Has anyone filed an insurance claim?

[landosystem]

We speak a lot about insuring our watches. Who has had the misfortune of actually having to make a claim?

-What happened?
-Who is your insurer?
-What documentation did you need to provide?
-Are you pleased with the service received / glad you had insurance?

[droptopman]

Good question. I am curious too.
Pay a pretty hefty scheduled possessions premium for the watches and jewelry. Often wonder if it's worth it. As in will they actually come through.

Wife totaled her car last winter which was her second one in a few years and my rates went way up. Like $500 a year.

[Danny83]

A good friend of mine who is not an ad has a small store in northern Ca. One night prior to closing two guys walked in pepper sprayed everyone in the store and he had 4 rolex watches stolen. He was insured through Jewlers Mutual after getting some statements and police reports notorized with all the watch info he got paid the process took over 2 months. After they paid out the claim he got his policy cancelled.

[Kevin of Larchmont]

My Rolex got water in it while on vacation and I tried to make a claim on my State Farm homeowners insurance but was denied because that watch wasn't listed on the insurance. The new one is.

[Daryl]

Interesting to know

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[Abdullah71601]

Originally Posted by Danny83

A good friend of mine who is not an ad has a small store in northern Ca. One night prior to closing two guys walked in pepper sprayed everyone in the store and he had 4 rolex watches stolen. He was insured through Jewlers Mutual after getting some statements and police reports notorized with all the watch info he got paid the process took over 2 months. After they paid out the claim he got his policy cancelled.

Sounds like Farmers... take forever to pay, then cancel the policy.

I'm curious why we have so many members promoting JM if they do business this way.

[Flyfisher]

During the claims settlement process, information sometimes becomes known which was not consistent with the underwriting application.

Have no idea what the situation is in this case, but do not automatically assume it was due to the loss.

[fskywalker]

Originally Posted by Abdullah71601

Sounds like Farmers... take forever to pay, then cancel the policy.

I understood the guy cancelled the policy, not the company ?


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[Abdullah71601]

Originally Posted by fskywalker

I understood the guy cancelled the policy, not the company ?


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We'll need to ask Danny. It reads to me like JM cancelled.

"After they paid out the claim he got his policy cancelled".

[Etschell]

Originally Posted by Abdullah71601

Sounds like Farmers... take forever to pay, then cancel the policy.

I'm curious why we have so many members promoting JM if they do business this way.

Because other than chubb you have limited options. If you only have 1 or 2 rolex jm is one of the few option for rolex.

[RKTudor]

My wife's jewelry is on the same insurance plan (it's attached to our homeowners insurance). I did have to file a claim for a damaged engagement ring. Long story short the ring was basically crushed. Obviously the diamond was fine, but the band was destroyed and 1 of 2 smaller side diamonds was lost.

Insurance company already had the appraisal. I went to my jeweler, and he figured out what it would cost to fix/replace the ring. That info was given to my insurer. Then I had the ring fixed and received the insurance payment within a week or so.

In my one experience, the process was very similar to a car insurance claim. Start claim, adjustor checks out car, garage looks car over, insurance company figures out amount and cuts check.

So, I'd think that a claim for one of my watches would proceed similarly. I have 8 of them on my policy. Only recommendation I can think of is to make sure the insurer has all the possible information about the watch (before you need to file a claim!!).

[landosystem]

All interesting points, thank you.

While I can understand how incidents of theft (police report) and damage (you still have the watch) are handled, how readily do insurers pay out for plain loss of a watch?

[Danny83]

Originally Posted by fskywalker

I understood the guy cancelled the policy, not the company ?


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Jm cancelled him a few days after they paid his jeweler.

[fskywalker]

Originally Posted by Danny83

Jm cancelled him a few days after they paid his jeweler.

Got it


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[puppet]

I have a 'valuable personal property' policy with USAA for our watches, jewelry, etc. within the policy the higher value items are specifically scheduled. Haven't had to use it yet for watches, but my wife lost her engagement ring a couple years ago (3 diamonds). USAA was awesome and quick with the claim. Paid value as of our last submitted appraisal. Had we kept up a current appraisal, it would have been higher, but that's our fault.

No hit to our premiums, and no problems that it was lost and not stolen (no police report, etc). That's why we pay for insurance and it worked as expected.

[Wayco]

About ten years ago my Submariner was stolen from my gym while I was in the shower. I had it scheduled on a State Farm personal property policy, and filed both a police report and an insurance claim. State Farm immediately paid me the current value of the watch, which was a couple of thousand less than current MSRP because the watch was thirty years old, but on the other hand was several thousand more than I had originally paid for it. I then replaced it with an Omega Seamaster, because alrhough I had loved the Sub it never kept good time despite several servicings by authorized agencies. I still have the State Farm policy and have never had an issue with the company.

[imperio]

Originally Posted by Wayco

About ten years ago my Submariner was stolen from my gym while I was in the shower. I had it scheduled on a State Farm personal property policy, and filed both a police report and an insurance claim. State Farm immediately paid me the current value of the watch, which was a couple of thousand less than current MSRP because the watch was thirty years old, but on the other hand was several thousand more than I had originally paid for it. I then replaced it with an Omega Seamaster, because alrhough I had loved the Sub it never kept good time despite several servicings by authorized agencies. I still have the State Farm policy and have never had an issue with the company.

Did you register for an account just to post this?

[Etschell]

Originally Posted by imperio

Did you register for an account just to post this?

he's a state farm agent wearing kahki's

[cjohns]

It's Jake !!

[Rolex addict]

Originally Posted by cjohns

It's Jake !!

It IS Jake. He's not fooling anyone with the fake name.