Hodinkee Insurance

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Jokr

·Sep 10, 2020

Just thought I'd leave this here, as it comes rather unexpected.

https://www.hodinkee.com/articles/hodinkee-insurance-launch

I'll try it out myself before passing judgement.

 

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sonicosa

·Sep 10, 2020

Insurance from a publishing company feels like getting my car worked on by the staff at the McDonald’s drive-thru.

 

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Larry S

·Sep 10, 2020·Color Commentator for the Hyperbole.

I may consider it as well. Of course cynically it also gives them a lead on watches for their retail operation.

 

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Larry S

·Sep 10, 2020·Color Commentator for the Hyperbole.

sonicosa

Insurance from a publishing company feels like getting my car worked on by the staff at the McDonald’s drive-thru.

Its through Chubb.

 

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Jokr

·Sep 10, 2020

"HODINKEE Insurance is available right now and is open to anyone with a United States address"

well, no need for me to consider it then at the moment.

 

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Nobel Prize

·Sep 10, 2020

I think it's a great idea. I'm going to try it.

 

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Dsloan

·Sep 10, 2020

I dunno... For some reason I think I'd prefer to bundle my personal article policy with the rest of my insurance.

 

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rcs914

·Sep 10, 2020

I guess I should see how much my VPP policy is through USAA because I don't recall off the top of my head. It looks like my one and only Speedmaster would cost around $75 a year to insure based on the chart they have.

 

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Syrte

·Sep 10, 2020

Hats off to them. That is a great idea. Too bad it’s only US based. The next item will have to be shipment insurance.

 

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rcs914

·Sep 10, 2020

Dsloan

I dunno... For some reason I think I'd prefer to bundle my personal article policy with the rest of my insurance.

Here's the thing - if you do have a loss and have to make a claim, that counts against all your claims, and can raise your rates overall. So if it's less to insure elsewhere, it may be worth it.

 

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Meme-Dweller

·Sep 10, 2020

Great idea and hope the rates are competitive and payout is fast. I'm skeptical as always, since insurance companies in general are happy to take the premium but quick to deny claims.

 

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Twocats

·Sep 10, 2020·Married... with children

Insurance is a mine field at the best of times. Like rcs914 said, what happens to your premium rate if you claim against them. I also wonder how many claims are denied per 100 claimants. Insurance companies are in the business of keeping as much money as the can.

Time will tell

 

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wristpirate

·Sep 10, 2020

As much bashing as they get there's no denying they are constantly evolving.

This is a great initiative for the watch community.

 

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rkman11

·Sep 10, 2020

Looking at their estimates, the rates are pretty good. Look to be about 10 - 15% less than the current stand alone jewelry policy I have. But... do I want to give them my money is the big question... (I understand it goes through Chubb, but clearly they’re getting a cut.)

 

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Redwes25

·Sep 10, 2020

rkman11

Looking at their estimates, the rates are pretty good. Look to be about 10 - 15% less than the current stand alone jewelry policy I have. But... do I want to give them my money is the big question... (I understand it goes through Chubb, but clearly they’re getting a cut.)

Imagine they get paid a commission like any other insurance broker. That is basically what they are doing by placing it with chubb

 

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imagwai

·Sep 10, 2020

It's a good idea. Adjusting my home insurance requires a phone call to someone who knows nothing about the watches I'm trying to insure. And values are always going up and down (as is my watch collection).

Might give it a try when it comes to the UK. But only if the price is comparable to what I already pay of course.

 

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STANDY

·Sep 10, 2020·schizophrenic pizza orderer and watch collector

Might insure my travel alarm now 😁

 

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cchen

·Sep 10, 2020

From their example chart premiums seem to be about 1% / year of insured value. Not bad for standalone insurance. It was inevitable that someone was going to disrupt an antiquated industry like insurance, similar to what Lemonade has done, and IMO Hodinkee was well positioned to do this.

 

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Nobel Prize

·Sep 10, 2020

For my insurance I need an appraisal of each watch to be insured. It seems that I skip that step as they would (I assume) appraise against my listed value. It just seems a faster cleaner process for collectors like us that have constant changes in our collections

 

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cchen

·Sep 10, 2020

Just tried pricing a Rolex watch - $15k insured value comes out to $210 / year so 1.4%.