Insurance values on Batman and Hulk

[SwissmadeTexan]

As you guys know these 2 pieces are currently very difficult to obtain without paying a sharp premium. I own these 2 pieces and realize I’m currently very under insured if something were to happen. I wouldn’t be able to replace either at MSRP. I’m insured thru Jewelers Mutual and they want an updated appraisal. My understanding is a jeweler isn’t allowed to appraise for higher than MSRP? If this is correct then how am I supposed to get corrected insurance to protect the value of my watches?

Thanks guys for the replies!

[dmb359]

jewelers can appraise for whatever the replacement value is, that's the point of an appraisal. If they tell you otherwise, go to a different jeweler.

I have numerous appraisals for above retail for insurance purposes.

[SwissmadeTexan]

Great thanks for the reply!

[JParm]

Yes, this is something that I'm running into in terms of wear time, not so much an issue with insurance companies.

About a year ago, I finally got my 16710 appraised at current market value, so was able to increase coverage from 5k to about 9.5k. However, with the Hulk, it seems to be changing every couple months or so...

I currently have it insured at MSRP but don't really feel like getting it appraised, as I feel like the market is still volatile for that particular watch. It's actually making me feel more comfortable to wear the DD40 vs. the Hulk, because at least if the DD40 is stolen off me while I wear it (God fordbid), I can at least replace with no loss because it's insured at MSRP.

[m j b]

Just like fine art, the appraisal should reflect the current market value, the cost to replace it.

It's up to you though, because (for instance) I had my Daytona appraised, and they did it for new replacement cost (about $32K) whereas the actual market value is about half of that. I chose to insure it for the market value, since my premiums are based on the whatever amount I choose.

[JParm]

Originally Posted by m j b

Just like fine art, the appraisal should reflect the current market value, the cost to replace it.

It's up to you though, because (for instance) I had my Daytona appraised, and they did it for new replacement cost (about $32K) whereas the actual market value is about half of that. I chose to insure it for the market value, since my premiums are based on the whatever amount I choose.

Agree with this; that's kind of why I haven't gone out and insured the Hulk at current market value, to keep down that premium.

[SwissmadeTexan]

Yeah I mean I just hate to get caught with my pants down on one of these pieces and be severely under insured. I’ve had my Hulk stolen back when you could get a new one at slightly under msrp and the insurance company wouldn’t give me money directly. They forced me to source a new watch which would obviously put me in a bind today. I would hate for something to happen and have to come$6k - $8k out of pocket to buy one of these watches again.

[mbrown55]

i have mine insured on my homeowners rider through State Farm and I have them insured for appraised (replacement) value. The appraisals were based on current selling prices from dealers like DavidSW, Bob's and others. Makes no sense to insure at MSRP when they are not available at that price unless you want to wait ten years and that's not what I'm paying premiums for. The cost was very reasonable and cover all risks with no deductible.

[SwissmadeTexan]

Yeah I spoke with my home owners agent and he told me to continue with my current deal with JM. He said homeowners insurance isn’t really in the business of insurance high value jewelery. He said our insurance company would only insure like an added $5k max in jewelery at a premium. Statefarm’s insurance is way over priced for us. They wanted nearly double the premiums of who I have currently and that’s without our jewelery. And we had our roof replaced here in Houston with this company on my last house due to Hurricane Harvey and was very very pleased with the level of service.