are selling well over MSRP without a long unknown wait from an AD.

Just curious what others do.


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[FSUGeoff]

Get an appraisal at replacement value, most independents will do that for you. nothing wrong with it, you are paying a higher premium.

[jrs146]

Originally Posted by FSUGeoff

Get an appraisal at replacement value, most independents will do that for you. nothing wrong with it, you are paying a higher premium.

Yeah I’ve been considering doing that. I called the insurance company and as you stated. They have no problem for insuring at any value as long as the appraisal justifies it and the subsequent premiums are paid. I guess you just have to keep up with it as market values seem to be changing so quickly.


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[lhawli]

I’m Canadian and our insurance follows provincial (state) law. I get $20,000 Jewellery coverage with my regular home insurance policy. Everything else exceeding that value will require specific insurance policy.

For all modern watches, I ensure them at purchase or current MSRP value but payout will be the replacement value at MSRP at year of claim.

For all vintage or discontinued watches, an appraisal is required and the payout will be whatever amount is on the appraisal or the average of the recent sales value over the past 12 month - whichever is higher.


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[Chadridv]

I go pretty close to replacement value, whether that’s more or less than MSRP.

[rob]

If you get a current appraisal from your AD, then you will be good minus tax. I bought my GMT II-C for $5950.00 when I bought the first one my AD received. They appraised it at the current MSRP, so to replace it would be the current MSRP, minus tax. I’m sure they will take out depreciation, but it’s still better than a total loss. My insurance company gives you 50% of the replacement cost up front and the other 50% when you show proof of purchase. That is Farmers. The wait is the wait, beyond our control!!! I would just purchase from a trusted seller here on TRF and give Farmers my proof of purchase, and insure that watch and I’d be good.

[jrs146]

Originally Posted by lhawli

I’m Canadian and our endurance follows provincial (state) law. I get $20,000 Jewellery coverage with my regular home insurance policy. Everything else exceeding that value will require specific insurance policy.

For all modern watches, I ensure them at MSRP value but payout will be the replacement value.

For all vintage or discontinued watches, an appraisal is required and the payout will be whatever amount is on the appraisal or the average of the recent sales value over the specific year - whichever is higher.


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My homeowners has blanket coverage up to $10,000. Even with that I’ve always kept a separate policy. On my separate policy they pay whatever it’s insure for regardless of actual replacement value. So I guess it’s a little more confusing.


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[jrs146]

Originally Posted by rob

If you get a current appraisal from your AD, then you will be good minus tax. I bought my GMT II-C for $5950.00 when I bought the first one my AD received. They appraised it at the current MSRP, so to replace it would be the current MSRP, minus tax. I’m sure they will take out depreciation, but it’s still better than a total loss. My insurance company gives you 50% of the replacement cost up front and the other 50% when you show proof of purchase. That is Farmers. The wait is the wait, beyond our control!!! I would just purchase from a trusted seller here on TRF and give Farmers my proof of purchase, and insure that watch and I’d be good.

So for my DaytonaC. My AD gave me an appraisal at MSRP. But if I were ever in a position where it would be stolen that 12,400 will not get me much but a long long wait. It’s probably best to get it insured to where I could get one immediately from a gray dealer. Even if it means paying a little more in premium.


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[samson66]

Originally Posted by rob

If you get a current appraisal from your AD, then you will be good minus tax. I bought my GMT II-C for $5950.00 when I bought the first one my AD received. They appraised it at the current MSRP, so to replace it would be the current MSRP, minus tax. I’m sure they will take out depreciation, but it’s still better than a total loss. My insurance company gives you 50% of the replacement cost up front and the other 50% when you show proof of purchase. That is Farmers. The wait is the wait, beyond our control!!! I would just purchase from a trusted seller here on TRF and give Farmers my proof of purchase, and insure that watch and I’d be good.

Interesting. Never thought about replacement value on a discontinued item. So for my Datejust II, should I use the MSRP not including tax on a new DJ41?

[Mystro]

Replacement (MSRP) is what I use. It’s a calculated risk if the watch goes up in value but I am only using my insurance as a basic safety net.

[vladamir15]

I do the price that I would be able to get it from an TS

[Seekthefinest]

When I picked up my Daytona, I specifically asked the AD what they recommended for an insurance value. He said to call Jewelers Mutual and just verify how they would handle a claim. Jewelers Mutual understood that as soon as I bought the watch the market value was $7k higher. The AD provided me an appraisal for replacement value, though I actually paid below MSRP. This would allow me to replace the watch with a like piece immediately and would not require me to wait 6-12 months. The additional premium is around $100 per annum, but well worth it to not have the exposure.

[drm20]

I also insure at msrp (which is how my appraiser values them).

[nyc2la]

Generally replacement value.

[locutus49]

USAA used what I paid; they wanted a copy of my receipt. They were reluctant to insure it (platinum Daytona) until I reminded them that the senior military officers on the board of USAA most likely own similar watches and that not insuring mine would be discrimination. They caved.

[Seekthefinest]

Originally Posted by locutus49

USAA used what I paid; they wanted a copy of my receipt. They were reluctant to insure it (platinum Daytona) until I reminded them that the senior military officers on the board of USAA most likely own similar watches and that not insuring mine would be discrimination. They caved.

If USAA didn’t want to insure it, I would recommend Jewelers Mutuals... Probably more expensive, but they insure and pay out at appraised value...

[beshannon]

Replacement value

[jrs146]

Originally Posted by Seekthefinest

If USAA didn’t want to insure it, I would recommend Jewelers Mutuals... Probably more expensive, but they insure and pay out at appraised value...

I just Jewelers Mutual. I’ve never had a claim but thus far they have been great to work with.


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[CamSLC]

My AD will send me an appraisal of my purchase history with them that I can email to my agent. I use a rider on my home owners policy.

[RichM]

I use Jewelers Mutual. Nothing I currently own would be that difficult to replace. I insure them for what I paid/or can get it for. Not MSRP or above.

I may be in the minority here but I have insurance hoping I’ll never have to use it. So I insure them for the lowest amount possible and also have deductibles.

So far, I’ve been lucky. Low premiums and no losses.