Hi All,
What do you feel about separate watch insurance ?
If people have any experience with this and recommend certain companies I would appreciate a reply.
Thank you

 

I have a blanket homeowners/Auto/Personal Liability policy and I add riders for my watches as I buy them. I'd guess that it adds a couple of hundred to my bill but I'm covered for purchase price. (Not appraised value) ...You should be able to get this from your carrier.

 

On the way to going broke I always insured with Chubb. Their personal articles policy paid up to 150% of the insured value.

 

I shopped around and ended up switching my homeowners policy to Travelers with a personal articles attachment that covers my watches. I pay about 1.3% annually for the total amount insured.

 

I have a jewelry rider on my homeowners policy.

 

Thanks for your replies

 

As soon as I pick up a large value item I send details to my Insurance broker and have my jewelry rider updated accordingly. My AD gives me an official document to send directly to them.

 

insurances take your 100 bucks and convert them into 30-40 bucks for you... (the lost 60-70 bucks are wages, boni, skycrapers and profits)

the more watches you have and the longer you go, the less an insurance makes sense

there is a reason why no government has their car-fleet insured

 

I have my watches insured through a valuable personal property rider with USAA. It will cover full replacement cost in case of any loss, theft, and so forth, and it costs about 1% of the insured value per year. I wouldn't be without it of I'm actually going to wear these things in public!

 

There was a brief discussion about this in an earlier thread too.

I insure my watches under Home Insurance, under Jewellery & valuables as a rider. Like Repoman, I pay 1.2% of every dollar insured, and it's thru Chubb.

 

I buy my watches with full intention and desire to wear without fear of loss or severe damage, so the insurance is a very necessary fee that I assume as a given when I make a big purchase.

 

Does Chubb still pay up to 150% of the insured value if you can not replace your watch for what it was insured?

 

*** If you live in the US ***

I insure a number of watches through Jewelers Mutual. The insurance is for total loss of the watch, whether it be by theft or accidentally dropping it into a river. There is no coverage for damage and repair.

I have never made a claim but on-line reviews indicate they are fair in honouring legitimate claims. They conduct their business in a professional manner and make it easy to add items or make coverage changes on-line. The premium for loss replacement is 2% of the insured value, per year. To get coverage you need to provide proof of purchase+value or an appraisal from a knowledgeable professional.

 

Jewelers Mutual here also.

 

I'm resurrecting this since there's good information here.

I contacted my agent (home) to update some information and took the opportunity to ask about adding watches. She wouldn't even give me hypothetical quote without an appraisal, which didn't make much sense to me.

But, I'd appreciate your thoughts on insuring an early 2998 (or equivalent rare example). How would I go about the appraisal and/or think about the amount of insurance to carry? Do I need a vintage Omega specialist? Is the appraisal likely to be based on recent auctions?

I am as concerned with damage and repair given the parts issues but it sounds as though that will not be covered.

For the LA/OC/IE guys: any suggestions for an old Speedy appraisal?

 

@flyingout Give Jack Khorsandi a call. He's a vintage Omega specialist with a shop in Beverly Hills. He does professional appraisals.

contact info is here:

www.jackmond.com

 

I as well have a rider on my homeowners policy, but I am also going to look into Chubb. They seem to do a good job with classic cars.

 

FWIW, Travelers did not require me to get appraisals. I gave them model/serial#'s for each piece, and my estimate of worth, and that became the basis of my quote.

 

I have a personal effects policy with State Farm... Appraisals need for watches valued at more than 5 k
Covers almost everything ...cost is a couple hundred a year....but i travel with my whole collection without worry
Wear them on adventures or diving no worries...to me it is worth it...so I can enjoy my pieces more...what's the point to having watches that sit in a safe

 

This is exactly what I do. USAA is great to work with -- excellent customer service.