BriteCo - DavidSW - Watch Insurance

Never have I really looked into wrist watch insurance. I pay around $100 a year for my wife's ring through Jewelers Mutual but since I just bought my Grail watch through DavidSW, they sent me a link for BriteCo.

There is no reason not to do it other than if there is an issue and they do not resolve it.
Here is what they sent me

Here are the top five reasons to insure your jewelry with BriteCo:

• Safe and secure with AM Best A rated insurance carrier
• Zero-deductible standard policy
• Full replacement if lost, stolen, or damaged up to 125% of appraised value
• Annual insurance value updates (no need to reappraise your jewelry)
• Fast, easy claim service using your local jeweler

I've owned Rolex Sub's and never thought about Insurance but now it seems like maybe I should be insuring my watch. Honestly it sounds too good to be true.
So I'm at the airport and my watch is stolen at security or it somehow ends up in a trash bin and they will just refund me?
Sorry to sound like an idiot but I never needed to work with an insurance company for a claim before.

 

Annual policy price would be a factor in my decision making process. $100/ yr for a $10k watch would be ok. $200/ yr for a $4k watch probably not.

 

That's true. I don't know what they would be charging, I guess I could apply and see what they say. Figured I'd ask since I know others have bought from DavidSW.

 

You have to ask yourself, 'Do I really need insurance on a watch?' Do you? And then the price comes into consideration.

 

Didn't people do a run-through with the Dink-Chubb insurance and found it actually wasn't bad?

 

I looked into Hodinkee-Chubb. It was a little more expensive than adding a personal article floater to my homeowner's policy, but definitely much easier.

 

The rider on your insurance is most likely replacement value. Hodinkee-Chubb is agreed value.

massive differences in what you get.

 

Actually this sounds very similar to Jewelers Mutual of which you’re already a customer. I’d check multiple companies and see who offers you the best rates/services.

Regarding whether or not you need insurance, ask yourself if you’re robbed at gunpoint tomorrow night and they take your watch will you be able to replace it easily without insurance? For the cost of two Starbucks lattes a month your grail watch is covered. For me that’s well worth the cost

 

What do you think? Should I go with the new guys? I figured it was easier because it was recommended by DavidSW.
Honestly, I though there would be others that went with them. Surprised no one else has. I might want to apply to both or just JM and see what the price is. You are right though. I'd rather pay now and possibly have it replaced if needed.

 

Actually, on review of their information, Hodinkee-Chubb does seem to be providing replacement value coverage, the relevant section is below:

"If the market value of a watch covered on your policy has increased before a loss, Chubb will pay the market value before the loss – up to 150% of your watch’s value. This is subject to the maximum amount of coverage of your watch collection."

 

Yes that is new watches. They are agreed value on used pieces which is a very important distinction. Example your vintage 321 speedy would be replaced with a new speedy not a classic 321 worth much more.

 

I had a stack of my watches insured for replacement value on my AAA renter's insurance at a separate schedule.

I pay $20 a month for this. We're talking inclusion of the Railmaster LE!

Let me edit...

I specified the value of my items, and I paid premiums based on my requested coverage. For example, the Railmaster LE was covered for $4695, as that is what I paid for it.

If you are a AAA member, which, why not? then you can get your special stuff covered at a reasonable amount, no questions asked except for the underwriters don't like to cover watches for more than $5000 but none of mine cost that much!

 

because they will not cover my real Ed white for anything other then the price of a new speedmaster. You have a replacement value policy with AAA it’s worthless for vintage pieces.

I know this as in a previous life I was licensed to sell Insurance in California and I sold for AAA.

 

I don't know what you're talking about. I have a specific schedule where I name the watch, the replacement value, and what I am paying for that coverage. With due respect, I do not care what you used to do, this is what my policy says and what I am paying for.

They are covering my vintage trumpets for replacement value of them as vintage trumpets. They are covering my 100-year old pistols for replacement value as vintage pistols.

If you want to argue it with my agent, feel free.

 

Another addendum, I was originally going to cover the Railmaster LE at its retail cost, but the underwriters wanted a written appraisal. Didn't want to screw with it, so I just covered it for purchase price.

 

You have replacement policy. Agreed value is different. If you have vintage pieces you most likely do not have the coverage you think you do.

AAA does not sell any riders in the US that are agreed value. You have replacement value for new pieces. I know this for a fact as I was talking with AAA’s broker department for special needs insurance and they where unable to do it.
So for example my pieces.
3313 planet ocean chrono gets replaced with a new POC in SS.
145.022-76 gets replaced by modern Speedmaster, just as an Ed White from the 60’s would. They would not pay for a replacement Ed white from the 60’s.

same with your car. It’s totaled and has low miles in a super desireable color and option combo that would sell for 50k on an enthusiasts forum but normal colors with normal options sell for 30k with similar mileage.... guess what you get paid out 30k.
It’s how it works. This is why collectors insurance exists. It’s for agreed value. If the item is lost they pay you the agreed upon amount and requires appraisal. Same with cars, and musical instruments.


Insurance does not work the way most people think it does. Esp for collectors and enthusiasts. Your sales person at AAA most likely has no idea how the policy works and just said you have 20k more jewelry coverage on your rider for example. They rarely have to deal with stuff like this.

 

Once again you are wrong. I have a specific schedule for exact values. Because you persist in being a dipshit about this, PM me your email address and I will send to you.

I don't know why you are claiming all of this nonsense, but I am getting seriously annoyed.

 

Could you give a couple of specific examples?

 

Yes that is replacement value.... example can you buy a rail master LE for that price now? Could you get a new placement for that price now? No, you get original purchase price which is what you have listed. Just because you have prices attached does not mean it’s an agreed value policy.

none of them are vintage. And agreed value almost always needs a appraisal.

I have multiple pieces that could not be insured on that type of policy. Again this is a distinction in regards to very value-able (15k plus pieces)and or vintage pieces