Denied by Jewelers Mutual

[WhiskeyKoffee]

Originally Posted by themast

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.

No I do not concede anything. He is the number one consumer advocate in the U.S.A and has been for many years. Go ahead and disagree with him and the numerous experts in the insurance field that he has experience with. Go ahead and make a claim on your homeowner's insurance plan for a watch. Go ahead. Boy you will really show me and this Howard guy.

[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.

STILL waiting for your apology and your admission that you were wrong. It's one thing to offer a dissenting opinion in good faith, but to reduce yourself to the "You are giving out some very misleading information here" position is simply because you lack knowledge on the topic at hand, and is downright ridiculous.

I will keep waiting for you to 1) refuse to respond; 2) claim that you are still right despite the number one consumer advocate in the history of the U.S.A. totally saying otherwise; or 3) you to actually admit that you were wrong and way out of line. I won't hold my breath on option number three, even though it is the clear choice.

[Star Ferry]

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/

The article relies on anecdotal evidence. In the anecdote, it took at least 4 claims before the customer was dropped

-- $57k claim for a car wreck
-- $22k hurricane damage
-- $1500 earring
-- $19k engagement ring

The author wasn't recommending that anyone pay for coverage but not use it. His advice was to buy high-deductible insurance so that small losses aren't claimable in the first place

[hsfrank]

About Clark Howard. I am listen to many of his radio shows and in my opinion some of the advice he gives out i Aggie with while others do not meet with my views. However to call him an expert is stretching the point to say the least. While is well educated his career was as a travel agent and radio show host giving travel advice. From there he expanded to the current form. He possesses no special qualifications to make him an expert in any specific field other than travel. His advice is opinion only and should be viewed in that respect. Insurance is a complicated subject that is influenced by many different variables. Coming out with a blanket statement like only making a claim for a catastrophe is disingenuous and does not serve The consumer well in my opinion.

[codecow]

Originally Posted by WhiskeyKoffee

You never, ever, ever want to make a claim on a homeowner's policy unless you have a catastrophic loss.

This.

It was very hard for me to insure my current house because the previous owner made a claim for $500 for a fence that blew over.

[martinr]

WhiskeyKoffee why be so offensively rude to people that try to help the OP? We may not be "Clark Howard" but we do have personal experiences to share that may be helpful and are relevant. Like I said in my earlier post maybe it's you that's the problem, your confrontational style is a great way to make enemies and insure nobody takes you seriously.

[CoachLange]

Looked in to JM but decided against them due to reviews and listening to a sob story from a friend of a friend about their claims experience with them. Ended up with a rider to my homeowners.

Quick and easy. They asked for a copy of the appraisal and 2 color pictures. A bit less than $10 per $1000/yr. Coverage for "all risks".

[Magwitch]

I was told by my agent that weather damage, hail to roof etc is not a claim that will cause you to be dropped. However, a fire is now on the line, and when my son's golf clubs were stolen I was advised not to file a claim, and I didn't. I have had only weather claims and I think one would be foolish not to file a claim and pay out of pocket for a roof, siding, etc. That's what I have insurance for.

[bncapass1]

I've been with JM since my first new Rolex Sub purchase in 2010 and were highly recommended by the AD. I've also have never had a claim with them. As a rule, JM normally needs an appraisal for any additional pre-owned non AD purchased pieces to be added to the policy however have been accepting a purchase receipt on the last 3 I added. Now to my dismay, this month I just added a no date 14060 Sub with only a e-mail purchase receipt from Crown & Caliber which they did without issue. I also requested to reduce the coverage amounts on 2 other pieces on the policy which I always felt were over appraiser however JM wants a updated appraisal to do so?? To add, they have steadily increased the value on my first Rolex Sub 16610 since 2010 without an updated appraisal or my consent which of course increases the policy amount but will not reduce the value amount on my request on other watches on my policy without a appraisal? I don't get it.

[Valenciawatchrepair]

Originally Posted by F308gt4

With all due respect, why insure a watch at all? I’m old school, insurance should protect against catastrophic loss. Losing your watch (or having it stolen, etc.), while it may suck, should not be a catastrophic loss.

This. At that price, just self insure. Figure out a feasible "premium" and pay yourself in a separate account. If one day something happens, you'll have most of, if not all the cash to replace. And, you won't get the headache of making a claim.

[Torque Time]

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.

Same for me as WhiskeyKoffee. USAA for all insurance. All wife and I needed was appraisal value Or receipt for purchase price of all jewelry, diamonds, and Rolex.

Recommend continue shopping

[tyler1980]

Originally Posted by F308gt4

With all due respect, why insure a watch at all? I’m old school, insurance should protect against catastrophic loss. Losing your watch (or having it stolen, etc.), while it may suck, should not be a catastrophic loss.

Thats relative to the collection.. A watch maybe. As the above poster said with one watch i see the logic in self insuring. With a larger collection insurance is a must. Its catastrophic if you lose a collection on par with the value of a house and you would be nuts not to insure a house.

[offrdmania]

Try State Farm. The premium is roughly $100 annually per $20,000 coverage with zero deductible. A receipt or appraisal is required to verify worth. The policy is itemized per watch and not an umbrella policy like some home owner riders. There are additional fees if a single item is valued over $25K I believe.

[hsfrank]

Originally Posted by bncapass1

I've been with JM since my first new Rolex Sub purchase in 2010 and were highly recommended by the AD. I've also have never had a claim with them. As a rule, JM normally needs an appraisal for any additional pre-owned non AD purchased pieces to be added to the policy however have been accepting a purchase receipt on the last 3 I added. Now to my dismay, this month I just added a no date 14060 Sub with only a e-mail purchase receipt from Crown & Caliber which they did without issue. I also requested to reduce the coverage amounts on 2 other pieces on the policy which I always felt were over appraiser however JM wants a updated appraisal to do so?? To add, they have steadily increased the value on my first Rolex Sub 16610 since 2010 without an updated appraisal or my consent which of course increases the policy amount but will not reduce the value amount on my request on other watches on my policy without a appraisal? I don't get it.

With regard to updating an appraisal when reducing the coverage, the insured does so in order to avoid collecting in adequate premium for partial losses. The coverage is all risk and would cover losses other than just theft and loss. When they increase the value without an appraisal they do so based on the assumption that the watch has increased in value and would cost more to replace. In doing that they were protecting your interest since if the watch was in adequately insured you would be out of pocket.

[Bstewart]

I have an 800 credit score, 0 insurance claims ever, live in the wealthiest zip code in my state, and was denied through them too. No idea why but adding a separate policy through my HO policy was half the price anyway.

[Chewbacca]

Originally Posted by Bstewart

I have an 800 credit score, 0 insurance claims ever, live in the wealthiest zip code in my state, and was denied through them too. No idea why but adding a separate policy through my HO policy was half the price anyway.

do you have an 800 because you use cash and rarely use credit?

[Bstewart]

Originally Posted by Chewbacca

do you have an 800 because you use cash and rarely use credit?

No, I never use cash. I have hundreds of thousands of dollars in available credit over a few different credit cards.

[Chewbacca]

Originally Posted by Bstewart

No, I never use cash. I have hundreds of thousands of dollars in available credit over a few different credit cards.

Nice.

That makes sense. But not getting the coverage doesn't. Assuming you're a whale, they may not want the risk with your toy levels.

Insurance is an odd game.

[Bstewart]

That’s the thing, I’m not even a whale. Own just $20k in watches (2) that I wanted to insure.