Insurance question

J

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JK4

·Mar 13, 2023

Hi,

New member here but I have been reading for quite a while. Apologies if I've posted this in the wrong section of the forum.

I purchased a new CK 859 on Sunday and went to add it to my home insurance as a specified "all risks" item today and was told I need an insurance valuation report to be able to do this (receipt from 1 day previous from the AD not sufficient). Has anyone else had this issue also?

Then, when I contacted the AD I purchased it from, they said I would need to bring the watch into them to have it valued and that would likely take 2 weeks to do. This would also carry a €125 charge. It seems crazy to think I need to leave my new watch with the AD for 2 weeks and pay them €125 for them to confirm my watch is worth what it retails for. Has anyone else had a similar experience?

Wondering if there is something else I should be trying?

Thanks.

 

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Foo2rama

·Mar 13, 2023·Nowhere near as grumpy as he used to be...

Not sure why a reciept on a new Omega watch is not acceptable unless you do not have an replacement value policy.

 

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Duracuir1

·Mar 13, 2023

Insurance companies tend to become complacent with their long time customers. Sometimes it’s worth shopping around for a different company. One call can save you blah blah blah…

 

H

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Hbbfam

·Mar 13, 2023

A copy of the receipt with the serial number, model, et should be all you need. I agree with Theo Duracuir 1. Time to get a new ins company.

 

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7enderbender

·Mar 13, 2023

I talked to my home owners insurance company about my watches and they gave me similar answers (State Farm).
I went with HODINKEE and it took a few minutes.
Something to be said about keeping nonessential valuables and your home separate in my opinion. I do the same for my musical instruments.
If you have to file a claim it won’t hurt your home insurance. And everything is covered that happens outside the home without having to argue.

 

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lindo

·Mar 14, 2023

J JK4

Hi,

New member here but I have been reading for quite a while. Apologies if I've posted this in the wrong section of the forum.

I purchased a new CK 859 on Sunday and went to add it to my home insurance as a specified "all risks" item today and was told I need an insurance valuation report to be able to do this (receipt from 1 day previous from the AD not sufficient). Has anyone else had this issue also?

Then, when I contacted the AD I purchased it from, they said I would need to bring the watch into them to have it valued and that would likely take 2 weeks to do. This would also carry a €125 charge. It seems crazy to think I need to leave my new watch with the AD for 2 weeks and pay them €125 for them to confirm my watch is worth what it retails for. Has anyone else had a similar experience?

Wondering if there is something else I should be trying?

Thanks.

I have heard some stupid stories about insurers, but that is just ludicrous.

I would find a good insurance broker.

 

J

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JK4

·Mar 14, 2023

Thanks for all the replies.

I'll try speaking to the insurance company again and if that's not successfull I guess I'll need to look at other home insurers or Hodinkee.

 

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DavidSarnoff

·Mar 14, 2023

I am with State Farm Ins and have a typical home owners policy. As a separate policy I have a jewelry and other valuables policy. All I have to do to add or remove something from the policy is forward either an appraisal (wife's custom diamond ring) or a receipt ( my watches) each time we make a change. Not that expensive. Something else to consider, for less than the price of a new watch, you can purchase a new or used commercial safe and that may bring your policy cost down. Mine weighs over 600 pounds, is anchored into a concrete floor, and will withstand a fire for an hour and 15 minutes.

 

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Jeyoder84

·Mar 14, 2023

Ya all mine required was the purchase invoice but i have heard of some asking for an appraisal

 

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Annapolis

·Mar 14, 2023

I have Hodinkee. Haven’t had to make a claim but can attest that it’s easy to sign up. Also easy to swap watches on the policy—they’re set up for watch collectors and understand that people make frequent purchases/trades/sales. No complaints.

 

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Evitzee

·Mar 14, 2023

Another option is to self insure. Insurance is to protect you from loss that would be damaging to your financial well being or to protect you from legal action, that's why we insure our homes, cars and lives. In my view we tend to over insure on the day to day stuff. A loss of a watch or two would be unpleasant but it wouldn't be catastrophic to most peoples financial well being in the long run. A lot depends on where you live and where you spend your time, everybody's situation is different and everyone should do their own risk analysis. Paying 1 or 2% per year sounds reasonable but that adds up over years and decades to a lot of money. Insurance has an emotional component, just be sure you really understand your need for any insurance product.

 

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Lammers

·Mar 15, 2023

Any recommended UK equivalents of the Hodinkee insurance?

 

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JK4

·Mar 16, 2023

Managed to get sorted with the insurer. Accepted photos of receipt and warranty card with matching reference numbers. Thanks for the replies.

 

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janarnold

·Mar 16, 2023

How much does on average cost a new Omega watch?

 

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Annapolis

·Mar 16, 2023

janarnold

How much does on average cost a new Omega watch?

anywhere from $2,550 to $486,000 USD. Depends on the model. But I suppose that when people think “Omega,” they’re usually envisioning a $7000 watch.

 

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tuckj12

·Mar 16, 2023

Can you trade in a Rolex at an Omega Boutique