What value do you use for your Rolex insurance?

[BriansRolex]

For those of you with Hodinkee what value did you use? MSRP? What you paid for it? What it's currently worth?

[7enderbender]

There is no MSRP on my watches as they are all discontinued. I go by the averages I see on places like Chrono24 for like models in like condition. Obviously, you want to try to filter out the crazy ask prices. So I think of it as actual replacement value. What would I need to do if my watch was stolen tomorrow?

[Pinchy]

Replacement value whatever that means to you. If it means in the event you would buy the cheapest on chrono... quote the cheapest on chrono... If there's a grey dealer you trust, whatever they are asking. If you think you could get one from an AD again (and want to do that), then MSRP and tax.

[amh]

MSRP. The chance of anything happening is very small anyway, I don't see a reason to overpay (ie. to declare the value as the current Market Hype)

[ArtNouveau]

I’m with Hodinkee going on three years. I adjusted the values down on my watches going into the 2nd year as “market value” had declined. I think my Boutique would try to help me replace a lost or stolen watch but not without a wait so I insure them for secondary pricing.

[BayAreaTech]

MSRP. When a claim is made, they will not accept your "Market Value" anyways. The chance they will be able to procure a piece for you is a low probability. Replacement value is what they will end up using most of the times.

[amphr1]

Example, my Daytona is insured for $20k, but the market price is about $25k. This works to keep the fee down, assuming you have a sizable collection and not all of it is stolen all at once. So I try to keep 1 to 3 watches in the bank. Because the max they'll pay is the max amount you have insured for. This is my understanding. They'll cover up to 50% appreciation. So if I have only 2 watch, both insured for $10k, but they're both worth $15k. If one watch is stolen, I'm covered $15k. But if both watches are stolen, I'm covered only $20k. That's my understanding on how that works.

[amphr1]

Originally Posted by BayAreaTech

MSRP. When a claim is made, they will not accept your "Market Value" anyways. The chance they will be able to procure a piece for you is a low probability. Replacement value is what they will end up using most of the times.

You can't replace what you can't buy at MSRP. Also if you loose a 2016 watch, the replacement isn't a 2023 watch, it's another 2016 watch.

[JDsnewwatch]

The appraisal. The real trouble is that the appraisal is based on chrono24 which is based on a fantasy.

[brandrea]

Originally Posted by BayAreaTech

MSRP. When a claim is made, they will not accept your "Market Value" anyways. The chance they will be able to procure a piece for you is a low probability. Replacement value is what they will end up using most of the times.

Correct me if I’m wrong, but I thought one of the advantages of using Hodinkee is that they will insure for market value.

Are you saying they won’t pay out the market value, but they’ll accept the premium?

[aniconic]

Originally Posted by brandrea

Correct me if I’m wrong, but I thought one of the advantages of using Hodinkee is that they will insure for market value.

Are you saying they won’t pay out the market value, but they’ll accept the premium?

I haven't made a claim (if someone has, perhaps they can respond) but here's what they say on their website:

"If the market value of a watch covered on your policy has increased before a loss, we’ll pay the market value before the loss – up to 150% of your watch’s insured value."

[brandrea]

Originally Posted by aniconic

I haven't made a claim (if someone has, perhaps they can respond) but here's what they say on their website:



"If the market value of a watch covered on your policy has increased before a loss, we’ll pay the market value before the loss – up to 150% of your watch’s insured value."

Understood, but if you have the watch insured at market value they will pay the "market value" at the time of writing the policy, is how interpret this.

In otherwords your watch is insured for what you established as the market value at the time its written.

Is there any clause indicating how many times per year you can update the market value?

Another question ... what methodology is used to establish market value?

Sent from my SM-G960W using Tapatalk

[Old Geezer]

My carrier requires an appraisal. I have them appraised and insure accordingly.
I'm essentially insured to be made whole based on what I paid or the most recent appraised value, not replacement value in the secondary market.

