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Old 27 March 2015, 02:31 AM   #1
Aquahallic
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Jewelers Mutual question

I have a policy for my wifes engagement ring through Jewelers Mutual and I want to get a policy now for my DateJust.

Before I ship my watch out to Rik I wanted to get an appraisal done so I can get a policy before shipping it out. I got an appraisal done today and the replacement value is $24,xxx + taxes. My DateJust is from the early 80s so obviously it's not worth that, however if I were to buy a new DJ I'm sure it would be worth all of the $24,000.

I can't find any all gold DateJusts from the 80s but I found a few years newer (16018) and they're going for between $8,000-$10,000 but none look like mine IE: Roman dial.

Doing a quick quote on Jewelers Mutual's site for $24,000 / $0 deductible my policy would be $408 per year and doing it for $10,000 / $0 deductible my policy would be $122 a year. Paying the additional $285 isn't a problem but if they can replace it with a 16018, why waste the extra money insuring it for more?

Any thoughts from members that have had to replace their older Rolex through their insurance company.

Thanks in advance.
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Old 27 March 2015, 02:35 AM   #2
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So, you have a all gold DJ
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Old 27 March 2015, 02:42 AM   #3
Aquahallic
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So, you have a all gold DJ
All gold meaning meaning not TT.

Having a conversation with Rik yesterday over the phone, he specifically asked me if my DateJust was all gold, so I think most knew what I meant...
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Old 27 March 2015, 03:43 AM   #4
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What model # is it, and do you have a bracelet to go with it?? $24k is a high estimate.

For $10-13k you could replace it with a 18038 or 18238 (day-date).
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Old 27 March 2015, 03:53 AM   #5
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I too have a perfect circle policy...

I suppose the question to ask them is if they'd send money to a vintage dealer because you're obviously not going find the watch new.

If the funds must go to an AD then have it insured for the MSRP of a new model you'd like as a modern replacement.

I'd be interested to find out this information as well and also wonder if they'd send the money to a trusted seller here?
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Old 27 March 2015, 04:33 AM   #6
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I'm fairly certain you have to work with a jeweler with a storefront that deals with Jewelers Mutual. They won't work with grey/used. Has to be brand new.

They only insure for replacement value. If you lose your $10,000 watch, you would have to go to a store and find a $10,000 watch that is new. You never touch the money. The jewelery store does. So, if you lose your watch, you'll never get cash.

I've never lost a watch, but I have lost my wife's earring. This is how the process worked.
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Old 27 March 2015, 06:58 AM   #7
Aquahallic
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My DateJust came with a very worn out Jubilee band. It was badly stretched and it had the bark finish, which I wasn't fond of at all. I was going to sell it so I was just getting an appraisal done on the head itself before sending it off to Rik but my jeweler said he had a President band that would look great on it. I ended up trading my worn out Jubilee band, a GIA cert' .25ct. VVS1/F Pear diamond, my Tuna plus we settled on $300 cash.

I'm going to miss you Tuna, we shared some great times together.




The appraisal included the President band. Looking online at a new replacement (116238), I've seen them priced from $19,000-$24,000 with a Jubilee band, so I don't think the replacement cost on the appraisal is too high.

With regards to a Jewelers Mutual policy, there were too many questions I had so I just gave them a call. I asked if it I should insure it for the appraisal replacement value of $24,xxx. I knew she was going to say yes since my premium was more money but as she explained, finding my model is going to be hard if not impossible and if they can't find one like mine new or used IE: gold, Roman dial, President band, they would give me the replacement value based on my appraisal. To be safe I'm going to cover it for the replacement cost.

Regarding the payout if it were stolen, lost, mysterious disappearance (forgot to ask what that meant?) or damaged, she said the money goes directly to an AD or any jewelry store of my choosing. I told her I'm a new member of TRF and I asked if I could purchase through an individual or have it repaired through an individual and she said no, I would have to purchase or have it repaired through an AD or jewelry store.

