Hodinkee to Offer Insurance

[tial]

Thanks for the link, I was looking into insuring my new purchase.


Sent from my iPhone using Tapatalk

[doboy007]

They seem to be lot more expensive per previous post about them.

[chiscott_29]

My experience so far after getting a quote is they are in line with the carriers that write a proper Personal Articles policy. They have to make money too, so I can assure you they are marking up a premium you could get cheaper elsewhere.

What they do offer that is probably better is ease of policy changes/service, and ability to have a standalone policy. If you're somebody that goes into and out of watches frequently this is a huge advantage to be able to do that without having to call or email your agent.

But the other things - no deductible, 150% of agreed value - those are common on proper Personal Articles policies.

[tial]

How do you guys capture market value? I just bought a 2020 41mm and put market value at 11,000 does that sound right? Also I skipped the reference # part, is that okay? I don’t know where to get the reference number.

[JEAJ]

I’m also insured with USAA PPV plan. Very affordable, perhaps, because it’s multiple polices.

[PaulFL]

Originally Posted by tial

How do you guys capture market value? I just bought a 2020 41mm and put market value at 11,000 does that sound right? Also I skipped the reference # part, is that okay? I don’t know where to get the reference number.

You can get the reference number from Rolex's website, either in the link of the watch, or under specifications. Or from your warranty card, although I am not sure whether these new ones have it on it.

For instance new black submariner date has a Reference 126610LN, the green is 126610LV, and the no date is 124060

Edit: for the market value check out chrono24 or the "for sale" section here.

[flyingbatman]

Just compared Jewelers Mutual and HODINKEE (Chubb) for my 116710BLNR and ended up signing with HODINKEE with $18,800.00 coverage for $263.00.

Two deciding factors for me were the simplicity during the signup process and the 150% appreciation protection, which I think is a must for watch models often adding 20-35% to their value per year.

Also seems that adding my other watches will be a lot easier there (haven't done that yet though).

[jaisonline]

HODINKEE's estimate process was easy. Tossed some watches into the estimate tool.

Seems expensive though. $55,000 coverage is $780 annually. Hard to get an estimate from Chubb directly. My local traveler's home owners optional jewelry policy only really provides up to $10,000 per personal artifact with a deductible.

Def worth it to at least get 1 year's coverage while looking at other options for peace of mind.

I would to get an estimate from Chubb directly through one of the agents as that seems to be the process.

[1William]

This is the worst insurance I have ever tried to use. I tried to list a Seiko LX for significantly less than value and waited a significant amount of time before I contacted them to see what was the issue. I was told I would be contacted in a few days, I was not and followed up and was told the underwriting for my State is different. No issues with Jewelers Mutual and typically insured within a few days. The customer service is a best lame and I would hate to think what a claim would be. I am going to contact them this week and see what they say. Once again, Hodinkee is suspect, ie travel clock, Special Edition watches, etc. I like the site but commerce with them is at best not so good, in my opinion.

[Kliminator]

Originally Posted by 1William

This is the worst insurance I have ever tried to use. I tried to list a Seiko LX for significantly less than value and waited a significant amount of time before I contacted them to see what was the issue. I was told I would be contacted in a few days, I was not and followed up and was told the underwriting for my State is different. No issues with Jewelers Mutual and typically insured within a few days. The customer service is a best lame and I would hate to think what a claim would be. I am going to contact them this week and see what they say. Once again, Hodinkee is suspect, ie travel clock, Special Edition watches, etc. I like the site but commerce with them is at best not so good, in my opinion.

Is your issue with the process of getting the watch insured? As in you paid but it was taking longer than anticipated to get your policy docs/policy under written?

[chiscott_29]

Originally Posted by jaisonline

I would to get an estimate from Chubb directly through one of the agents as that seems to be the process.

No agent that I ever contacted or heard of will write a "standalone" personal collectibles policy with Chubb. Which, is why having good options to insure collectibles such as watches is a nice development (Hodinkee, Wax, etc.).

With Chubb, you're very likely to have to bundle it with auto, homeowners, etc. And, Chubb is typically much more expensive on other personal lines. I say "expensive" not necessarily in a bad way, because their overall coverage form, service, and claims experience is so much better than standard carriers. It all comes down to what you prefer.

[jaisonline]

Originally Posted by chiscott_29

No agent that I ever contacted or heard of will write a "standalone" personal collectibles policy with Chubb. Which, is why having good options to insure collectibles such as watches is a nice development (Hodinkee, Wax, etc.).

With Chubb, you're very likely to have to bundle it with auto, homeowners, etc. And, Chubb is typically much more expensive on other personal lines. I say "expensive" not necessarily in a bad way, because their overall coverage form, service, and claims experience is so much better than standard carriers. It all comes down to what you prefer.

Sure seems exactly what I’m experiencing.

