AP care - for free

[lusfort]

Hearing AP is going to launch a Apple care-Esque program for watches from 2022 onwards where they will replace the watch for any accidental damage or theft..

All for free

Should be announced in the coming days


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[In-N-Out]

Are you high?

[Baco Noir]

[lusfort]

Just you guys wait…


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[In-N-Out]

Figured it was april fools but the joke was so terrible and it is April 2nd

[Benzsiam]

AP care = selling insurance?

[GB-man]

Originally Posted by in-n-out

are you high?

100%

[Baco Noir]

Originally Posted by In-N-Out

Figured it was april fools but the joke was so terrible and it is April 2nd

He said “for free” so I assume it’s a joke.

[JettyOne]

Originally Posted by Baco Noir

He said “for free” so I assume it’s a joke.

He started with AP “care”.
It’s def a joke.


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[LUDA]

Well, it seems it's not a joke:

https://www.bloomberg.com/news/artic...against-theft?

In case you can't read it without registering/paying:

Audemars Piguet to Guarantee $55,000 Watches Against Theft in Industry First

New AP service guarantee follows surge in luxury watch theft
AP to replace registered stolen watches bought in 2022/23

Audemars Piguet, the Swiss luxury watch brand best known for the highly sought-after Royal Oak, will offer to replace clients’ stolen watches as part of a new service program created in response to a surge in watch-related crime.The Le Brassus, Switzerland-based brand, whose average watch price is about 50,000 Swiss francs ($55,000), will guarantee to replace, refund or repair any stolen or damaged watch bought in 2022 or 2023 for two years, Chief Executive Officer François-Henry Bennahmias, said in an exclusive interview at the company’s headquarters.
“We listen to our clients and we have to look also at what’s going on in the world right now. We have important cities in Europe and in the US that are not as safe anymore,” said Bennahmias.

Rising Crime

Watch thefts, many of them violent, are an increasingly worrying issue for the industry, threatening sales if consumers are afraid to wear luxury timepieces. The initiative by Audemars Piguet marks the first time a luxury watch brand has ever offered a warranty and guarantee service to replace or refund the cost of a watch if it’s stolen.
“That’s a big, big move because no one has ever done that,” Bennahmias said.


Read More: Smash and Grab Watch Thefts Threaten Brands From Rolex to Patek
The CEO, who will leave the top job later this year after more than a decade, said any Audemars Piguet customer who bought a watch in 2022 or this year will be eligible to register with the program. They’ll have to prove that they bought and still own the watch, providing a photo of the watch and the serial number. Watches that have been resold won’t be eligible.
If a registered customer’s watch is stolen and there is a valid police report, they will be offered a choice of a refund or a replacement of the watch. If the watch is no longer being produced the company will offer a similar model in the current collection.


The service will run until the end of 2024 for anyone who bought a watch in 2022, including the 50th anniversary Royal Oak model. Watches bought in 2023 will be eligible for the service for two years from the date of purchase.

Royal Oak Demand

Audemars Piguet watches, particularly the Royal Oak, generally trade well above their retail price on the secondary market. For example, the Royal Oak 15500 in steel with a blue dial sells for about 24,800 Swiss francs at retail but fetches about 50,770 francs on the secondary market, according to WatchCharts, an aggregator of pre-owned watch prices.
AP makes about 50,000 watches a year, the majority of which are Royal Oak and Royal Oak Offshore models, according to Bennahmias. Sales were about 2 billion Swiss francs in 2022, an increase of 26% from 2021 and 78% from 2020 when the pandemic briefly halted production and sales.
Bennahmias said he expects about 75% of eligible customers to sign up for the program. He estimated there could be as many as 100 claims from customers over two years but predicted that only a handful might attempt to defraud the company by registering a watch they don’t own or submitting a fake police report.
Perhaps “we get two or three or five, which are absolute frauds. That’s a part of doing it,” he said, adding that he hopes people will behave the right way. “You cannot develop and offer these types of things thinking that everybody’s gonna abuse the system.”

Fighting Theft

Other major Swiss brands are also making moves to address the surge in watch crime but none have, so far, offered to replace stolen watches. Cartier and Vacheron Constantin owner Richemont said last week it’s building a digital platform to help police forces fight theft of luxury watches and jewelry.
The platform, called Enquirus, will allow owners to register their collections using the brand and serial numbers. They can also report theft or a loss and check if a piece they are planning to buy is stolen.
Read More: Richemont Builds Platform to Help Fight Watch, Jewelry Theft
“Watch related crime has gone up massively,” with 81,000 watch related crimes occurring in the UK since 2018, according to Arjen van de Vall, the CEO of Watchfinder & Co., the secondary market dealer owned by Richemont.
Bennahmias said its new theft service program, which won’t have a third party insurer at first, will run as a trial that could be continued depending on how many of their clients are willing to be part of it.
“This is nothing for them but a safety net and who wouldn’t want a safety net in today’s world?”

