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Old 20 April 2018, 11:15 AM   #1
Flyinghunter
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$1,450/yr quote for $25k. Too high?

Greetings TRF! I've been a long term client of my home/auto policy and recently asked for a quote to cover $25k in property. They quoted $1450. Compared to other threads I've recently seen on TRF, my quote seems too high?

I look forward to the comments/feedback.
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Old 20 April 2018, 11:28 AM   #2
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$1,450/yr quote for $25k. Too high?

I would agree — that definitely seems high. I think a good rule of thumb when insuring luxury items (e.g. jewelry and watches) — is to expect premiums (annual) to run 1%-2% of the total value... this has been true based on my expieriences...

Just my .02


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Old 20 April 2018, 11:33 AM   #3
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If I recall correctly, a watch of that value typically costs me around 5-600.
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Old 20 April 2018, 11:36 AM   #4
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any more than 2 percent of the insured value is off. what is the deductible per occurrence??
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Old 20 April 2018, 11:49 AM   #5
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1-2% is fair, your quote seems high, but without knowing all of the facts it’s hard to be certain.
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Old 20 April 2018, 11:50 AM   #6
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I had 2 watches at $30 K
Paid just over $500 a year ...
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Old 20 April 2018, 11:56 AM   #7
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My policy ends up being about 1.2% with zero deductible. So I’d say yeah it’s too high. I use jewelers mutual


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Old 20 April 2018, 12:24 PM   #8
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zero deductible
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Old 20 April 2018, 08:57 PM   #9
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Quote:
Originally Posted by Flyinghunter View Post
zero deductible
Well that is a big part of it but insurance is also priced based on location, credit score, prior claims . . .

You are asking the insurance company to assume 100% of the risk.
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Old 20 April 2018, 09:01 PM   #10
Flyinghunter
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Quote:
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Well that is a big part of it but insurance is also priced based on location, credit score, prior claims . . .

You are asking the insurance company to assume 100% of the risk.
Very high credit score. No claims.
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Old 20 April 2018, 09:05 PM   #11
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Perhaps look at a $1000 deductible quote to compare? As others said, that is a bit high.

All other geo/personal demographics aside (and if those played a role, then your home & auto would be correspondingly higher) the only thing left that I can imagine is the premium uplift inherent in a $0 deductible.


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Old 20 April 2018, 09:06 PM   #12
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Old 20 April 2018, 09:16 PM   #13
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Quote:
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Well that is a big part of it but insurance is also priced based on location, credit score, prior claims . . .



You are asking the insurance company to assume 100% of the risk.


Agree. In the tables for personal property, $0 deductible raises the premium.

Jewelry (watches fall into that risk category) leads the personal property loss category along with those things which shall not be mentioned on TRF. This affects where you land on the rate table for a premium.


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Old 20 April 2018, 09:22 PM   #14
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Talking watches? I'm paying around $15-$20 per month for every $10k in value @ State Farm.
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Old 20 April 2018, 09:25 PM   #15
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Cheap as chips here, $200 a year for $10000

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Old 20 April 2018, 09:42 PM   #16
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Very high.
Should be 1-2% as others have stated but generally with a $100 deductible at least.
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Old 20 April 2018, 10:52 PM   #17
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That's high. Run the number through Jewelers Mutual. I've found them to be about $110 per $10,000 insured.

Edit: I just did put the number in using my zip. Estimated premium $350. I’m not sure what property you have. I used Gents Watch.
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Old 21 April 2018, 01:21 AM   #18
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Quote:
Originally Posted by Rich Mickol View Post
That's high. Run the number through Jewelers Mutual. I've found them to be about $110 per $10,000 insured.

Edit: I just did put the number in using my zip. Estimated premium $350. I’m not sure what property you have. I used Gents Watch.


I’m sure location, previous claims and all that kind of stuff has something to do with it.

I have my wine collection insured - privately and the premium is completely insignificant compared to what the collection is....

Many independent variables.


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Old 21 April 2018, 02:42 AM   #19
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I pay $600 yearly through Nationwide jewelry policy for full replacement value of 116618LB, which is $34,250. No deductible.
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Old 21 April 2018, 02:58 AM   #20
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As everyone stated, 1-2%. I am around 1K annually to insure 75K through Ameriprise.
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Old 21 April 2018, 03:49 PM   #21
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I just added a $3500 seamaster to my policy this week. It cost $25/ yr. With Safeco.
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Old 21 April 2018, 06:29 PM   #22
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I know my home owners policy charges 100 per 1000 that's 10% of the declared value that's why I self insure.
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Old 21 April 2018, 07:32 PM   #23
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Wow. All of this sounds so stressful. Our insurance I suppose is reasonable and covers the usual home owners general items etc. For art, watches, etc., that's handled independently, but again, reasonable fees. For all I know we're screwed.
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Old 22 April 2018, 01:57 AM   #24
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I pay approximately $10 for every $1,000 of insurance for my watches. Full replacement cost.
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