Watch Collection Insurance....March 20 2017 at 2:25 AM
DesmoFan (Login DesmoFan)
from IP address 18.104.22.168
Curious what everyone does about this. My concern is primarily against theft if there is a break-in to my home. I am not really worried about losing or damaging a watch myself.
I have looked into it before and it seems like there's no way around it, to properly insure each watch for the real replacement value and have them on a separate articles policy gets to be pretty expensive.
Is it cheaper in the long run just to buy a watch safe and build it in somewhere?
....extra coverage pennies on the dollar and worth it
|March 20 2017, 2:50 AM |
just living the dream
'more than just a watch'....
I believe I'm currently paying 1.3%
|March 20 2017, 3:25 AM |
Of claimed value in annual premium.
While that is pennies on the dollar, if you have a lot to insure it still adds up to a lot, especially in perpetuity.
That's why I'm wondering if people know of a better/cheaper alternative.
totally get it, i've had a separate rider for years....also have other things i'd rather
|March 20 2017, 3:46 AM |
not get into on an open forum
all the things you've mentioned are good ideas, good luck
just living the dream
'more than just a watch'....
Thanks for the feedback DP nt
|March 20 2017, 4:00 AM |
Mine are ...
|March 20 2017, 3:47 AM |
Scheduled within my policy of my home insurance, they are fully covered,.
DP is right, it's pennies compared to what you could possibly lose. Also, it's not that expensive, believe me.
If you want to know more about, email me and can let you know all the details.
Thanks for the kind offer CF...
|March 20 2017, 4:02 AM |
I don't think I have your email
If you don't want to post it here you can email me instead.
chris . lukacs @ gmail . com
None on the watches
|March 20 2017, 4:20 AM |
I know I'm rolling the dice here, but smaller collection and not insured.
However. I do have a separate valuable articles policy on my wife's engagement ring and wedding band
And we actually had to use it. She lost the band when we moved last year. Seriously the policy was amazing. One phone call, five minutes...check in three days.
But expensive policy to carry.
My jeweler recommends a policy called jewellers mutual that pays replacement value direct to the store, but not sure how that works of you bought aftermarket or from the site
Mike...NYC. My collection so far is a 312 and some cool straps.
Thanks Mike, see you soon. nt
|March 20 2017, 4:26 AM |
Insurance is still a good idea even with a safe
|March 20 2017, 6:16 PM |
A proper safe, even build into a concrete wall, is still vulnerable. I don't need to go into those details.
There is also the fact the at least one watch is usually out of the safe.
IMO, there is no substitute for insuring your watches. Perhaps you only insure certain ones.
A contrarian view...
|March 20 2017, 8:06 PM |
I don't insure anything I can afford to lose. And the things I do insure is with the highest possible deductible. In the long run, most folks will come out ahead. Insurance is a game where the majority subsidize the losses of the unlucky few. I'm well aware that I may turn out to be one of the unlucky few but I still limit my insurance coverage to losses that I literally can't afford or things I have to have like a roof over my head or transportation. If someone steals a watch, I've lost a watch, but the money was already spent and I don't HAVE to replace it if I don't want to. No insurance for me.
Very Interesting Approach
|March 20 2017, 8:43 PM |
Thanks for the feedback Julius!
High Heid Yin
I think it will depend upon where you live, but Valuable Personal Property Insurance >>>
|March 21 2017, 2:31 PM |
Typically runs about 1% of the declared value per year. It often is a separate part of your homeowner's or renter's insurance, but it can also be purchased separately.
One of the tricky aspects is that some insurers also require up to date appraisals on items that are scheduled. They may have restrictions on the age of the appraisal and if you have a loss on an item with an out of date appraisal you could be in for a surprise. With certain Panerais that have appreciated like the Bronozos you may have difficulty getting insurance for the actual cash value of the watch because proving the value is above retail is tough.
It is also possible to get a policy that covers unscheduled items in aggregate and doesn't require appraisals. Usually these are for a lesser amount ( say $5000 total).
As was already said, it comes down to a personal decision of how much you are willing to risk and what the peace of mind is worth to you.
I can afford to lose...
|March 22 2017, 12:27 AM |
... are key words.
For some, if they lost a 10k watch they would never be able to replace it.
I however think your approach is statistically smart
A little knowledge
|March 22 2017, 1:13 PM |
I have a bit of recent knowledge in this subject. I just recently brought my first house and put my 7 watches on the insurance. It's very pricey , I pay more for the watch insurance than the actual home insurance which is crazy. But I pay about $900 a year for the watches I own that are appraised from 5k to 15k. The total appraised value for them is about 65k andvits $900 a year.
I thought about getting the safe but I too can not afford to take a loss on any of these watches and even though it's expensive I think for me the insurance is the smart thing to do. It also depends I think on where you live and the crime statistics there . If you live in a very safe neighborhood then maybe the safe is all you need. Jewelers mutual is less expensive but you only get used real value for the watches, with my homeowners I get appraised value which I think is better. I think if you can't afford to take a loss on your watches then the insurance is the smart thing to do
Banks are secure ,
|March 23 2017, 12:26 AM |
Maybe and safety deposit box works for you.
Just another option.