Hi
I'm looking for some help as my Google searches have failed to answer my questions.

Unfortunately in January I was victim to a robbery, one of the items stolen was my Omega Genéve watch (136.0098 c.1972, similar to http://www.poshtime.com/Omega-Geneve-136.0098-c.1972_3027.028.php ). I purchased the watch last year from a Cash Converters (pawnbrokers) for £280 (c.$400). Fortunately we have contents insurance with a new for old policy, though the company are being difficult. They have asked;

- What the watch would have cost new, and;
- What the modern equivalent would be and cost.

Can anyone here help with either of these questions, Geneve seems to be a discontinued line of watches which isn't well documented online.

Thanks in advance
Wisa

 

I was in the retail jewellery business for decades. When I ran into a customer with a problem such as yours, I suggested that the customer find an Omega watch that they liked and felt would be a suitable replacement, then have the AD describe the watch that was stolen on an appraisal of some sort, but to include the price of the substitute watch. Worth a try!

 

Ash -- Looks like Joma Shop wants $3,795 for a steel Aqua Terra on a leather strap, but they say the retail list price is $5,900. If that is accurate, and the insurance company bases its payout calculation on current retail price, I'd use $5,900. I certainly wouldn't use a gray market dealer price for an insurance claim.
http://www.jomashop.com/omega-watch-231-12-42-21-01-003.html

 

Thanks everyone for the input. Can you explain how you picked these modern equivalents, or better yet a link that I can send to the company saying something to that effect? Any information would be helpful.

Canuck's suggestion might be the most practical as I didn't lose a $6k watch, so it is unlikely the insurance company would agree to pay that much.

For the record I think these are rather ridiculous questions for the insurance company to be asking seeing as they should have their own experts.

 

Also the watch would have been gold plated.

 

Wisa -- You should find out how the payout is calculated. If the insurance company applies 90 percent depreciation after 44 years, or (more likely) a large deductible, you need the highest legitimate number. Don't worry, they won't overpay you. I don't think a gold-plated model would be available now, hence the steel model price.

 

Hey Wisa,

The Geneve was one of the entry level lines of the Omega product catalogue during the 1960's-1980's(?)... the Aqua Terra with it's quartz movements fulfils the same sort of role.

 

Honestly you purchased a Vintage watch, you did not have a rider on it, you will not get as new replacement on it as you purchased a Vintage watch. Research what it would cost to do a replacement of a like watch and do not get into a pissing match with your insurance trying to take advantage of a perceived loophole in your policy.

 

As any of you who work with or against insurance companies well know, the chances of some "loophole" giving you a significant windfall in this situation are almost nil. The insurers draft the policy language, and they do it carefully. Sometimes current retail price is relevant, but usually not without depreciation unless you bought a policy that specifically provides for that -- and some policies do just that. Also, as noted above, items like jewelry typically require an additional rider and payment of a large additional premium.

 

Firstly commiserations on the burglary. I think this is the trouble with "standard" contents insurance policies. If you took the "new-for-old" clause, my watch collection would be worth north of £750,000, when it's true value is about £150,000. Nobody will insure you, on a standard contents policy for either value and my insurance company require a 5 yearly valuation for anything over £3,000 and a yearly valuation for anything over £5,000.

I would suggest that you search eBay (and other sites) for completed sales and present that information to the loss adjusters to get a fair pay-out for your watch.

 

Wasn't there a guy on here that had a geneve that had a insurance valuation for $5000 with he's sales listing on eBay.

 

if you don't have a bill of sale or an insurance appraisal, you're doa.

 

Just what I was about to propose....and what I think is the most logical approach...

 

Thanks for the response all. This has now been resolved.

Before I could send any of the above information over to the insurance company they have proposed to settle for shop vouchers so I can replace the watch. They have proposed a voucher worth £2,280 presumably they arrived at this price by looking a DeVille Omega like the one below being the closest modern equivalent.

http://www.watches-of-switzerland.co.uk/brands/omega-watches/de-ville/de-ville-prestige-21

I'm quite shocked, but pleased, by this as my initial outlay was no where near this amount. The insurance company have been really difficult through the whole process (my house mate has spent +20hrs on the phone arguing and chasing them), so to come out with this is a definite result.

Not sure what I'll do now as I don't especially want a £2k watch (my last one I wore daily and kept in an unlocked draw at work) but I have some options.

Thanks again for your input.
Wisa

 

I'd say that a hour wage of roughly £100 is a pretty good "result".

Now, excuse me while I talk to some gentlemen about an appointment at my house this weekend.

 

In my experience insurance companies will jack you around and nickel and dime you over stupid stuff they ought to concede and toward the end of the process will end up treating you nice on a point they ought to quibble over.

Personally I find their attitude to be a good thing. They keep food on the table for many of my brothers and sisters in the bar community by fighting over stupid stuff and causing people to get mad and hire a lawyer.

 

Without wanting to offend anyone here who works in the industry, it is an intentional and calculated strategy on the part of insurers in many situations to delay and haggle over an inevitable payout for as long as possible. They have so many in house lawyers and outside law firms working for them that being sued one more time is not a significant cost for them, as long as they settle before trial, and often even if they go to trial. So this is a good result for a vintage watch that would probably cost around $1,200 today in top condition from a retail dealer fully serviced and with a warranty. The recovery is enough to buy a new one on the gray market, but not from an AD most likely.