Hodinkee to Offer Insurance

[Blansky]

Hodinkee wants to be Amazon.

I'm guessing the MBAs are constantly harping on them to expand, monetize, think outside the watch box.

They'll be offering whole life, term life and auto and lawn tractor insurance before long.

[WatchEater666]

Hodinkee is an amazing media business. I think their founder is brilliant.

Anyone getting mad at them for monetizing...this is how you pay the bills as a modern media company. Everyone running ad blockers = your PPM is shit.

[Aquaholic_user]

Big island

Sent from my SM-N960U using Tapatalk

[RW16610]

This is good to know, options are never a bad thing. When coverage is in Canada (and potentially less than jewelers mutual) I would truly consider.

[Chiboy]

Platinum Daytona valued at $50k:

suburban IL rate: $800
Naples FL rate: $1,000

with homeowners policy now: ~$500

[richard371]

I just spoke to them on the phone. I’m with statefarm now and it’s a nightmare to get a SS Rolex insured for its value. I paid $13500 plus tax in 2016 for my 116500 white and they will only pay the receipt value. I could not find anyone to appraise it for $28000 which is about the market value is now. If it gets stolen I’d like to be able to contact a trusted seller and get a new one in a few days. With State Farm I’d have to come up with another 14k to replace it. I’m paying about 1% of the value per year with them. I can fully insure it with HODINKEE at 28k for $426 which is about 1.5 percent. For me the extra .5 percent is worth the less hassle and piece of mind. Also I can adjust the value at anytime he said and just pay the premium difference. Only downside I see is I can’t split the 426 into 2 payments. Has to be $800 or more.

[MILGAUSS88]

Originally Posted by Snake Plissken

Lol. I am seeing different rates on the site.

Could be due to location.

[MILGAUSS88]

I believe they said there is no deductible, are the policies that you comparing it to have a deductible or not?
Most do.

[offrdmania]

I have a State Farm articles policy. They will cover the watch if someone rips it off of your wrist. Most places wont cover that.

State Farm pays out whatever the watch is appraised at. They will not accept any receipts over $5K, only appraisals.

Your appraiser can appraise a watch for the current market value. I have some watches insured that way and State Farm had no issue accepting the higher than MSRP appraisal.

[Wahlberg]

Originally Posted by JayHantz

Interesting that different screen shots are showing different prices, even the ones in the same country.

Which one is different, I don't see it? I checked all 3 posted.

[JayHantz]

Originally Posted by Wahlberg

Which one is different, I don't see it? I checked all 3 posted.

If you look at say, the Rolex Daytona, the price per year is different (and as a user pointed out, it is probably based on location) as it goes from $145 to $310 a year.

[Kliminator]

Heard about this - need to compare against what I'm paying JewelersMutual at the moment. How many folks are contemplating switching over?

[enjoythemusic]

Originally Posted by RPC19

Partnering w/ Chubb. Hodinkee is just the funnel.

^^^ This. Think if it like an Amazon Associate account. Smart move as it is pure commission. Zero risk, all reward. This is a 'targeted' market based insurance contract, so they already have the product value and risk calculated for location and street price.... Pretty slick, probably ~5% commission to Hodinkee, 15% would be sweet!

[Kliminator]

Hmmm --- all my watches right now insured through Jewelers Mutual I'm paying about 1.7% of the insured value (two of which have a $500 deductible due to the value)... Hodinkee online quote came in at 1.2% which is pretty good with $0 deductible.

I like the idea of not having to maintain value / appraisals and the hassle-free aspect that they're selling. In addition, the fact that they will straight up cut a check is also a plus..

[Snake Plissken]

Originally Posted by JayHantz

If you look at say, the Rolex Daytona, the price per year is different (and as a user pointed out, it is probably based on location) as it goes from $145 to $310 a year.

Also fwiw I am not in the US (yet I am getting the best rates shown...)

[MILGAUSS88]

Cheaper than these rates?

[wesdaniel]

Originally Posted by offrdmania

I have a State Farm articles policy. They will cover the watch if someone rips it off of your wrist. Most places wont cover that.

State Farm pays out whatever the watch is appraised at. They will not accept any receipts over $5K, only appraisals.

Your appraiser can appraise a watch for the current market value. I have some watches insured that way and State Farm had no issue accepting the higher than MSRP appraisal.

Interesting how different State Farm offices work. Mine took my receipts for my SkyDweller ($19K with tax), my GS ($5,800) and my Panerai ($7,800), but, it has to be from a "jeweler." Everything that I bought gray market (even Jomashop), I had to have appraised. Same experience on appraisals that are for > MSRP. They accept the appraisal without question.

[Maverick82]

Originally Posted by dmash

I fail to understand how they can compete with the other people on the market. I was paying approximately $10 for every $1k insured any time I insured stuff. Those companies can offer that as they’re so large and encompass all kinds of different insurance.

A much smaller getup with a narrower focus would have to charge much higher rates to stay profitable....basic business no?

Who are you insured with ? That’s a great rate.


Sent from my iPhone using Tapatalk

[nda]

Originally Posted by Robf52

Chubb has an excellent reputation for claims payment.

They do indeed.

I have had a couple of claims with Chubb...

I lost a gold Breguet over the side of my boat - I fell out at speed. Chubb paid the full value immediately, no questions.

My pool house burned down - quite complicated with an oil tank to be replaced, pool equipment all replaced, site to be cleared etc. All sorted by Chubb in record time, I chose my own contractors.... very impressed.

Here in the UK, Chubb are a little more expensive than most insurance companies, but they are leagues ahead in terms of customer service when you do have a claim. They don't try to wriggle out of payments which is a major benefit when you're stressed about a loss.

[Wahlberg]

Originally Posted by JayHantz

If you look at say, the Rolex Daytona, the price per year is different (and as a user pointed out, it is probably based on location) as it goes from $145 to $310 a year.

Thanks! I wasn't even looking at that column, my bad.

[vesnyder]

Anybody check out the watch insurance now offered by Hodinkee? I was curious so I went through the process and received a quote for my CHNR. It came out 10 1.3%, which is competitive but what I liked about it compared to my current insurance is they insured it for street value - $0 deductible and no appraisal required - while my current insurance is $1,000 deductible and insured for MSRP. Looks like a good option.

[Mick006]

I think this is a brilliant move by hodinkee.

[DCheeta]

I am curious to check it out. There does need to be a simpler, better way to insure watches. Maybe this is the answer.

[HogwldFLTR]

I'm game for a change from Jeweler's Mutual!!!

[yngshr]

Originally Posted by HogwldFLTR

I'm game for a change from Jeweler's Mutual!!!

I found JM's pricing to be better when I compared.

[1William]

I am interested and will try to use it today. I look forward to hearing from someone on the claims experience once they suffer a loss. Getting on the insurance is only half of the challenge.

[macrowatch]

Originally Posted by 1william

i am interested and will try to use it today. I look forward to hearing from someone on the claims experience once they suffer a loss. Getting on the insurance is only half of the challenge.

+1

[GADNYC]

Great point about claims 1William - you evaluate an insurance company not on premium, but on claims.

[macrowatch]

Interesting Chubb is underwriting since the Chubb policy itself is very good.

[007timer]

That’s for the heads up. I am checking that today.


Sent from my iPhone using Tapatalk