Insure above purchase price?

[pierson]

So I have two watches I bought at retail, but, due to this stupid crazy world we live in, are worth more than what I paid.

Is it right to insure above the receipt cost? Who do I get to “appraise” them? (I’m USAA)




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[JodyHighroller]

Read my thread I started a few weeks back.

https://www.rolexforums.com/showthread.php?t=829466

For USAA, you’ll need to go to an independent appraiser who can write for market value if you chose to go that route.

[chiscott_29]

My advice, for a host of reasons, is that you look at HODINKEE or Wax to cover your watch collection. They offer personal collections policies specifically for watches and they understand and provide systems and coverage that take into account the “crazy world” we now live in. They also automatically cover 150% of the insured value which should easily accommodate any continued appreciation you might have in your watches.

You could stay with USAA of course, but you’re very likely going to need to get appraisals and your coverage will be only for that amount. You’ll need to repeat the process each and every time the “market value” changes. It used to be impossible to get an appraisal above MSRP or the price you paid for the watch, but there seems to be several services that will take care of this for you now. Also keep in mind a Rolex AD will only offer you an appraisal at MSRP, or at least that’s my AD’s policy.


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[pierson]

Originally Posted by chiscott_29

My advice, for a host of reasons, is that you look at HODINKEE or Wax to cover your watch collection. They offer personal collections policies specifically for watches and they understand and provide systems and coverage that take into account the “crazy world” we now live in. They also automatically cover 150% of the insured value which should easily accommodate any continued appreciation you might have in your watches.

You could stay with USAA of course, but you’re very likely going to need to get appraisals and your coverage will be only for that amount. You’ll need to repeat the process each and every time the “market value” changes. It used to be impossible to get an appraisal above MSRP or the price you paid for the watch, but there seems to be several services that will take care of this for you now. Also keep in mind a Rolex AD will only offer you an appraisal at MSRP, or at least that’s my AD’s policy.


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Thank you!!! Looking into that now


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[pierson]

Originally Posted by chiscott_29

My advice, for a host of reasons, is that you look at HODINKEE or Wax to cover your watch collection. They offer personal collections policies specifically for watches and they understand and provide systems and coverage that take into account the “crazy world” we now live in. They also automatically cover 150% of the insured value which should easily accommodate any continued appreciation you might have in your watches.

You could stay with USAA of course, but you’re very likely going to need to get appraisals and your coverage will be only for that amount. You’ll need to repeat the process each and every time the “market value” changes. It used to be impossible to get an appraisal above MSRP or the price you paid for the watch, but there seems to be several services that will take care of this for you now. Also keep in mind a Rolex AD will only offer you an appraisal at MSRP, or at least that’s my AD’s policy.


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Just switched to Hodinkee! The whole collection. Took me 10 min. Didn’t have to talk to anyone. Brilliant


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[chiscott_29]

Originally Posted by pierson

Just switched to Hodinkee! The whole collection. Took me 10 min. Didn’t have to talk to anyone. Brilliant


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Maybe I should be asking hodinkee for commission!!

I think you made a good choice and you’ll be pleased!!


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[amphr1]

Don't you want to insure it for cost of replacement? Like when I insure my house, it's the cost to rebuild the structure. So my thinking would be that it would insure for grey market price.

[Slimpee]

Has anyone made a claim with Hodinkee?

[28mm]

I get them appraised and my insurance will cover it at this value.

https://www.elitetimepieces.com/

[shaunylw]

Originally Posted by amphora001

Don't you want to insure it for cost of replacement? Like when I insure my house, it's the cost to rebuild the structure. So my thinking would be that it would insure for grey market price.

Chubb does a nice job via Hodinkee. They will insure for 150% of value.