Switching insurance from Jewelers mutual to Hodinkee

[JMGoodnight369]

With the sudden jumps in secondary market prices I’m wondering if Hodinkee is the better choice over JM. I’ve already upped my amount in the past few months and seems like prices just went up again due to the factory price increase. Do those with Hodinkee have to worry about this or does it stay with market value without reaching out to adjust value? Thanks all!

[Danny83]

Yes,Yes,Yes

[JodyHighroller]

You can easily increase your scheduled coverage via their mobile app. You also benefit from the 150% coverage protection they offer if you have multiple pieces on your policy.


At this rate of weekly threads about Hodinkee/Chubb, someone should create a master thread with all the FAQs.

[Cellbuster]

So I haven't pulled the trigger on Hodinkee Insurance yet, but I've been thinking about it. This is how it works from how I understand their policy: You name the value you would like to cover, and then the policy can cover up to 150% of the value you reported to adjust for the market value, but it will never cover more than the total policy

For example: if you cover one Watch1 for 20k and Watch2 for 30k, and you need to make a claim for Watch2, they will cover up to 45K for Watch2 because they will cover up to 150% of the value, but it doesn't exceed the total policy of 50k. Now if you need to make a claim for both watches, they will only cover up to your total policy for 50k, so no market value protection in that situation.

[arcampado]

Multiple threads have already been posted about this… In summary, Hodinkee seems to be a much better insurance option based on feedback from many on this forum. I for one have switched over to Hodinkee from JM due to the seamless quote process and terms of insurability at market prices without an appraisal

[JMGoodnight369]

Originally Posted by arcampado

Multiple threads have already been posted about this… In summary, Hodinkee seems to be a much better insurance option based on feedback from many on this forum. I for one have switched over to Hodinkee from JM due to the seamless quote process and terms of insurability at market prices without an appraisal

Yeah I went through some of the threads but couldn’t find a direct answer. Where you able to get a pro rated refund on your JM policy when switching over to Hodinkee? I’m sure the premiums are comparable. I have a Hodinkee account so I’m going to hop on the app and do some comparing. Thanks for the info!

[arcampado]

Originally Posted by JMGoodnight369

Yeah I went through some of the threads but couldn’t find a direct answer. Where you able to get a pro rated refund on your JM policy when switching over to Hodinkee? I’m sure the premiums are comparable. I have a Hodinkee account so I’m going to hop on the app and do some comparing. Thanks for the info!

I transferred insurance to Hodinkee when my JM policy elapsed. Pricing is pretty much a wash with Hodinkee being appropriately 1.25% per dollar insured depending on geographic location. All in all it’s a small price to pay to wear all of my watches care free knowing they’re protected

[rolexjackson]

I’ve been thinking about it too, but I’m thinking beyond that Chubb has some pretty amazing coverages


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[JMGoodnight369]

Originally Posted by jdg443

I’ve been thinking about it too, but I’m thinking beyond that Chubb has some pretty amazing coverages


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I think that Chubb and Hodinkee are basically the same thing. Chubb is the main provider thru Hodinkee. I reached out to Chubb with my first watch and the agent I spoke with said they wouldn’t insure just one watch, the collection had to require a larger sum. Seems like they cashed in with the Hodinkee reader market being people that have smaller collections

[rolexjackson]

Originally Posted by JMGoodnight369

I think that Chubb and Hodinkee are basically the same thing. Chubb is the main provider thru Hodinkee. I reached out to Chubb with my first watch and the agent I spoke with said they wouldn’t insure just one watch, the collection had to require a larger sum. Seems like they cashed in with the Hodinkee reader market being people that have smaller collections

Chubb insurance is a MASSIVE company, you are correct they don't like to put together a small policy for a single timepiece. Hodinkee is brilliant for understanding the need we have for wanting to properly insure our beautiful timepieces. It would appear that Chubb build a policy that Hodinkee is the agent for these policies. The trouble is with the Hodinkee policy is it is VERY expensive for what you get. I would strongly suggest that you look into the coverages you currently have with your insurance provider as a whole and then make the decision that is best for you.

here is a link to Wiki that talks about Chubb insurance https://en.wikipedia.org/wiki/Chubb_Limited

[rolexjackson]

PS Chubb is an amazing insurance company, my experience with them just like others have found here is very good coverage.

[JodyHighroller]

You can approach one of Chubb’s authorized agents directly for coverage and get lots of the same coverages Hodinkee provides as an agent.

Thing is by going directly you’ll be required to bundle homeowners, auto, etc in order to be a Chubb client. They rarely do standalone policies unless you have other lines of insurance through them and not to mention the minimum requirements. Basically Hodinkee worked with Chubb and made it available for watch enthusiasts only wanting a personal articles policy and nothing else.

[jgottsman11]

Hodinkee quoted me $3,000 / year for my 4 watches. That's unreasonable to me

[JodyHighroller]

Originally Posted by jgottsman11

Hodinkee quoted me $3,000 / year for my 4 watches. That's unreasonable to me

Premiums vary widely depending on your geographic location and previous claim history (if any).

What was the total value of the policy you were seeking?

[jgottsman11]

Originally Posted by JodyHighroller

Premiums vary widely depending on your geographic location and previous claim history (if any).

What was the total value of the policy you were seeking?

Total value with no previous claim history was around $130,000

[brandrea]

Originally Posted by jgottsman11

Hodinkee quoted me $3,000 / year for my 4 watches. That's unreasonable to me

… and therein lies the conundrum… once you start building a collection the insurance rabbit becomes deep.