[chris242]

they emailed back saying you must be a permanent US resident. so i’m out of luck, for now! hopefully they can change that soon


Sent from my iPhone using Tapatalk

[Ssunnylee24]

So, I just got my Sub insured with Hodinkee/Chubb for $139/yr covered for $10,000 compare it to JM $140/yr covered for $9,362.

[Maverick82]

Originally Posted by Snake Plissken

Lol. I am seeing different rates on the site.

Which state and city are you located?

[gtnator]

Any claims experience yet on HODINKEE (vs. JM)?


Sent from my iPhone using Tapatalk

[Hollie_Rollie]

Originally Posted by gtnator

Any claims experience yet on HODINKEE (vs. JM)?


Sent from my iPhone using Tapatalk

I’m interested in this as well. I just applied for JM insurance

[Kliminator]

Originally Posted by gtnator

Any claims experience yet on HODINKEE (vs. JM)?


Sent from my iPhone using Tapatalk

Curious as well.. although at the same time hoping no one has lost or had a watch stolen

[chiscott_29]

Originally Posted by Kliminator

Curious as well.. although at the same time hoping no one has lost or had a watch stolen

If these guys are underwriting correctly, there won't be any claims :-)

This is an extraordinarily profitable line of business assuming you have the correct underwriting tools and discipline.

[gtnator]

Originally Posted by chiscott_29

If these guys are underwriting correctly, there won't be any claims :-)

This is an extraordinarily profitable line of business assuming you have the correct underwriting tools and discipline.

What do you mean by that?


Sent from my iPhone using Tapatalk

[chiscott_29]

Originally Posted by gtnator

What do you mean by that?


Sent from my iPhone using Tapatalk

I probably should have qualified that a bit more. What I am saying at a broad level is that if you do due diligence on a “personal collections” policy through solid underwriting, it has a tendency to be a very profitable line of business with low loss ratios.

What I really meant to say about claims experience is that this is likely not a place I’d expect to see much in the way of claims. The vast majority of people on these boards are collectors/hobbyists - They are very knowledgeable about what their watches are worth and they are necessarily careful in protecting them when being worn and when not being worn. Thus, I would surmise this community would have a lot less likelihood of having a claim than the general public.

But, I admit I’m speculating :-)


Sent from my iPad using Tapatalk

[Nikrnic]

Originally Posted by chiscott_29

I probably should have qualified that a bit more. What I am saying at a broad level is that if you do due diligence on a “personal collections” policy through solid underwriting, it has a tendency to be a very profitable line of business with low loss ratios.

What I really meant to say about claims experience is that this is likely not a place I’d expect to see much in the way of claims. The vast majority of people on these boards are collectors/hobbyists - They are very knowledgeable about what their watches are worth and they are necessarily careful in protecting them when being worn and when not being worn. Thus, I would surmise this community would have a lot less likelihood of having a claim than the general public.

But, I admit I’m speculating :-)


Sent from my iPad using Tapatalk

I get what you mean. I can relate to that being somewhat the same for many collectable items as well such as classic cars that aren't driven much which in turn reflects to lower rates.

Sent from my SM-G970U using Tapatalk

[orangeguy]

I was playing around on the site, adding and subtracting watches, and there seems to be a bit of variability of cost (I assess on % of insured value) based on watch and value.

Question for folks, do you insure your entire collection or just certain pieces? I have a growing collection, but only one that has dramatically increased in value. Most of my watches are in the "nice to wear, but a little quirky" category or just classics. I have Rolex Sub 16610, GMT II 16710, a pre-moon Speedy with a 321 movement, and a Silver Snoopy (45th) Speedy. That last one is the most valuable in my collection, by far.

[Kliminator]

My Jewelers Mutual policy is up for renewal and I'm going to take my watches off my policy and start a new policy with Chubbs via Hodinkee. Am paying 1.7% right now with JM but will be ~1.2% of insured value w/ Hodinkee. Wife's jewelery will stay with JM though

[RyanJ]

I went with Hodinkee (Chubb) for the simplicity. I liked my insurance company before but it was a pain in the butt to get a watch added. I spent so much of my time getting the right paperwork submitted.

[jaisonline]

I’m paying nearly $17 per $1000 of coverage.
Wanted insurance for 2022 while I look at other coverage.

[DJ TT 2002]

I just insured 3 watches.
Not an unreasonable premium.
You cannot be too careful, IMHO

[gyang333]

JM was being difficult when trying to add an AP RO this summer (wanted photo proof, which I uploaded, then they wanted to review the policy which was taking upwards of a week). Decided to shop around in the interim and found that Hodinkee was slightly cheaper, and also quicker to add.

The other difference it seems, Hodinkee/Chubb will send over a cheque when a claim is processed, whereas JM wants you to go find a replacement watch, and they pay the seller, which seems to work fine if you're dealing with an AD or retail POS but what/how do they pay if you're trying to buy from eBay or C24?