Another good thing to know if while sending it off to get serviced they cover it while it's being shipped and while it's in Rik's possession. That's a good thing because now I don't have to ship it registered mail, I can send it standard Priority mail.

So that answers my questions and I hope this helps anyone else with an older watch wanting to get insurance coverage through Jewelers Mutual.

Please wish my DateJust safe travels to Rik.
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Old 27 March 2015, 08:28 AM   #8
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I'm not sure we're talking apples to apples, but my homeowner's insurance company charges less than your $408 for over $60,000 of coverage on items I own including watches. You might want to shop around?
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Old 27 March 2015, 09:38 AM   #9
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I'm not sure we're talking apples to apples, but my homeowner's insurance company charges less than your $408 for over $60,000 of coverage on items I own including watches. You might want to shop around?
Depends where you live and what your deductible is. Also JM doesn't require a claim against your homeowners policy.
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Old 27 March 2015, 11:29 AM   #10
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I'm fairly certain you have to work with a jeweler with a storefront that deals with Jewelers Mutual. They won't work with grey/used. Has to be brand new.

They only insure for replacement value. If you lose your $10,000 watch, you would have to go to a store and find a $10,000 watch that is new. You never touch the money. The jewelery store does. So, if you lose your watch, you'll never get cash.

I've never lost a watch, but I have lost my wife's earring. This is how the process worked.
I'm not sure I'm following correctly but if I'm understanding what you are saying, my watches I've bought from DavidSW are not insurable even with his appraisals? Right now I have my watches and wife's jewelry through State Farm but I was going to switch to JM Perfect Circle.
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Old 27 March 2015, 12:03 PM   #11
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Originally Posted by sampelligrino View Post
I'm not sure I'm following correctly but if I'm understanding what you are saying, my watches I've bought from DavidSW are not insurable even with his appraisals? Right now I have my watches and wife's jewelry through State Farm but I was going to switch to JM Perfect Circle.
They're insurable but if there was a covered loss you would have to obtain a replacement through a brick and mortar jeweler, not DavidSW (unless he has a storefront I'm not aware of).
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Old 27 March 2015, 12:26 PM   #12
Aquahallic
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What Magnum75 said.

You can insure any piece of jewelry no matter where you purchased it from, even if it was a gift. Replacing it however, you have to go through a jewelry store, either one of their recommended jewelers or your own.
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Old 28 March 2015, 06:27 AM   #13
sampelligrino
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They're insurable but if there was a covered loss you would have to obtain a replacement through a brick and mortar jeweler, not DavidSW (unless he has a storefront I'm not aware of).
Quote:
Originally Posted by Aquahallic View Post
What Magnum75 said.

You can insure any piece of jewelry no matter where you purchased it from, even if it was a gift. Replacing it however, you have to go through a jewelry store, either one of their recommended jewelers or your own.
Thanks for the replies, I hope you don't mind me asking more questions :)

So if my SS Daytona was insured for, let's say $10k (it's not), how would that then work with JM? Because it's not enough to replace it with a BNIB SS Daytona...

Then my second question, let's say I lose my Daytona (knock on wood that doesn't happen) and it's insured for the full MSRP of $12k, but then no brick and mortar stores like Ben Bridge have any SS Black dial Daytonas in stock??
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Old 28 March 2015, 07:07 AM   #14
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do you have a photo with the presidential bracelet? if not (yet) when its on there can you make a photo of it? :D
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Old 28 March 2015, 07:17 AM   #15
Aquahallic
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Originally Posted by sampelligrino View Post
Thanks for the replies, I hope you don't mind me asking more questions :)

So if my SS Daytona was insured for, let's say $10k (it's not), how would that then work with JM? Because it's not enough to replace it with a BNIB SS Daytona...
They will only cover you up to the amount on your appraisal. So if it's $10,000, that's all they will put towards your replacement SS Daytona, you will have to come out of pocket for the remaining balance.

That's why I went with the replacement cost value just in case. You never know.


