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Old 22 April 2018, 05:37 AM   #1
HAL330
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Insurance for my two watches (USA)

I'm currently using USAA insurance for most everything, including insuring my two recently acquired high value watches.. total insurance is for $92000 for both the PP and Rolex, and my annual premium is $1109... seems high, but maybe it's not... was wondering what others here are paying per $100,000 for high value watches?

The premium breaks down to $661 for the PP, and $439 for the Rolex... $55K and $37K respectively insured.

PS While I appreciate your price paid living in the EU, UK, Russia, HK, .. don't bother to tell me as it will literally have no bearing on what I can get in the USA.. we have our own layers of regulation that change everything.
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Old 22 April 2018, 05:38 AM   #2
dmash
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That’s 1.2%, how do you think that’s high???

Most everybody I know, consider 1-1.5% a good rate on Jewelry/watches. People are getting below 1%?
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Old 22 April 2018, 05:40 AM   #3
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Originally Posted by dmash View Post
That 1.2%, how do you think that’s high?!
I don't know... maybe it's not.. thus why I'm on here figuring it out.

Especially since I insure my house, two cars, and a motorcycle with them as well...
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Old 22 April 2018, 05:43 AM   #4
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Originally Posted by HAL330 View Post
I don't know... maybe it's not.. thus why I'm on here figuring it out.

Especially since I insure my house, two cars, and a motorcycle with them as well...
I know some insurance companies make this a separate thing...so you get no ‘discount’ for stacking. Not sure how your policy is with USAA though.

Jewelers Mutual is who well over half here use. Did you quote them online? It’s free and fast.
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Old 22 April 2018, 07:30 AM   #5
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Jeweler's Mutual quoted nearly 2.5% for my collection.

SF offered a rider to my homeowner's for just under 1% with a $100 deductible, but the quote I was provided specifically excluded anything taken with me on international travel (didn't bother reading the fine print to figure out domestic travel coverage or any other limitations).

I don't insure my collection because these rates don't make any sense to me.



Quote:
Originally Posted by dmash View Post
That’s 1.2%, how do you think that’s high???
Compared to my auto insurance and homeowner's insurance? Yeah, that's really damn high. I guess the point is that watches are big targets, easily stolen, and are 100% loss when an incident happens.
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Old 22 April 2018, 10:21 AM   #6
dmash
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Quote:
Originally Posted by gengar View Post
Jeweler's Mutual quoted nearly 2.5% for my collection.

SF offered a rider to my homeowner's for just under 1% with a $100 deductible, but the quote I was provided specifically excluded anything taken with me on international travel (didn't bother reading the fine print to figure out domestic travel coverage or any other limitations).

I don't insure my collection because these rates don't make any sense to me.





Compared to my auto insurance and homeowner's insurance? Yeah, that's really damn high. I guess the point is that watches are big targets, easily stolen, and are 100% loss when an incident happens.


My statement obviously wasn’t ‘in comparison’ to auto and home. It was in comparison to all other’s policies for their watches But since we’re here, what insurance do you have that’s less than 1%? I’d love to know where I could have gotten complete comprehensive on a $50k car for less than $500 a year lol.

It really doesn’t make any sense that you blatantly say watches are ‘big targets’ and ‘easily stolen’, yet you choose not to have insurance coverage because of the price. You’ll think 1% was a godsend if something actually does happen...I can’t imagine having any piece over $5000 and not insuring it.
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Old 22 April 2018, 12:27 PM   #7
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Quote:
Originally Posted by dmash View Post
My statement obviously wasn’t ‘in comparison’ to auto and home. It was in comparison to all other’s policies for their watches But since we’re here, what insurance do you have that’s less than 1%? I’d love to know where I could have gotten complete comprehensive on a $50k car for less than $500 a year lol.

It really doesn’t make any sense that you blatantly say watches are ‘big targets’ and ‘easily stolen’, yet you choose not to have insurance coverage because of the price. You’ll think 1% was a godsend if something actually does happen...I can’t imagine having any piece over $5000 and not insuring it.
You need to relax. My statement wasn't intended to rebut you or attack you in any way. It was a general commentary about my perception of jewelry insurance rates being high, hence my acknowledgment that any incident involving jewelry is likely to be a full loss and thus possibly contributing to the high premiums.

Regarding the "godsend", that's simply how insurance works. Yes, an insurance salesman might well tell you that you'll really regret not having it if bad stuff happens! But like everything else, it takes a rational economic analysis. A 2.5% premium is insane to me. I'd have to take a full loss on my entire collection more than once every 40 years for that to pay off (and that's not including any of the conditions of the insurance agreement that I'm not aware of, or TMV considerations, etc). If I were that scared of losing the money I've put into my collection, I'd sell it before I'd ever take a 2.5% premium insurance policy on it.

I think a rider on renters insurance at <1% premium might make sense for some people just to mitigate risk of theft, but again dependent on a lot of factors like local crime rates, how the watches are stored, etc.

Finally, I took a look at the last auto quote I requested from my SF agent (this was 2 years ago). It should not surprise you that I don't elect for comprehensive, but my quote breaks everything down and comprehensive is way less than 1% of the value of the vehicle. I suppose the premiums could also be heavily dependent on deductible and local factors like weather and auto theft rates, but maybe look for a new insurance agent!
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Old 22 April 2018, 05:01 PM   #8
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sounds about right per 100k from USAA. They insure me and i dont even live in the US.

They are one of the few insurers who actually understand how to insure people living out of the country on a US based policy, so i didn't really shop around so no idea if that is a good deal or not.
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Old 22 April 2018, 10:15 PM   #9
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Sounds about right to me !


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Old 23 April 2018, 03:46 PM   #10
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thanks guys, looks like I'm in the ball park then, and frankly enjoy USAA overall for other products and services..
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Old 23 April 2018, 10:47 PM   #11
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I can't see spending that much on insurance. Especially once you get past 2-3 watches in a collection.

I keep mine in a bank vault. Worst case if I get robbed I stand to lose one watch. If that happens I am sure I will be more concerned about safety than a watch.

At least someone can't break into my house and grab 5 nice watches.

If I insured my collection I could buy a new watch every few years with the premiums.
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Old 23 April 2018, 11:05 PM   #12
tyler1980
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Quote:
Originally Posted by TonyD View Post
I can't see spending that much on insurance. Especially once you get past 2-3 watches in a collection.

I keep mine in a bank vault. Worst case if I get robbed I stand to lose one watch. If that happens I am sure I will be more concerned about safety than a watch.

At least someone can't break into my house and grab 5 nice watches.

If I insured my collection I could buy a new watch every few years with the premiums.
i am honestly more worried about getting robbed going into and out of the bank. As soon as people see you coming and going from the vault they know you have something good. Then you have some thief following you home and then your house is a target too.

Its more of a convenience to keep them at home. In my view anyway.
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Old 23 April 2018, 11:21 PM   #13
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I use State Farm. I only have $50,000 insured but its right at 1.5% annually. I would have to read the fine print about international travel but it is $0 deductible. The percentage comes down if you add a deductible.
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