To Insure-/-or not to Insure?

[ROLEX MAN]

I have worn a Rolex for 25 years and never had it insured;

Now I'm starting to wonder is it worth It?

Here are the Facts: Watches are currently insured within the house up to $2500 each.

Coverage for two rolexes: (Daytona $11500, Yachtmaster $10500) insured out of the House, adds a $70.00 premium per month or $840 p.a. to the house policy.

Now I fully insure my $45000 BMW for $540 p.a.!

Yes I know all the the "yada yada" they cost so much and you should, but $70.00 a month is a fair slap???

Does it make sense???

[mdx77]

It never does until the day you need it!

[BiG JeEzY]

I think insurance is necessary for all the things that you think are valuable to you, JMO.

For example, house, health, cars, and yes...watches can be as well.

[Tarheel]

Wow - the quote you received is much higher than what I pay for my personal articles policy in the States (about US$1 for every US$100 insured value). Maybe you could get another quote to make sure you are getting the best deal possible?

[BiG JeEzY]

I also like to add, though I feel really bad to mention it, a couple members on this forum have had their houses broken into and one of the things taken was their watches. I still hope they catch all those bastards who would do something so low as to break into a home like that.

[BLSampson]

$70 a month is too much. Who is your insurance company? I pay around $200 a year for 4 Rolex's.

[etp095]

Originally Posted by Tarheel

Wow - the quote you received is much higher than what I pay for my personal articles policy in the States (about US$1 for every US$100 insured value). Maybe you could get another quote to make sure you are getting the best deal possible?

this is exactly what state farm charges me for my watches,your getting hosed by your insurance company in austrailia.if i insured those watches here(usa) my premium would only be $220,i guess our worthless dollar(to the rest of the world) can still buy bargain #1 rated insurance.god bless america!

[ROLEX MAN]

Insurance would be with Allianz and believe me It's the cheapest, I rang around,
they even threw in a Discount because of having House, Business, and Car with them!

[nsolga]

time for a new insurance co

[Markg]

i have AAA insurance, and paid well over $1500/year for about $85k of insurance for jewelry.

their deal is simple; jewelry, of any kind and which includes watches, is limited to $5000per occurrance and $1000 limit per item without a scheduled rider. that rider is EXPENSIVE, much higher than my car insurance for similar coverage. it sucks, but one theft sucks even more....

and the other problem; now that the prices have increased, some more than once since i purchased the watches etc., we are WAY underinsured. They will increase it with a new appraisal, for of course even more money!

[watchlady]

Insurance sure is expensive down under. I pay about $700 USD per year to insure about $50K in watches and jewelry.

[jasonbellevue]

I voted to insure, but $840/per annum for $22,000 worth of watches is way too much, IMHO. Shop around.

Insurance is peace of mind, I always insure anything that is valuable to me.

[DoxaDavid]

My jewelery rider is the same $1 per $100 of coverage. Would run me $220 per year or $18.33 per mo to insure the same value. I would call around as well but if that is the going rate in Australia, then it is.

The question you should ask your self is, can I afford not to be insured. If some SOB steals your watches, could you afford to go out and write the check to replace them? If you went swimming and a gasket leaked and it was a $2500 repair, would it bother you to have it fixed? If you have the means to do either without much hardship, don't wast the money with insurance.

If like many here and worked hard over a period of years to obtain your watches and if someone or something happened and it WOULD be financially hard to replace right away. It is easier to allocate $70 per month for insurance than $22,000 in a worse case scenario.

Me, I have insurance. Just my opinion, others will vary.

[timackerman]

Wow, that sounds WAY too high. That is about what I pay per year for my Rolex (granted it is less then yours, but still)

[BuffaloRolex]

Yes, that cost is waaay too high. I wouldn't insure for that amount. Like others have said, we can get insurance here in the U.S. for far less. Hopefully you can too!

[topcat30093]

Insurance brings peace of mind.
As long as they don't apply to many restrictions.