I decided years ago to stop paying insurance on my watches. I just got tired of the escalating premiums.

I reckon in the unfortunate event I lose one, I can live without it. I realize that there’s risk associated, but I’m banking on not losing the whole collection in one fell swoop

[JodyHighroller]

Originally Posted by jgottsman11

Total value with no previous claim history was around $130,000

Wow, that’s 2.3%~. You’re right, that’s very high! You can try using another address if you have one and compare quotes.

[1William]

I have both JM and Hodinkee. As I go forward I am moving over to Hodinkee. The ease of adding/deleting and the reported claim coverage is why I am going over. Add in the fact that you do not need an appraisal and the associated cost and time and it is a winner. As far as costs go I can only speak to my situation and I am very close. Like a lot of things you get what you pay for and I will gladly pay more for the convivence and excellent claim service.

[28mm]

I don't really understand the 150% of value thing..I have homeowners with Geico with a named policy for the watches individually with Travelers and cost is about 1% of value with $1000 deductible.. Some watches don't need appraisals but I prefer to have it that way with agreed upon value.

[ronricks]

Originally Posted by JMGoodnight369

With the sudden jumps in secondary market prices I’m wondering if Hodinkee is the better choice over JM. I’ve already upped my amount in the past few months and seems like prices just went up again due to the factory price increase. Do those with Hodinkee have to worry about this or does it stay with market value without reaching out to adjust value? Thanks all!

If the watch is still in production and you bought it at msrp I would insure for msrp. If say it gets discontinued this year in March you can always adjust coverage immediately. If you bought watch from a grey at market price I would insure at that price.

I moved all my watches from Jewelers Mutual to Hodinkee and couldn’t be happier.

[JodyHighroller]

Originally Posted by ronricks

If the watch is still in production and you bought it at msrp I would insure for msrp. If say it gets cancelled this year in March you can always adjust coverage immediately. If you bought watch from a grey at market price I would insure at that price.

I moved all my watches from Jewelers Mutual to Hodinkee and couldn’t be happier.

I used to be of the same mindset regarding in production references, but after discussions with my ADs I think insuring for market is the better approach.

For example, I bought my RG DD40 w/ olive at retail in Q1 2020 and in the event of a loss my go to ADs said they’d happily give me priority for the next one to arrive. The problem is, first AD has only received two since then (one a year) and the other hasn’t. They’re at the mercy of Rolex and whatever gets sent in.

If you insure for market with Hodinkee/Chubb you’ll be paid out in full in cash and you’re free to do whatever you want with those funds. You can buy another identical watch, move up to Patek or AP, etc, or just hold onto the funds. If you insure for retail, well, then you’re stuck waiting for one to arrive at the AD whenever that may happen, and if it doesn’t get discontinued. Just comes down to one’s comfort and risk levels.

[brandrea]

Originally Posted by JodyHighroller

I used to be of the same mindset regarding in production references, but after discussions with my ADs I think insuring for market is the better approach.

For example, I bought my RG DD40 w/ olive at retail in Q1 2020 and in the event of a loss my go to ADs said they’d happily give me priority for the next one to arrive. The problem is, first AD has only received two since then (one a year) and the other hasn’t. They’re at the mercy of Rolex and whatever gets sent in.

If you insure for market with Hodinkee/Chubb you’ll be paid out in full in cash and you’re free to do whatever you want with those funds. You can buy another identical watch, move up to Patek or AP, etc, or just hold onto the funds. If you insure for retail, well, then you’re stuck waiting for one to arrive at the AD whenever that may happen, and if it doesn’t get discontinued. Just comes down to one’s comfort and risk levels.

I see both sides of this

The flip side is what premium are you paying over what time for the market value vs the MRSP. Depending on the collection, I’m sure that adds up quickly. Not discounting what you said whatsoever, it does all come down to comfort level.

[JodyHighroller]

Originally Posted by brandrea

I see both sides of this

The flip side is what premium are you paying over what time for the market value vs the MRSP. Depending on the collection, I’m sure that adds up quickly. Not discounting what you said whatsoever, it does all come down to comfort level.

Certainly! Everyone’s needs are unique. You won’t find one fits all when it comes to insurance.

[Dayhvac]

Hodinkee quoted me way to much. I just updated my appraisals and resubmitted to JM.

Hodinkee was quoting me 2.4% vs JM 1.4

[Calatrava r]

Originally Posted by jgottsman11

Total value with no previous claim history was around $130,000

3K seems high to me, also. Should be about 1K to 1.5K

[JMGoodnight369]

Thanks all to the reply’s. I went thru the Hondinkee app just to get a quick quote and it’s double what I’m already paying with JM for a 12 series sub. So yeah I’m just gonna stick with JM on this one. Yeah it’s nice they don’t need appraisals and what not but double the price just for that is a big ole nope from me lol

[dnd2984]

I switched to hodinkee, I had a few conversations with them and felt they understood a watch collector better. If your collection is above 200k I feel they are very competitive. They give a nice price break.

[Dr.Mehr]

Would Hodinkee insurance be available for residents in Ireland ?

[PerioBear]

With JM you get a replacement watch and with Hodinkee you get cash? Is this accurate?

[rolehex]

Question is, Has anyone here had real life experience with a claim for Hodinkee? I haven't heard of anybody on this forum yet. I have first hand experience on a claim with jewellers mutual, which was seamless, so I would never change insurance.