Denied by Jewelers Mutual

[icebergslm]

Originally Posted by SDRider

I’m not really sure why you would insure a $5700 watch.

In case it’s lost or stolen. Then I won’t have to buy a watch I’ve already bought once, the insurance will replace it. Please see below for how that process works.





https://en.m.wikipedia.org/wiki/Insurance

[RonSwanson]

The notion of only filing catastrophic claims is ridiculous, at least in Michigan, where I live. Home insurance companies can drop you after 3 claims in 3 years, totaling over $1k payout, or if the home is in an unacceptable condition (negligent maintenance.) filing a claim may increase your rates for 3 years.

Ask the agent prior to filing a claim, as they will be honest with you, they obviously don’t want to lose your business.

Also with regard to watches a “mysterious disappearance” claim would likely have less rate implications than a theft claim, which seem to terrify carriers.

[Etschell]

Originally Posted by icebergslm

Hey guys, I had a question about insuring a watch. I recently picked up my first Rolex, a dark rhodium op39 that I’m absolutely in love with. I didn’t want to put it on my home owner’s policy so I contacted jewelers mutual as suggested by a number of members here.
I received a denial from them stating nature of item, lack of security, and credit review. It’s a $5700 watch, hardly a Lange Zeitwerk, no I don’t have a security system, but I didn’t see that listed as a requirement for insurance, and my credit score is in the 700s.
Has this happened to anyone here? What would be your next move, in terms of getting insurance on your timepiece?

if you are in prince georges county in md i doubt they'd insure you.

[SDRider]

Originally Posted by icebergslm

In case it’s lost or stolen. Then I won’t have to buy a watch I’ve already bought once, the insurance will replace it. Please see below for how that process works.

https://en.m.wikipedia.org/wiki/Insurance

Thanks. Pretty sure I know how insurance works.

$5700 isn’t exactly a lot of money... I guess that is relative though. I personally wouldn’t bother with it on something of that value.

[Macnavara]

Originally Posted by SDRider

Thanks. Pretty sure I know how insurance works.

$5700 isn’t exactly a lot of money... I guess that is relative though. I personally wouldn’t bother with it on something of that value.

Think yourself lucky that may not be a lot of money to you but to some....myself included, these watches are saved for for a long time and would be very difficult to replace.

How can something be appriciated and cherised if its just easy come easey go

[Carrera911]

Tried Jewelers Mutual and USAA and none would insure me for my Deepsea.

I guess being an immigrant here means you're not entitled for insurance.

[Widows Son]

I had a bicycle stolen once. I was dumb enough to leave it sitting outside a car repair shop for a minute. Some urban thug got off a city bus, saw it, hopped on and vanished!!!! I called my insurance agent to find out what my deductuble was. He counted it as a loss even though I didn't file a claim!!!!!!

[michaelodonnell123]

Originally Posted by WhiskeyKoffee

You never, ever, ever want to make a claim on a homeowner's policy unless you have a catastrophic loss. Always, always get a separate policy for your Rolex. I went through USAA. They approved me without anything more than my own description of my Rolex and the insured dollar amount. My wife's ring is insured through Chubb. They are more expensive, but will write a check (instead of searching for a replacement) if her ring were to be lost or stolen.

Not true. The key is that they must have a documented history of multiple losses in order to justify the cancellation. I have made a couple of 'non-catastrophic claims in the last eleven years and my rates did not go up nor did I get cancelled. You are giving out some very misleading information here.

[SDRider]

Originally Posted by Macnavara

Think yourself lucky that may not be a lot of money to you but to some....myself included, these watches are saved for for a long time and would be very difficult to replace.

How can something be appriciated and cherised if its just easy come easey go

Where is it going? Mine is on my wrist constantly and I don’t find myself in areas prone to mugging. I think the risk is pretty low, at least it is for me. I don’t have insurance on my watch and I certainly do appreciate it.

[Syed117]

Originally Posted by SDRider

$5700 isn’t exactly a lot of money... I guess that is relative though. I personally wouldn’t bother with it on something of that value.

I think for most people on this forum $5700 isn't a significant amount of money, but a little self awareness goes a long way.

[Macnavara]

Hi I wasn't suggesting for one moment that you don't appreciate it I'm sure you do but as for mugging This Could Happen anywhere if you are unfortunate enough..... the Watch can still be damaged anywhere too.... anyhow it's absolutely the individuals prerogative to decide whether or not to insure a watch.