[DSJ]

Mine's $13 USD/ $1,000. My 3 Rollies, Omega, wedding band and wifey's top stuff, totaling $36K runs me a tad over $400/year.

[Tombstone]

I agree with everyone look around the quote is too high. Your agent listened to the word Rolex and saw $$$ signs.

[frostie]

I think that you should do it

[kensei]

Buy a heavy safe instead
Check it out http://www.pentagonsafes.com/

[frostie]

Originally Posted by kensei

Buy a heavy safe instead
Check it out http://www.pentagonsafes.com/

Those are some serious safes there

They have ceramic wow

[scottschoe]

Originally Posted by kensei

Buy a heavy safe instead
Check it out http://www.pentagonsafes.com/

a 9MM can open up any safe in the world..if you know what I mean. Insurance is a must, but the OP's rates are sky high.

[Baptistman]

I would insure, but that seems so expensive compared to the UK

[Trurolexer]

Not insurance for now...Dunno latter...

[atldavek]

I agreee that is high, but I am one of those members that has had there home broken into, and yes they got my watch, and EVERYTHING in my avatar
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[SPACE-DWELLER]

Originally Posted by mdx77

It never does until the day you need it!

Quite true!

[Dan Pierce]

Insure? Yes. With who? Jewelers Mutual.
dP

[Fordex]

After joining this forum. I decided getting insurance was something I should do. I signed up for Jewelers Mutual for about 68 a year on my SS Date. They did require an appraisal so when my watch gets back from RSC I will have the AD appraise it for me.

+ 22 days at RSC

Fordex

[steel4me]

Originally Posted by scottschoe

a 9MM can open up any safe in the world..if you know what I mean. Insurance is a must, but the OP's rates are sky high.

If you got someone firing a 9mm in your house, at your safe, your ROLEXES are the least of your problem my friend ....

For most people who are normal .. I mean hardworking average joes who save their $$, are not into lives of crime and don't owe money to shady people and don't do shady things, you have nothing to worry about ... just get a 500lbs+ safe and bolt it down ..... it will cost you probably around $300-$600 (used/new) or so but great investment for long term ....

For all those who are in such favor of insurance, I would like to ask you: How many of you have had a claim with your insurance about your rollie and how much you got back? Did you read the fine print?? Many buy insurance and live in a dream world that no matter what, they will get their money back... how much will you get back????

[DoxaDavid]

Originally Posted by steel4me

For most people who are normal .. I mean hardworking average joes who save their $$, are not into lives of crime and don't owe money to shady people and don't do shady things, you have nothing to worry about ... just get a 500lbs+ safe and bolt it down ..... it will cost you probably around $300-$600 (used/new) or so but great investment for long term ....

No offense Steel, but that is one of the dumbest statements I have ever read here or on any forum.

So everyone who gets robbed isn't "normal" and into "shady things?" What the hell does having your house broken into or being held up have to do with being a hard working average Joe and not owing money to shady people? How could anyone of sound mind write such CRAP.

You can be the Pope and live a life of virtue and if your in the wrong place at the wrong time get robbed. Being a victim of a crime rarely has anything to do with the victim. Some SOB decides to break into your house, and in your world it's the home owner who is at fault? I think there are a few forum members here who had their homes burglarized recently who might have a different opinion. I'm going to go out on a limb here but I would bet they aren't into shady things, don't owe money to shady people and are normal Joe's.

As to reading the fine print with insurance, there are always "weasel out clauses" so yes, you should know what your insurance will and won't cover. Unless you are trying to pull a "shady scam" on your insurance company, most will give you fine coverage for what you have it for. I have never heard of anyone with a legitimate claim who had a rider to cover their watch and needed it who didn't get reimbursed for what they had stated in their policy.

The only redeeming statement in your post is it's a smart thing to have a safe but they are just a deterrent for the quick grab and dash thieves. Any real thief can open most home safes given a little time or as was pointed out, if being robbed at gun point, it will do little good.

I think you need to rethink your post and try again to not insult the 100,000's of innocent victims out there who didn't have a thing to do with being violated by some POS and then have someone go and say it must be there fault..