Hodinkee insurance

[bogdoc]

I have decided to proceed with their insurance. I have been delaying on getting my collection just out of laziness and this is perfect as I don't have to run around for appraisals or take endless pics. They are quoting me the rate of 1.25% per year.

My question is that what should I put as the value for my watch. For example, Rolex hulk's market value is 18-20k. Should I put 18k or less as they will cover 150% of the insured value. Any help is appreciated!

[Henrimontgomery]

Don't put less. I don't know the terms but under-insuring (don't know the term in english) can proportionally reduce your payout in case of loss.

As always with insurance, try to match the value of your asset as close to reality as possible.

[blada4life]

I’m not entirely sure how it works with watches as opposed to regular home owners insurance but you can likely put a little less but I’m not sure it will make that much sense financially. Even you put $2000 less, we’re talking like $25. Now if you have a ton of watches it might make more of a difference to adjust each price like that

Also I am pretty sure what you’re referring to applies to replacement cost. In other words, depending on how they explain it, often times the extra amount does apply but most carriers require you to actually re-buy the watch (or similar) and they will pay up to 150% as replacement value. So if the watch is worth $20k but you insure for $16k, yes you have the room to cover up to $20k, but a regular payout may only be $16k unless you actually go and buy it again. I believe that’s how it likely works. Correct me if I’m wrong though.


Sent from my iPhone using Tapatalk

[dbk]

I just did the same and put what I felt were reasonable estimates if I were to sell the watches, not a dealer. Very painless procedure and pretty slick interface.

I keep track of what I own on Chrono24, and usually I think their valuations run ~15% high.

[bogdoc]

Chrono24 is a good idea. I agree that their valuations are always high. Thanks!

[1William]

I tried to get insurance on a Seiko LX a week ago and still have not heard back and I followed up and was told Tuesday but to day is Thursday. If the claims process is as bad as the underwriting then I will not use them. Jewelers Mutual typically covers me in a day and the customer service is great. This is too good to be true and it is disappointing at best.

[dbk]

Originally Posted by 1William

I tried to get insurance on a Seiko LX a week ago and still have not heard back and I followed up and was told Tuesday but to day is Thursday. If the claims process is as bad as the underwriting then I will not use them. Jewelers Mutual typically covers me in a day and the customer service is great. This is too good to be true and it is disappointing at best.

Out of curiosity, how did you not hear back? Was it not done all online? I literally submitted pictures, reference details and values for 4 watches, received the quote and paid it in 15 minutes.

[padi56]

Like all insurance its only as good as when they pay out if you got to make a claim.

[bogdoc]

Originally Posted by 1William

I tried to get insurance on a Seiko LX a week ago and still have not heard back and I followed up and was told Tuesday but to day is Thursday. If the claims process is as bad as the underwriting then I will not use them. Jewelers Mutual typically covers me in a day and the customer service is great. This is too good to be true and it is disappointing at best.

I am already insured through them. It was an easy process like other poster described. Submitted pics with few details and received the quote right away. I am kind of surprised though that they didn't asked for any paperwork. I am sure that they are good enough to spot a fake through the pics but still. Hopefully, I will never find out about their claim process.

[MacanS]

Just switched my insurance to them. Super easy process. About 410 dolllars for 32k of insurance