This is actually great news.

I guess if there's not a lot of fraud going on they might extend the program and offer it to every new purchase for a couple of years or three.

I know some ADs in my area that offer something similar for a year.

[In-N-Out]

Wow this is crazy news. Apologies to OP for doubting him lol

[GB-man]

This is madness lol how in the hell can they do this. Where is the fine print.

edit: Also apologies to OP for thinking he was looney toons.

[VogelPhoenix]

Originally Posted by GB-man

This is madness lol how in the hell can they do this. Where is the fine print.

edit: Also apologies to OP for thinking he was looney toons.

Does Bloomberg do April fools jokes behind their paywall?

[kinopravda]

It's on the AP website

[Overwatch]

I can't believe this is real!

[Rickkk]

Well done AP. Looked at what patek were doing and went multiple steps further!

[AEV]

Amazing AP.
It's indeed on the website. Applicable for watches purchases in 2022 and 2023.
Needs a log in and activation.

[Bearxj86]

Yep it's real.

[VogelPhoenix]

Originally Posted by AEV

Amazing AP.
It's indeed on the website. Applicable for watches purchases in 2022 and 2023.
Needs a log in and activation.

Plot twist - it's not an April's fools joke, but the account login is broken

[AEV]

Originally Posted by VogelPhoenix

Plot twist - it's not an April's fools joke, but the account login is broken

Yeah, the log in button has disappeared.
Site updates... :)
Watches are also not showing up, so hopefully more ROO...

[Cease676]

Just registered. Request is being sent to AP and they will confirm activation of coverage in about a week or so


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[Auric Goldfinger]

Originally Posted by Rickkk

Well done AP. Looked at what patek were doing and went multiple steps further!

What has Patek done recently?

[GB-man]

This is truly the most impressive attempt at customer service we’ve seen in the watch industry. Now let’s see how they deliver on it. Having just bought a 15510st secondhand over the weekend I hope I am eligible.

[77T]

This plan saves buyers perhaps $200/yr. If I read the article and the conditions correctly, the theft coverage applies during the warranty period.

Thereafter, an owner ought to add their new AP (then 2 year-old) to a personal articles policy with their insurer.

AP has taken the high ground and I hope Rolex, PP, and other brands follow suit. Conversely, I also hope AP and others take a page from Rolex and create a global theft list.


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[Auric Goldfinger]

Originally Posted by GB-man

This is truly the most impressive attempt at customer service we’ve seen in the watch industry. Now let’s see how they deliver on it. Having just bought a 15510st secondhand over the weekend I hope I am eligible.

It’s only valid for original owners according to the article.

[GB-man]

Originally Posted by Auric Goldfinger

It’s only valid for original owners according to the article.

That sucks…for me haha

Website seems to say contrary?


May the AP Coverage Service be granted in case of transfer of the watch (resell or gift)?

As the AP Coverage Service is nominative, the service shall be activated again by the new owner in case of change of owner, if the watch is eligible.

[Vivalas]

I think this is fantastic news indeed. Have to say that with watch crime being what it is, especially in cities, it’s very reassuring.

Fantastic move from AP to look after their clients too. Not that I need an excuse, but even more reason to buy an AP :-)

[HMHM]

It's a good idea, but what is stopping people from claiming that they lost a watch, make a police report, then requesting a new watch from AP?

I mean this effort requires a lot of trust from AP... and knowing the weird and wonderful people out in this world, trust isn't always reciprocated.

[Auric Goldfinger]

I’ve read that the increased watch thefts were starting to concern the brands as it might push clients away and impacting future business. Seems to make sense here with the recent headlines from Richemont and AP.

[VogelPhoenix]

Originally Posted by 77T

This plan saves buyers perhaps $200/yr. If I read the article and the conditions correctly, the theft coverage applies during the warranty period.

I haven't read the fine print, but for many of our friends here, this would come out to much more than $200/year, it seems - aren't the rates about 1%/year?

For pieces with market prices > MSRP, AP actually has some advantage, as they wouldn't have to source replacements at market rates.