As a footnote I would say that I have been insuring my watches for 20 years and never claimed and if I add it all up I'm sure I could have bought another gold Rolex buy now with the money instead.

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[Macnavara]

Originally Posted by Syed117

I think for most people on this forum $5700 isn't a significant amount of money, but a little self awareness goes a long way.

How figure this?

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[Star Ferry]

Originally Posted by icebergslm

In case it’s lost or stolen. Then I won’t have to buy a watch I’ve already bought once, the insurance will replace it.[/url]

Do you have homeowner's or renter's insurance? It sounds like adding a rider for your Rolex is the best option

[Syed117]

Originally Posted by Macnavara

How figure this?

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It is a Rolex forum right?

I just meant that in this bubble where many people are fortunate enough to be able to afford watches that cost thousands of dollars, $5700 isn't a huge amount of money.

[Macnavara]

I get that...and you're probably right I just think it's important to remember that to some people any amount of money is a lot and yes perhaps we are a bit more fortunate on this forum but never to become blasé about it... I'm not preaching to anybody it's just my point of view cheers

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[Syed117]

Originally Posted by Macnavara

I get that...and you're probably right I just think it's important to remember that to some people any amount of money is a lot and yes perhaps we are a bit more fortunate on this forum but never to become blasé about it... I'm not preaching to anybody it's just my point of view cheers

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You're absolutely right and I agree with you.

That's why I quoted the guy earlier who was saying that it's not worth insuring a $5700 watch because $5700 is not a lot of money.

Some perspective was needed there.

[SDRider]

Originally Posted by Macnavara

Hi I wasn't suggesting for one moment that you don't appreciate it I'm sure you do but as for mugging This Could Happen anywhere if you are unfortunate enough..... the Watch can still be damaged anywhere too.... anyhow it's absolutely the individuals prerogative to decide whether or not to insure a watch.

As a footnote I would say that I have been insuring my watches for 20 years and never claimed and if I add it all up I'm sure I could have bought another gold Rolex buy now with the money instead.

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Insurance is big business and they make a ton of money by managing that risk to their benefit.

I don’t generally purchase extended warranties either.

[Bigblu10]

Originally Posted by function12

Just call your current home owners and ask for a jewelry policy. Mine through State Farm is way cheaper than jewelers mutual. I have almost $100k in a jewelry policy. All items above 5k have to have an appraisal. Zero deductible and a replacement policy. Since it is a separate policy, claims on my home owners or jewelry will not affect each other.

This is the way to go. I have full replacement value on my PM Rolex for 600 a year. Just had to submit an appraisal for the watch.

[Danny83]

I do not recommend JM read the yelp reviews

[hsfrank]

There is a lot of misinformation being posted here. Let me try to clarify.
1. Each company is different. They have different criteria for insuring and different criteria for cancelling.
2. Those criteria are changeable depending ,among other things, on the marketplace. In times when insurance availability is easy and there are lots of competing companies then their criteria are looser. When availability is restricted then the criteria are more restrictive and cancellations are more frequent.
3. USAA has service related criteria for eligibility. Not everyone is qualified.
4. Generally homeowner insurance will only clover high valued jewelry on a non specified basis for a minimal amount of coverage per item (eg $500 or $1000).
5. High value jewelry,watches, cameras, lenses are best covered by a Personal Articles Floater. Usually it is offered by the same company but not always.
6. Whether you insure or not is a personal decision. The adage in the industry is “never risk a lot for a little.”
7. While insurance agents or brokers may give you advice (here comes trouble,no flames please) remember they have an agenda as well. The relationship with the company is more valuable to them than you relationship. This is not to say they give bad advice but that you should evaluate it as you should with any advice including mine.

8. Now for the $64,000 question. When to make a claim. Certainly any catastrophe demands a claim regardless of consequences. Generally I will not make a claim unless it is over a $1000. But that is my criteria because that is what I feel I can afford.

I hope this was of some assistance.

[Calatrava r]

Originally Posted by SDRider

I’m not really sure why you would insure a $5700 watch.

Agreed. Just forget the insurance. These jewelry policies don't pay up so quick. Its a hassle to make a claim especially where you "lost" the watch. I know folks who were robbed at gun point and had to sue to collect on their policy. After depositions, lawyers fees the company finally settled on the courthouse steps.