Quote:
Originally Posted by sampelligrino View Post
Then my second question, let's say I lose my Daytona (knock on wood that doesn't happen) and it's insured for the full MSRP of $12k, but then no brick and mortar stores like Ben Bridge have any SS Black dial Daytonas in stock??
You can get a replacement watch nationwide from any AD or jewelery store, it doesn't have to be in your home state. If you can't find one JM said they have their own connections to find jewelery.

Keep this in mind too. If your AD or jewelery store is in your home state, make sure you add the sales tax separate from the replacement value in your appraisal and insure it with the two added together. If you don't add the sales tax separately you will have to pay the sales tax out of pocket.
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Old 28 March 2015, 07:29 AM   #16
Aquahallic
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do you have a photo with the presidential bracelet? if not (yet) when its on there can you make a photo of it? :D
From the appraisal.


My custom Alligator strap just arrived today. I'll get some pics up of that shortly.
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Old 30 March 2015, 05:19 AM   #17
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Insurance on your Rolex

The original question brings to mind a key question. You have insurance to cover your loss. The question is "If you have a loss, what do you want to do?" Do you want to replace the watch with a new watch that is comparable? Do you want to be able to go out and buy from someone privately? or buy a used watch? I am an authorized Rolex Jeweler and have done appraisals on hundreds if not thousands of Rolex watches. I ask this question to any person wanting to appraise their Rolex. If it's a recent model, I recommend the current retail replacement cost. Add local taxes if that applies. If it's a 1980 Datejust with significant wear on the bracelet and an acrylic crystal, I have a harder time rationalizing that it should be $10,900.00 (Datejust Steel & Gold with Jubilee bracelet) , and I usually find a few comparables on the used market. If the watch is in excellent shape and is more recent, I usually use current retail and write a disclaimer that the model is no longer made and the current closest comparable is X and the appraisal price is for the current model closest to the one described. We are also a State Farm replacement Jeweler and they have a replacement service for watches and they almost never purchase a replacement Rolex through us. Most insurance policies will allow you to take the cash, but they will give you the negotiated price they have with the replacement company or jeweler, usually less than retail. Jewelers Mutual is a great company and cost is appropriate for the piece and location.
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Old 22 May 2015, 05:32 AM   #18
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I have a quick question. My 16610 isn't all that old, but it's not the latest model, and I wouldn't want it replaced with the SubC. If I were to loose the watch, is there a way that Jeweler's Mutual could replace it with another 16610, rather than a 116610?
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Old 22 May 2015, 06:07 AM   #19
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I have a quick question. My 16610 isn't all that old, but it's not the latest model, and I wouldn't want it replaced with the SubC. If I were to loose the watch, is there a way that Jeweler's Mutual could replace it with another 16610, rather than a 116610?
I just answered my own question. I called them, and they said that I could source a used 16610 from a jeweler, no problem. They also said that they would be willing to source it from some online jewelers. So, I lowered my coverage, since I was initially paying for coverage on a full retail, new SubC.
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Old 22 May 2015, 06:20 AM   #20
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I have done numerous claims for Jewelers Mutual. Great company to deal with, and yes indeed they pay me , not the the insured customer. I used to do State Farm claims, but 95% of people would just end up cashing out, leaving me having spent hours doing research and estimates only to get nothing out of it. We requested to be removed from their claims network.
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Old 22 May 2015, 06:33 AM   #21
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I just answered my own question. I called them, and they said that I could source a used 16610 from a jeweler, no problem. They also said that they would be willing to source it from some online jewelers. So, I lowered my coverage, since I was initially paying for coverage on a full retail, new SubC.
Smart move. I found myself in the same situation with my recent acquisition of a 16710 Coke. I sent JM the actual ad of the watch from the trusted seller showing numerous photos and seling price and they accepted it in lieu of an appraisal. All they asked for was proof of my acquisition cost and my wire transfer receipt had sufficed.

I told JM that should a claim come up, I will not replace it with a new one and I am willing to source another preowned piece. They told me exactly as they told you. I will lower the coverage of my other watches come renewal time. I will use the money I save on the premiums towards my next acquisition.
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