Who has watch insurance less 0.75% of replacement value per year?

[chunkythebulldog]

0.5% Covea

[JR16]

Originally Posted by Aquaman

may i a post a comment





surely if you can afford all these nice watches, insurance shouldn't be an issue





no?

True, but it’s also not unreasonable to think that people may not want to pay more than they have to for equivalent service.


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[Russell996]

Originally Posted by Aquaman

may i a post a comment


surely if you can afford all these nice watches, insurance shouldn't be an issue


no?

Not always that black and white, lots of sought after pieces go for far more than retail on the used market and AD’s won’t supply a second piece - some might be happy to self insure a 5711/1A at MSRP but if the replacement is suddenly 2.5 x retail that might be a tough pill to swallow without insurance. Personally I wouldn’t be comfortable wearing a £200k piece uninsured - having lost a platinum Perpetual many years ago!

[Masteryacht]

I’m at .55% with State Farm. Also have cars and home with them.

[opresso]

Great thread with a lot of good info! Thanks to all that have contributed.

[tyler1980]

there should be a thread with the cheapest insurance possible vs claims resolution (denial, wait time, overall hassle)


the best insurance is probably in the middle and is a balance of cost and outcome.

[O M Z]

Feels like I’m being ripped off by mine.

I’m at 1.33%
Got 3 apartments and 2 cars covered with them (privately).
Also 3 entire businesses which need a lot of insurance (gas companies).

Sheesh, time to make a call when I get back from holiday.


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[tyler1980]

Originally Posted by O M Z

Feels like I’m being ripped off by mine.

I’m at 1.33%
Got 3 apartments and 2 cars covered with them (privately).
Also 3 entire businesses which need a lot of insurance (gas companies).

Sheesh, time to make a call when I get back from holiday.


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ZIP code/ post code matters

Mine went up nearly double when i changed my zip code to houston from london. So depends on where you live, crime, probably risk exposure as far as other insured people in the same area with the same company (like if a natural disaster took out the whole block and the same company had every house insured), possible overall individual exposure like if you have watches, houses, cars, etc insured by the same company. You would think you would get a discount and you do probably to a point, then it could get into them getting nervous about exposure for a total loss.... lots of variables

All i know is mine is way different and all i did was move and add cars

[Horological2019]

Originally Posted by tyler1980

ZIP code/ post code matters

Mine went up nearly double when i changed my zip code to houston from london. So depends on where you live, crime, probably risk exposure as far as other insured people in the same area with the same company (like if a natural disaster took out the whole block and the same company had every house insured), possible overall individual exposure like if you have watches, houses, cars, etc insured by the same company. You would think you would get a discount and you do probably to a point, then it could get into them getting nervous about exposure for a total loss.... lots of variables

All i know is mine is way different and all i did was move and add cars

Zip code and other variables matter for sure. I am going to step out on a limb and say that most folk on this forum probably live in a better than average neighborhood, have a good credit score and not too many claims. Overall a lower than average insurance risk. If you’re paying more than others, it maybe time to open your insurance up to bidding. As context, I have a high credit score, a handful of lifetime claims but I live in the 19th highest crime area in my city and I pay a 55 bps net premium for watch insurance. Maybe it’s just me but I don’t like paying anymore than I have to, plus the savings will help pay for some of a nice celebratory dinner after getting that grail watch.

[tyler1980]

Originally Posted by Horological2019

Zip code and other variables matter for sure. I am going to step out on a limb and say that most folk on this forum probably live in a better than average neighborhood, have a good credit score and not too many claims. Overall a lower than average insurance risk. If you’re paying more than others, it maybe time to open your insurance up to bidding. As context, I have a high credit score, a handful of lifetime claims but I live in the 19th highest crime area in my city and I pay a 55 bps net premium for watch insurance. Maybe it’s just me but I don’t like paying anymore than I have to, plus the savings will help pay for some of a nice celebratory dinner after getting that grail watch.

i live in a good neighborhood in a so-so overall zip which is about a mile from downtown. all they care about it the 5 digit zip... not the zip +4 which would narrow down to neighborhood level. the bordering zip downtown is awful

if you saw my ring doorbell camera neighborhood post feed though you may think i live in the worst area ever.... package thief videos all day long. Never watch the posts on Ring. It makes you paranoid

[fullofboats]

Have you heard of Trusted Union in HK? I reached out to them and they gave me a preliminary range of 1.3%-1.4%. The guy was very quick to reply and seems professional. Their website says premiums may be reduced if you use a safe deposit box in HK for storage so that’s something to look into as well but seems like safe deposit boxes in central area all have years long wait lists.

