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30 March 2023, 01:21 AM | #1 |
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What value do you use for your Rolex insurance?
For those of you with Hodinkee what value did you use? MSRP? What you paid for it? What it's currently worth?
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30 March 2023, 01:24 AM | #2 |
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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?
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30 March 2023, 01:42 AM | #3 |
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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.
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30 March 2023, 01:54 AM | #4 |
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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)
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30 March 2023, 02:05 AM | #5 |
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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.
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30 March 2023, 02:18 AM | #6 |
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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.
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30 March 2023, 02:21 AM | #7 |
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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.
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30 March 2023, 02:21 AM | #8 |
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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.
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30 March 2023, 02:25 AM | #9 |
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The appraisal. The real trouble is that the appraisal is based on chrono24 which is based on a fantasy.
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30 March 2023, 02:27 AM | #10 | |
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Quote:
Are you saying they won’t pay out the market value, but they’ll accept the premium? |
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30 March 2023, 02:32 AM | #11 | |
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Check the FAQ
Quote:
"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." |
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30 March 2023, 02:37 AM | #12 | |
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Quote:
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 |
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30 March 2023, 04:21 AM | #13 |
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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. |
2 May 2023, 01:19 PM | #14 |
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2 May 2023, 09:16 PM | #15 |
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2 May 2023, 09:36 PM | #16 |
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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.
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2 May 2023, 09:37 PM | #17 | |
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Quote:
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3 May 2023, 02:33 AM | #18 |
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I use MSRP. I'll worry about replacement when/if something happens.
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3 May 2023, 03:26 AM | #19 |
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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).
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3 May 2023, 04:42 AM | #20 |
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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.
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3 May 2023, 04:53 AM | #21 | |
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Quote:
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3 May 2023, 05:48 AM | #22 |
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So is Hodinkee the place to go for watch insurance? Any alternatives?
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3 May 2023, 08:17 PM | #23 |
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Hodinkee, simple, quick, easy.. Lets you insure for current market value.. It's a no brainer to me...
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3 May 2023, 09:22 PM | #24 |
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I went with BriteCo. When I bought my watch, I was provided an appraisal. BriteCo will insure up to 125% of the appraised value.
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3 May 2023, 09:34 PM | #25 | |
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Quote:
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4 May 2023, 02:14 AM | #26 |
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None. I self insure. I use insurance for important stuff (car, house, life, etc.).
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4 May 2023, 02:28 AM | #27 |
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I work off market values, based on sold Ebay listings, or Chrono 24.
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4 May 2023, 10:10 AM | #28 |
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4 May 2023, 10:17 PM | #29 |
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Same here
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4 May 2023, 10:30 PM | #30 |
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