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Old 28 November 2022, 12:07 PM   #1
Carterman32
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Hodinkee insurance

Hi,

Is there anyone out there with Hodinkee insurance who can advise me?

I have a five watch collection worth $30k at current market value, but hodinkee covers up to 150% of each watch's value, up to the total covered amount (in this case $30k). Assuming I'm not going to get all my watches stolen or lost simultaneously, does it make sense to account for that 150% when disclosing the watch value? For example, if I have five watches worth $6k each, would it make more sense to say each is worth $4k since Hodinkee would cover 150%, which would be $6k. Doing this would bring down the premium if I did it for all five watches, as I'd only be covering $20k instead of $30k (though this would also make my max payout $20k). In this scenario, if I lost 3 of my 5 watches, they'd pay out their $18k value even though I only listed the current value at $4k apiece when I signed up for insurance. Is this correct?

Also, Hodinkee says it will pay out at the agreed upon price. I understand this would be 150% of the covered watches' stated value, but what happens if my $6k watch is now only worth $3k? Do they still cut me the check for the full $6k?
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Old 28 November 2022, 12:47 PM   #2
Trailboss516
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Did you try contacting them to ask?
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Old 28 November 2022, 01:02 PM   #3
Carterman32
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Did you try contacting them to ask?
Yes but haven't heard back. Was hoping someone here had experience.
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Old 28 November 2022, 01:11 PM   #4
Auric Goldfinger
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Originally Posted by Carterman32 View Post
Hi,

Is there anyone out there with Hodinkee insurance who can advise me?

I have a five watch collection worth $30k at current market value, but hodinkee covers up to 150% of each watch's value, up to the total covered amount (in this case $30k). Assuming I'm not going to get all my watches stolen or lost simultaneously, does it make sense to account for that 150% when disclosing the watch value? For example, if I have five watches worth $6k each, would it make more sense to say each is worth $4k since Hodinkee would cover 150%, which would be $6k. Doing this would bring down the premium if I did it for all five watches, as I'd only be covering $20k instead of $30k (though this would also make my max payout $20k). In this scenario, if I lost 3 of my 5 watches, they'd pay out their $18k value even though I only listed the current value at $4k apiece when I signed up for insurance. Is this correct?

Also, Hodinkee says it will pay out at the agreed upon price. I understand this would be 150% of the covered watches' stated value, but what happens if my $6k watch is now only worth $3k? Do they still cut me the check for the full $6k?
Yes, your first example would be correct. I would call Pedro @ Hodinkee and confirm. I know quite a few people who do this, but keep in mind if you experience an entire collection loss then you are SOL, and especially since the total policy amount is lower.

Regarding your second example, you will get a check for whatever your scheduled amount is for each timepiece. If your timepiece incurs depreciation at the time of loss, you will still get that full $6k amount because that’s what it is scheduled for. The Hodinkee/Chubb policy operates different from standard personal articles policy at State Farm, etc.

The 150% is not automatically applied at time of loss. You will need to substantiate with an invoice (or similar) for a replacement watch. Invoice from a secondary dealer is accepted. This was one of my questions to them before I enrolled in their policy a couple years back. They’re easy in terms of what paperwork you’ll need at time of loss compared to other name brand insurers.
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Old 28 November 2022, 02:37 PM   #5
7sins
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How have you guys found rates with Hondinkee? My insurer just dropped me due to them being uncomfortable with the dollar size insured and now I need an alternative.
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Old 28 November 2022, 02:53 PM   #6
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How have you guys found rates with Hondinkee? My insurer just dropped me due to them being uncomfortable with the dollar size insured and now I need an alternative.
I’ll DM you the rates when I can dig up the statements. Not cheap at all, north of 2%.

Discount on floor bolted safe for pieces above 100k.

Obviously Chubb specializes in high dollar. Even RM is peanuts compared to insuring artwork or boats.

To OP, payout is at itemized rate you paid for. For the 150% best to reread fine print with agent. I think the assumptions may be off.
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Old 28 November 2022, 04:27 PM   #7
Auric Goldfinger
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How have you guys found rates with Hondinkee? My insurer just dropped me due to them being uncomfortable with the dollar size insured and now I need an alternative.
Rates will vary highly depending your zip code, so I wouldn’t rely on what others are paying. It’s easy to get a quote on their website. Hodinkee provides discounts on policies greater than $200k. Just chatted w/ them the other week.
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Old 29 November 2022, 01:17 AM   #8
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what happens if my $6k watch is now only worth $3k? Do they still cut me the check for the full $6k?
Yes because you were paying the premium to insure 6K worth of risk
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Old 29 November 2022, 01:22 AM   #9
macrowatch
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Rates will vary highly depending your zip code, so I wouldn’t rely on what others are paying. It’s easy to get a quote on their website. Hodinkee provides discounts on policies greater than $200k. Just chatted w/ them the other week.
I actually don’t think the rates differ all that much on location since I have moved the policy around a few times to same net pricing, or really quite negligible rate changes. I think this is due to the global geographic nature of coverage while traveling.

If they were concerned about local crime rates, I think they just decline to cover at underwriting rather than rate higher or specify bank safe only, etc. FWIW I have used Chubb for many years before hodinkee started selling the Chubb policies.
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Old 29 November 2022, 02:07 AM   #10
Auric Goldfinger
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Originally Posted by macrowatch View Post
I actually don’t think the rates differ all that much on location since I have moved the policy around a few times to same net pricing, or really quite negligible rate changes. I think this is due to the global geographic nature of coverage while traveling.

If they were concerned about local crime rates, I think they just decline to cover at underwriting rather than rate higher or specify bank safe only, etc. FWIW I have used Chubb for many years before hodinkee started selling the Chubb policies.
I had a 0.5% decrease by simply registering my policy at my other home in a different city/state/zip code. Their response was because the amount of claims at my original city/zip so it is taken into account. My rates are now approx. 1%~.

It’s so easy to get a personalized quote and know for sure.
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Old 29 November 2022, 07:01 AM   #11
macrowatch
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Originally Posted by Auric Goldfinger View Post
I had a 0.5% decrease by simply registering my policy at my other home in a different city/state/zip code. Their response was because the amount of claims at my original city/zip so it is taken into account. My rates are now approx. 1%~.

It’s so easy to get a personalized quote and know for sure.
They must be stuffing my commissions! Thanks. Will go haggle some more now. Grrrr
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Old 29 November 2022, 02:12 PM   #12
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Just got quoted(Hodinkee) 2.1% in a zip code that is 86% lower crime than America seems expensive. No claims 800+ credit. I pay 1.1% on travelers stand alone jewelry policy which seems much more reasonable. Not sure how coverages compare to be fair.
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Old 29 November 2022, 02:14 PM   #13
bobernet
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I don’t believe they automatically pay 150%. They pay “current market value” up to 150% of the value at the time the policy was rated/value declared. It’s there to account for appreciation, not to automatically pay over value by 50% on every claim.


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