[Shola]

Originally Posted by BriansRolex

For those of you with Hodinkee what value did you use? MSRP? What you paid for it? What it's currently worth?

The premium for your DD watch is going to be $725/a year with Jewelers Mutual if you insure it for $51k.

[BriansRolex]

Originally Posted by Shola

The premium for your DD watch is going to be $725/a year with Jewelers Mutual if you insure it for $51k.

No it was closer to $1,500 a year to insure for $50k that's why I didn't use them.

[1William]

I am with Hodinkee and value my watches at what it would take for me to replace them from our Trusted Sellers. No point insuring watches at msrp, except to save premiums, when you can not buy the watches at msrp. I don't mind paying the extra, as if I was worried about money, I would not own expensive watches.

[BriansRolex]

Originally Posted by 1William

I am with Hodinkee and value my watches at what it would take for me to replace them from our Trusted Sellers. No point insuring watches at msrp, except to save premiums, when you can not buy the watches at msrp. I don't mind paying the extra, as if I was worried about money, I would not own expensive watches.

Makes sense

[dafuture]

I use MSRP. I'll worry about replacement when/if something happens.

[WilsdorfNDavis]

So much false information in this thread.

If you are with Hodinkee, insure your watch for the current market value.

They literally say this in their FAQ guide:

https://shop.hodinkee.com/blogs/jour...surance-how-to

Reevaluate your insurance yearly (up OR down accordingly).

Hodinkee doesn't find you a replacement watch; they cut you a check for the insured value after doing their due diligence (to make sure you aren't committing insurance fraud).

[DJ2020]

Appraised market value for me. May or may not be available from a AD in the event of a loss. Then I can go gray. But Don't really care as long as I get a watch back on my wrist.

[Overwatch]

Originally Posted by WilsdorfNDavis

So much false information in this thread.

If you are with Hodinkee, insure your watch for the current market value.

They literally say this in their FAQ guide:

https://shop.hodinkee.com/blogs/jour...surance-how-to

Reevaluate your insurance yearly (up OR down accordingly).

Hodinkee doesn't find you a replacement watch; they cut you a check for the insured value after doing their due diligence (to make sure you aren't committing insurance fraud).

exactly, reading comprehension is at an all-time low in this country.

[Senorx]

So is Hodinkee the place to go for watch insurance? Any alternatives?

[Watchesnguitars]

Hodinkee, simple, quick, easy.. Lets you insure for current market value.. It's a no brainer to me...

[Goatrope]

Originally Posted by Senorx

So is Hodinkee the place to go for watch insurance? Any alternatives?

I went with BriteCo. When I bought my watch, I was provided an appraisal. BriteCo will insure up to 125% of the appraised value.

[Me4u2night]

Originally Posted by amphora001

Example, my Daytona is insured for $20k, but the market price is about $25k. This works to keep the fee down, assuming you have a sizable collection and not all of it is stolen all at once. So I try to keep 1 to 3 watches in the bank. Because the max they'll pay is the max amount you have insured for. This is my understanding. They'll cover up to 50% appreciation. So if I have only 2 watch, both insured for $10k, but they're both worth $15k. If one watch is stolen, I'm covered $15k. But if both watches are stolen, I'm covered only $20k. That's my understanding on how that works.

Interesting. Good to know.

[alphadweller]

None. I self insure. I use insurance for important stuff (car, house, life, etc.).

[StuartM1962]

I work off market values, based on sold Ebay listings, or Chrono 24.

[Shola]

Originally Posted by BriansRolex

No it was closer to $1,500 a year to insure for $50k that's why I didn't use them.

I just insured the same watch with them with a $1000 deductible and policy limit of $50500 for $725. It was approved today.

[jamesbondOO7]

Originally Posted by alphadweller

None. I self insure. I use insurance for important stuff (car, house, life, etc.).

Same here

[BriansRolex]

Originally Posted by Shola

I just insured the same watch with them with a $1000 deductible and policy limit of $50500 for $725. It was approved today.

I have a $0 deductible and it's also based on your zip code where you live