Insurance on DaytonaC

[TurfyMurfy]

Anyone have insurance on your DaytonaC? What if you paid more than retail?

[Chiboy]

I imagine you can get it insured for whatever you get it appraised at.

[yxc145]

Can you show the insurance company the invoice?

[Bstewart]

Yeah, you can show them either the invoice or an appraisal.

[TurfyMurfy]

I guess the big question is this.

I have the original buyers invoice showing $12,400 and our Bill of Sale of the amount that I paid the buyer. This amount is higher due to market conditions. Would think I should be able to be covered for the higher amount???

[GreenLantern]

Originally Posted by TurfyMurfy

I guess the big question is this.

I have the original buyers invoice showing $12,400 and our Bill of Sale of the amount that I paid the buyer. This amount is higher due to market conditions. Would think I should be able to be covered for the higher amount???

Yes, in general you are covered at appraised value. Solution: Seek an appraisal from a legitimate source (jeweler, watch dealer) and provide that to your insurance company to raise the insured value to be more in line with market rates.

[ZOOK]

Um, will appraiser and insurance company see Gray Market price as market value when the Daytona C is available from Rolex at $12,400? Don't insurance companies insure at replacement cost, no matter how long you would have to wait to purchase a replacement?

[RonSwanson]

Originally Posted by ZOOK

Um, will appraiser and insurance company see Gray Market price as market value when the Daytona C is available from Rolex at $12,400? Don't insurance companies insure at replacement cost, no matter how long you would have to wait to purchase a replacement?

No, in fact many limit the time to settle a claim to a year or 2. Insuring for higher gray value is very reasonable, if your Daytona disappeared this week, you would need the higher value to replace it in any kind of reasonable timeframe, merl would not fulfill the insurers obligation to replace the piece.

[The_Watch_Clocker]

I do not insure my jewelry.
I don't see the value in it.

[brandrea]

Originally Posted by ZOOK

Um, will appraiser and insurance company see Gray Market price as market value when the Daytona C is available from Rolex at $12,400? Don't insurance companies insure at replacement cost, no matter how long you would have to wait to purchase a replacement?

I suppose you can insure it for any amount as long as you pay the premium

[daveo5]

Have your insurance company issue a rider on your home owners or renters policy. Tell them what you paid for it (proof may be required).

[TurfyMurfy]

Originally Posted by daveo5

Have your insurance company issue a rider on your home owners or renters policy. Tell them what you paid for it (proof may be required).

Yes did that. They covered the full price I paid with the documentation.

Thanks