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15 September 2020, 02:45 AM | #1 |
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Insurance Question and value
Hey everyone
So I have USAA insurance on both my watches (hulk and Batman). They are insured for essentially what I paid for them (I have the receipt uploaded to their system) Around 17k total for the both With the current market value of these watches, should I get them appraised for their current market value and insure it for that? I’m afraid that if something happened, I would not be able to get anything for 8k that each watch is insured for Thanks in advance |
15 September 2020, 03:03 AM | #2 | |
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Quote:
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15 September 2020, 03:08 AM | #3 |
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Get appraisals for their current values. Otherwise, you will be short by several thousand if you ever need to replace them.
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15 September 2020, 03:45 AM | #4 | |
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Your insurance provider should be able to insure your watch above MSRP with an appraisal. Good luck! |
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17 September 2020, 08:32 AM | #5 |
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So here is a twist. I tried to up my insurance value from 9k to 18k on my hulk and usaa would not do it. They said that they would not go more than cost plus 25% on items less than 5 years old
I am removing all my watches. Anyone familiar with hodinkees plans?? |
17 September 2020, 08:42 AM | #6 | |
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I just removed my watches from my homeowners and put on hodinkee. It was a tad bit more but now they are insured under their market value with no appraisals necessary. Very quick and easy. I put 4 watches on my plan
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IG: htown_horology 126710blro jubilee 116500ln white dial 126613lb 326934 jubilee/blue dial |
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17 September 2020, 09:22 AM | #7 |
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Thanks. So with their pay 150 percent appreciation did you insure your watches for what you paid (9k for hulk) or what it is worth on the market today 18k?
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17 September 2020, 09:38 AM | #8 |
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If not insured at market -- if they all get stolen from your house, you would be SOL. Something to keep in mind
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17 September 2020, 10:51 AM | #9 | |
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Quote:
I insured them for market value
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IG: htown_horology 126710blro jubilee 116500ln white dial 126613lb 326934 jubilee/blue dial |
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17 September 2020, 11:20 AM | #10 |
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18 September 2020, 12:52 PM | #11 |
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Problem is that is not their true market value I bet you if yo lost your Batman they would only give you retail price why give you that absurd amount when a brand new replacement is cheaper
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18 September 2020, 12:53 PM | #12 |
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19 September 2020, 05:21 AM | #13 |
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I’m insured with USAA VPP Plan. They accepted and insured my watches DD with an appraisal and my Omega Flightmaster without an appraisal. They were very easy to deal with and extremely affordable. However, you need to somehow be connected to the military. If you have any military connection, it’s worth getting a quote. I tried getting a quote from AAA but they, in my opinion had no clue, and they were being ridiculous. I always suggest giving USSA a call to see if your military connection is acceptable. I’m not sure how distant a relative, you have to have, to qualify. Perhaps, even an uncle, I’m just not sure. Hope this helps someone.
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20 September 2020, 11:04 PM | #14 |
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Watch: Hulk, Z blue
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So I was using USAA for my watch insurance (i also use them for everything else)
I was under insured by a great deal and they would not boost the watches to market value even with an appraisal. Long story short is I switch to Hodinkee by Chubb and I couldn’t be happier. A bit more expensive at 32k insured for 470, but at least I am properly protected. A bit disappointed in UsAA. But it is what it is. If you have them, call and make sure you have the protection you need for the market value of these pieces |
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