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Old 17 August 2018, 01:47 PM   #1
ironjim
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Watch Insurance Question

When getting appraisals on your watches for insurance what is your experience when some of the watches are in demand and as a result selling for thousands over retail. Will the jewler take that into consideration and appraise them over retail ? How would an insurance company look at the appraised value being over retail ?
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Old 17 August 2018, 02:10 PM   #2
cpefy3
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When I was getting my 16600 appraised, the appraiser asked if I wanted it valued at what the new SD43 retails for since the 16600 was no longer available. I simply asked for a $7k valuation to cover myself and not pay an elevated premium yearly. I am not sure if this is a common practice since this is the only piece I have had appraised. Good luck!!
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Old 17 August 2018, 08:53 PM   #3
beshannon
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Quote:
Originally Posted by ironjim View Post
How would an insurance company look at the appraised value being over retail ?
Thanks!
With additional premium.
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Old 17 August 2018, 08:55 PM   #4
tyler1980
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it needs to be valued for "used replacement value" that number is usually lower but sometimes its higher. New replacement value is retail.
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Old 17 August 2018, 08:58 PM   #5
jaydav2306
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Quote:
Originally Posted by ironjim View Post
When getting appraisals on your watches for insurance what is your experience when some of the watches are in demand and as a result selling for thousands over retail. Will the jewler take that into consideration and appraise them over retail ? How would an insurance company look at the appraised value being over retail ?
Thanks!
Yes they will my BLNR is insured for £9,500 GBP
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Old 18 August 2018, 12:19 AM   #6
Jrpontiac
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If you are adding the watches to your current home policy I doubt the underwriter would have any idea if the value is higher than a new watch. They will just use the value shown. Depending on the values you may not even need an apprasial. I've added my watches ($8k and less) and they never asked for an apprasial.
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Old 18 August 2018, 03:17 AM   #7
tyler1980
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Originally Posted by Jrpontiac View Post
If you are adding the watches to your current home policy I doubt the underwriter would have any idea if the value is higher than a new watch. They will just use the value shown. Depending on the values you may not even need an apprasial. I've added my watches ($8k and less) and they never asked for an apprasial.
if you have a loss the wording matters. They will try to pay out new replacement value (retail) if its worded that way regardless of how much you valued it for.
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