Originally Posted by WatchLurv

Well in Hong Kong they charge 10%. Try that for a change.

Anyone in Hong Kong with a good watch insurance policy? Advice needed as I'm not paying 10% of the watches' value per year. Told them to go kick rocks and mug someone else off.

[brockburst]

.7% Through Jewelers Block (UPS Parcel Pro Partner)

[Michael T]

I would be interested if anyone has experience with buying a large safe and whether this can reduce premiums.

[brockburst]

Originally Posted by michael T

I would be interested if anyone has experience with buying a large safe and whether this can reduce premiums.

It is often a requirement to even be insured, and often you must list the manufacturer of the safe in the application....at least that's been my experience.

[tyler1980]

Originally Posted by michael T

I would be interested if anyone has experience with buying a large safe and whether this can reduce premiums.

mine doesnt care. USAA

However it was mandatory condition of coverage when i used TH March briefly. Not related to a discount but the watches were only insured if in the safe or on my wrist. wouldn't insure at all w/o that condition


You get in to some weird stuff with insurance. USAA requires me to have a monitored fire alarm. I can unlock my door and leave my watches on in the doorway for all they care. Dont care about a safe. Alarm system helps a bit but actually using it isn't required

[Horological2019]

Originally Posted by tyler1980

i live in a good neighborhood in a so-so overall zip which is about a mile from downtown. all they care about it the 5 digit zip... not the zip +4 which would narrow down to neighborhood level. the bordering zip downtown is awful

if you saw my ring doorbell camera neighborhood post feed though you may think i live in the worst area ever.... package thief videos all day long. Never watch the posts on Ring. It makes you paranoid

I bet they punch in our addresses into Ring and if they see some postings they increase the premiums. If there are night vision ones the creep factor will be high and make your premium go up 3x.

[WatchLurv]

Originally Posted by fullofboats

Have you heard of Trusted Union in HK? I reached out to them and they gave me a preliminary range of 1.3%-1.4%. The guy was very quick to reply and seems professional. Their website says premiums may be reduced if you use a safe deposit box in HK for storage so that’s something to look into as well but seems like safe deposit boxes in central area all have years long wait lists.

Interesting!

Will look into it.

Did it cover overseas traveling to? I have a safe at home - Not so concerned about break-ins, it's more of the risk of getting robbed on the streets abroad.

[fullofboats]

Originally Posted by WatchLurv

Interesting!

Will look into it.

Did it cover overseas traveling to? I have a safe at home - Not so concerned about break-ins, it's more of the risk of getting robbed on the streets abroad.

They said global coverage theft, loss, or damage, but we'll see. I'm waiting for them to get back to me on a policy/quote

[Chiboy]

I am a two watch guy, and as seen below, one watch is not worth much. I had stopped insuring it maybe 20-25 years ago as I realized it wasn't worth the premium and I could absorb the loss if necessary. When I got the pt. Daytona, I did insure it. I wear it every day and pay about $450/year to insure it and my wife's 26MM President. Fine.

If I had a whole safe of $50k (or more) watches, I would likely not insure them. My thinking is that paying $450x1 is fine for peace of mind, but paying $450x10 would be a poor choice (for me). Given that 9/10 could always be in a bank safe or personal safe, it seems wasteful to insure each one at the same rate as if you insured one. It would be kind of like paying the same price per car for car insurance for 10 cars. You can only drive one at a time!

Thoughts?

[Russell996]

Originally Posted by Chiboy

I am a two watch guy, and as seen below, one watch is not worth much. I had stopped insuring it maybe 20-25 years ago as I realized it wasn't worth the premium and I could absorb the loss if necessary. When I got the pt. Daytona, I did insure it. I wear it every day and pay about $450/year to insure it and my wife's 26MM President. Fine.

If I had a whole safe of $50k (or more) watches, I would likely not insure them. My thinking is that paying $450x1 is fine for peace of mind, but paying $450x10 would be a poor choice (for me). Given that 9/10 could always be in a bank safe or personal safe, it seems wasteful to insure each one at the same rate as if you insured one. It would be kind of like paying the same price per car for car insurance for 10 cars. You can only drive one at a time!

Thoughts?

You wouldn't pay 10 x $450 since they would assume you one wear one at a time.

Cheaper by the dozen. LOL

[Chiboy]

Originally Posted by Russell996

You wouldn't pay 10 x $450 since they would assume you one wear one at a time.

Cheaper by the dozen. LOL

Ah, gotcha. All this talk about 0.80% makes me think a million dollar collection of 20 watches would cost $8,000/year.