Hodinkee to Offer Insurance

[brucethemanlee]

i hear its a rip off - charging 40% more than other insurers

[padi56]

Originally Posted by 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.

But like any insurance company the cover is only as good as what in the real world they actually pay out.

[mbalmz]

Originally Posted by yngshr

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

comparing JM to Chubb is like comparing hyundai to bentley.

[richard371]

I’m going to pull the trigger. $426 for 28k. I only have the 116500 and I’m too paranoid to wear it all the time knowing with State Farm I’ll have to come up with another 14k to replace it which I will not do. I can’t find anyone to insure it for 28k except for HODINKEE. State Farm wants an appraisel every time the market value changes. I checked all around the Bay Area and found a place in China town that will do it but need to take the watch for a few days. No thanks. I can go on the app any time and change the value. I mainly go off our trusted sailers price for a new one as that’s how I’ll replace it if needed.

[Kliminator]

Originally Posted by richard371

I’m going to pull the trigger. $426 for 28k. I only have the 116500 and I’m too paranoid to wear it all the time knowing with State Farm I’ll have to come up with another 14k to replace it which I will not do. I can’t find anyone to insure it for 28k except for HODINKEE. State Farm wants an appraisel every time the market value changes. I checked all around the Bay Area and found a place in China town that will do it but need to take the watch for a few days. No thanks. I can go on the app any time and change the value. I mainly go off our trusted sailers price for a new one as that’s how I’ll replace it if needed.

FYI - I have my BLRO insured with Jewelers Mutual at market. You should be able to do it with an appraisal

[chris242]

Was about to pull the trigger, but not sure what the international details are. I have a US address.
Waiting to hear back from them, anyone have any experience with this yet?


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[Etschell]

Originally Posted by jpeezy14@hotmail.com

https://www.hodinkee.com/articles/ho...ign=watchville

Seems intriguing, though I'm very happy with my current USAA valuable property insurance.

Might be something to look into though.

Dont bother the rates are 2.2 percent

[Etschell]

Originally Posted by MILGAUSS88

Cheaper than these rates?

They quoted me 600 plus for a 28k watch. Perhaps my area is the issue.

[Onequik135i]

I just signed up this afternoon, makes it way easier to skip the extra costs of appraisals.

[mbc]

Originally Posted by Onequik135i

I just signed up this afternoon, makes it way easier to skip the extra costs of appraisals.

agreed -- the simplicity aspect and nixing appraisals is a great selling point...

[Kliminator]

Originally Posted by chris242

Was about to pull the trigger, but not sure what the international details are. I have a US address.
Waiting to hear back from them, anyone have any experience with this yet?


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I called get more details on the investment protection (up to 150%) and while inquiring about that - they confirmed coverage is for theft, loss, mysterious disappearance, damage and is domestic and international

Regarding the investment protection, it's worthwhile to note it's up to the total insured amount under the policy. So if your watches are all at home and they all get stolen, there is no appreciation protection. If you have $100k in watches and while you're out something happens to your Daytona which has recently appreciated an additional $5k, you are covered for up to 150% of the market value since it's < $100k.

Obviously they aren't going to insure you for more than you're paying premiums for but important to call out

Originally Posted by Etschell

Dont bother the rates are 2.2 percent

I'm getting 1.2% on all my watches. So YMMV

[Maverick82]

Originally Posted by Etschell

Dont bother the rates are 2.2 percent

That’s very high. I get 1.3% in Maryland.


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[richard371]

Pulled the trigger. 1.5 percent here in sf. Don’t want to deal with the hassle of trying to get an appraisal (tried several places) and have to keep doing it based on the dynamic market value. Insured for 28k for the 116500 white and can adjust it any time. I’ll pay the extra .5 percent over statefarm for convenience.

[ct.matt]

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.

Really? I have the SF personal articles insurance and for one of my watches all I had was a receipt the (private) seller drew up that showed model, serial number, and the price I paid, and they accepted that.

[offrdmania]

My local office said State Farm stopped accepting receipts over $5k last year.

[Nikrnic]

Originally Posted by Snake Plissken

I'm thinking that insurance from the people who brought you the $12,000 hourglass might not offer the most competitive rates

Got to love that travel clock though.

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[Conant]

Has anyone that has signed up received their binder documents yet?

[77T]

To get insurance, agents will sometimes accept receipts no matter the value. But only if new and from a legitimate retailer. BTW, this just sets the rate at which the policy will be invoiced to you.

Come time for a claim, you will need a valid appraisal. Afterall that’s why you buy insurance, to have a claim paid after a covered loss.


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[enjoythemusic]

Originally Posted by mbalmz

comparing JM to Chubb is like comparing hyundai to bentley.

So something good (JM) versus a total piece of shit (Bentley) unreliable built-in engineering defects the VW Group's Bentley brand refuses to recall? Then look at depreciation, the Bentley loses ***an entire Hyundia in value*** every year, year after year, for the first four years or so.

So JM for the win. I had two B cars, ask about holes in convertible roof. Ask about defective manufacturing rear glass windows that falls out. Ask about defective engineering false air into turbo hose ($100 hose they charge $300 for) that required a ~$4000(!) engine out to fix. Known problems, never recalled. I could go on if you'd like.

[MacanS]

Originally Posted by jpeezy14@hotmail.com

https://www.hodinkee.com/articles/ho...ign=watchville

Seems intriguing, though I'm very happy with my current USAA valuable property insurance.

Might be something to look into though.

I just got off the phone with usaa. They would not insure my hulk or BLNR for replacement price (18k and 14k respectively) best they would do is 25% over my purchase price 8 & 9k.

I will be dropping them and thinking of going the hodinkee (Chubb) route

I got a quote for 470 dollars

[Bizcut1]

Just saw this... could be a game changer.


https://www.hodinkee.com/articles/ho...surance-launch

Ben

[SAlNlDllvllAlNl]

Chubb being the underwriter seems to be a good move. I've heard really good reviews about Chubb no nonsense about paying out claims. Time will tell how it all plays out...

[jimcarver]

Looks good, they say they are working on it for non US residents too. Would love to see this, I just have to go without insurance as I can't find an international policy from the UK.

[Avs Fan]

Chubb is a top quality insurer. I would be very interested if offered in US.

[tuffode]

Originally Posted by Avs Fan

Chubb is a top quality insurer. I would be very interested if offered in US.

It is offered rn in the US. I was able to get a quote pretty quickly online.

[dbk]

https://www.rolexforums.com/showthread.php?t=764695

I signed up based on recommendation from a friend and it was quick and painless. Signup at least. Premium seemed reasonable relative to what I was quoted as an add-on.

[QueueCumber]

Just use Chubb as your homeowners insurance and get a rider. Cut out the middleman trying to make additional money off of the deal...

I'm not sure there is anyone better for homeowners coverage (period period period). I say that as a long term homeowner who has had to make multiple large claims over the decades with Chubb (including replacing a HT and an entire roof due broken pipes and hurricane damages).

[chiscott_29]

Sorry, but how is this a "game changer"? Chubb, Nationwide Private Client, Privilege Underwriters have been writing policies like this for years. There is also Jewelers, but their coverage is really not suitable for a collection in my opinion and is only good if you want some basic coverage on a watch or two.

It's only a game changer if you have put watches on personal homeowner or condo owners policies, which I've always maintained makes no sense.

[ScarletFire]

I got a policy the other day, super easy to sign up, instant approval, reasonable premium, and what I also like is that it covers appreciation while other policies only covered purchase amount.


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[Son Goku]

I thought the premium was super reasonable especially considering it covers appreciation. Signed up.