[Calatrava r]

Originally Posted by hsfrank

There is a lot of misinformation being posted here. Let me try to clarify.
1. Each company is different. They have different criteria for insuring and different criteria for cancelling.
2. Those criteria are changeable depending ,among other things, on the marketplace. In times when insurance availability is easy and there are lots of competing companies then their criteria are looser. When availability is restricted then the criteria are more restrictive and cancellations are more frequent.
3. USAA has service related criteria for eligibility. Not everyone is qualified.
4. Generally homeowner insurance will only clover high valued jewelry on a non specified basis for a minimal amount of coverage per item (eg $500 or $1000).
5. High value jewelry,watches, cameras, lenses are best covered by a Personal Articles Floater. Usually it is offered by the same company but not always.
6. Whether you insure or not is a personal decision. The adage in the industry is “never risk a lot for a little.”
7. While insurance agents or brokers may give you advice (here comes trouble,no flames please) remember they have an agenda as well. The relationship with the company is more valuable to them than you relationship. This is not to say they give bad advice but that you should evaluate it as you should with any advice including mine.

8. Now for the $64,000 question. When to make a claim. Certainly any catastrophe demands a claim regardless of consequences. Generally I will not make a claim unless it is over a $1000. But that is my criteria because that is what I feel I can afford.

I hope this was of some assistance.

In most cases what the Agent tells you does not bind the Company. Your coverage is set forth in the written policy period.

[socalwatchcollector]

Not worth the headaches unless you plan on adding to your collection in a big way. Certainly not worth the time in the day to research it.

Once the addiction sets in you will soon learn it is nothing more than just a watch but that you still need many of them.

[SDRider]

Originally Posted by Calatrava r

Agreed. Just forget the insurance. These jewelry policies don't pay up so quick. Its a hassle to make a claim especially where you "lost" the watch. I know folks who were robbed at gun point and had to sue to collect on their policy. After depositions, lawyers fees the company finally settled on the courthouse steps.

A friend of mine gave his wife a very expensive diamond tennis bracelet a few years ago for Christmas. He spent around $10k on it and she proceeded to lose it a few months later. She was heartbroken and he was pretty mad about it too but he ended up buying her another one to replace it.

In the end though it is just stuff. Don't buy it if you can't afford to lose it or break it.

[WhiskeyKoffee]

Originally Posted by michaelodonnell123

Not true. The key is that they must have a documented history of multiple losses in order to justify the cancellation. I have made a couple of 'non-catastrophic claims in the last eleven years and my rates did not go up nor did I get cancelled. You are giving out some very misleading information here.

No I'm not. Clark Howard is a consumer expert and he talks about it regularly. Check out this link where he explains that homeowner's insurance is often "use it and lose it" and why you should never make a non catastrophic claim. He gives several examples of consumers that had their policies terminated because they made a claim on their ring or their earrings. Maybe then you will see that YOU are giving out the misleading information. I'll wait for your apology .....

http://clark.com/insurance/reasons-w...w-your-policy/

[WhiskeyKoffee]

Originally Posted by RonSwanson

The notion of only filing catastrophic claims is ridiculous, at least in Michigan, where I live. Home insurance companies can drop you after 3 claims in 3 years, totaling over $1k payout, or if the home is in an unacceptable condition (negligent maintenance.) filing a claim may increase your rates for 3 years.

Ask the agent prior to filing a claim, as they will be honest with you, they obviously don’t want to lose your business.

Also with regard to watches a “mysterious disappearance” claim would likely have less rate implications than a theft claim, which seem to terrify carriers.

You might think it's ridiculous, but the nation's leading consumer expert disagrees, as do many of the experts he has spoken to about the very same topic.

http://clark.com/insurance/reasons-w...w-your-policy/

[WhiskeyKoffee]

Originally Posted by Star Ferry

There's no way State Farm drops most customers after one claim. Less whisky and more coffee, please

Now you are straight out trolling me. Leave me alone. Here is the article that proves you wrong ... again. Go away.

http://clark.com/insurance/reasons-w...w-your-policy/

[RW16610]

To the OP, I hope you're able to work out an alternative if you haven't already been able to do so. Insurance makes perfect sense and I'm sure you'll eventually get this all sorted out.

[swils8610]

They denied me coverage. No issue with my credit score. I put a rider on my homeowners policy.


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[themast]

Originally Posted by WhiskeyKoffee

Now you are straight out trolling me. Leave me alone. Here is the article that proves you wrong ... again. Go away.

http://clark.com/insurance/reasons-w...w-your-policy/

Howard also advises to carry a balance on the credit card to increase the credit score?

Anyway, I do not know Howard and how knowledgeable he is but you have to conceed that several individuals have had an experience different than yours and than what Howard suggests. Therefore his piece of advice does not apply to everybody.