Watch insurance
- DocHollidayDDS
- Posts: 810
- Joined: Wed Nov 08, 2023 9:03 pm
- Name: James
- Location: SC
Watch insurance
I’m long overdue in purchasing some specialized insurance for my watch collection, which is odd since I’ve had a policy covering my firearms for years. After some online research, I’m leaning towards WAX Insurance, but also need to give my primary insurance company a call just to check how much a rider on my homeowner’s policy might cost.
The motivating factor here is having to send my brand new Sinn U2 up to RGM for warranty work, as it’s losing about a minute a day. WatchBuys recommended having insurance before shipping it, which seems like solid advice.
So I’m wondering what the experience of DWC folks is with this subject. Which companies do y’all recommend? Specialty policy vs. homeowner’s rider? Anyone ever had to file a claim?
The motivating factor here is having to send my brand new Sinn U2 up to RGM for warranty work, as it’s losing about a minute a day. WatchBuys recommended having insurance before shipping it, which seems like solid advice.
So I’m wondering what the experience of DWC folks is with this subject. Which companies do y’all recommend? Specialty policy vs. homeowner’s rider? Anyone ever had to file a claim?
Re: Watch insurance
No claims filed, but we went with the Chubb Insurance you can buy through Hodinkee. We use to have a rider on our USAA policy, but they want updated appraisals every 5 years and that was just too much hassle and another expense. All I have to do with Hodinkee/Chubb is upload photos and declare a value.
Re: Watch insurance
I have Hodinkee/Chubs. I’ve had them for a number of years. Never had to use it, but they come highly recommended, are easy to buy insurance from, and their rates are good.
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Dr. Seuss
Dr. Seuss
Re: Watch insurance
Also a Hodinkee/Chubb insurance user. The experience is pretty simple and easy, the prices are reasonable, and it's easy to add/drop watches from the policy at any time.
Re: Watch insurance
I have a Personal Articles rider on my homeowners policy with State Farm. Works great, no issues.
They require an appraisal, so I use Ryan @ Elite Timepieces.
http://www.elitetimepieces.com
They require an appraisal, so I use Ryan @ Elite Timepieces.
http://www.elitetimepieces.com
- jswing
- Founder, TDWC MM300 Fan Club
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Re: Watch insurance
I also have mine insured on my State Farm HO policy. I got a quote from Jewelers Mutual, and both were the same price, so I went with the policy I already had.
Re: Watch insurance
One of the reasons I prefer this option is that small insurance companies may not be a stable, long-term, as the big boys.jswing wrote:I also have mine insured on my State Farm HO policy. I got a quote from Jewelers Mutual, and both were the same price, so I went with the policy I already had.
I also think it’s more likely your homeowners / car insurance carrier will stand behind a claim, where a small company may be more likely to deny a claim.
Re: Watch insurance
Interesting, don't remember getting an appraisal with State Farm, guess I need to take another look at my policy.hoppyjr wrote: ↑Mon Nov 11, 2024 9:24 amI have a Personal Articles rider on my homeowners policy with State Farm. Works great, no issues.
They require an appraisal, so I use Ryan @ Elite Timepieces.
http://www.elitetimepieces.com
Re: Watch insurance
I’ve seen this with more expensive pieces, but have also used a purchase receipt for new purchases.djh1201 wrote:Interesting, don't remember getting an appraisal with State Farm, guess I need to take another look at my policy.hoppyjr wrote: ↑Mon Nov 11, 2024 9:24 amI have a Personal Articles rider on my homeowners policy with State Farm. Works great, no issues.
They require an appraisal, so I use Ryan @ Elite Timepieces.
http://www.elitetimepieces.com
When it’s a limited edition piece or something that sells above retail, Ryan @ Elite will make the appraisal fit the market too.
Re: Watch insurance
Do you use the market appraisal option for LE's or watches no longer in production?hoppyjr wrote: ↑Mon Nov 11, 2024 2:44 pmI’ve seen this with more expensive pieces, but have also used a purchase receipt for new purchases.djh1201 wrote:Interesting, don't remember getting an appraisal with State Farm, guess I need to take another look at my policy.hoppyjr wrote: ↑Mon Nov 11, 2024 9:24 amI have a Personal Articles rider on my homeowners policy with State Farm. Works great, no issues.
They require an appraisal, so I use Ryan @ Elite Timepieces.
http://www.elitetimepieces.com
When it’s a limited edition piece or something that sells above retail, Ryan @ Elite will make the appraisal fit the market too.
Regards
Barry
Barry
Re: Watch insurance
What are the Chubb / Hodinkee rates per $1000? I have Jewelers mutual for my more expensive pieces and my wife's jewelry and I cringe every year for the renewal. It may be easier and less expensive to move a few watches over.
Regards
Barry
Barry
Re: Watch insurance
I think it varies by location of where the items are stored, but here in western Colorado I'm paying about $0.13 / $1000
Re: Watch insurance
Thanks - My proximity to NYC = f@#ked
Regards
Barry
Barry
Re: Watch insurance
Yes.giosdad wrote:Do you use the market appraisal option for LE's or watches no longer in production?hoppyjr wrote: ↑Mon Nov 11, 2024 2:44 pmI’ve seen this with more expensive pieces, but have also used a purchase receipt for new purchases.djh1201 wrote:Interesting, don't remember getting an appraisal with State Farm, guess I need to take another look at my policy.hoppyjr wrote: ↑Mon Nov 11, 2024 9:24 amI have a Personal Articles rider on my homeowners policy with State Farm. Works great, no issues.
They require an appraisal, so I use Ryan @ Elite Timepieces.
http://www.elitetimepieces.com
When it’s a limited edition piece or something that sells above retail, Ryan @ Elite will make the appraisal fit the market too.
Re: Watch insurance
Not necessarily. Our rate didn't change much moving from the Denver suburbs to a much smaller town in western CO.
Re: Watch insurance
I'm embarrassed to say that I've never insured my watch collection. Maybe stupid, lol
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- DocHollidayDDS
- Posts: 810
- Joined: Wed Nov 08, 2023 9:03 pm
- Name: James
- Location: SC
Re: Watch insurance
Nothing to be embarrassed about, I'm in the same boat.
Thanks to everyone who chimed in on this topic. I think I'll add Hodinkee's insurance program to my short list for consideration, definitely sounds user friendly.
Re: Watch insurance
Thanks, I will check our their rates.BacoNoir wrote: ↑Tue Nov 12, 2024 8:58 amNot necessarily. Our rate didn't change much moving from the Denver suburbs to a much smaller town in western CO.
Regards
Barry
Barry
Re: Watch insurance
I have a rider through my home insurance plus a separate policy through my insurance agent. I also have 1 watch insured through Jewelers Mutual.
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- Sidheguitarist
- Man of many calibers.
- Posts: 10515
- Joined: Wed Dec 29, 2010 4:16 pm
- Name: Michael
Re: Watch insurance
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Re: Watch insurance
That’s similar to what I have. Rider on homeowners insurance and some of the wife’s jewelry and a watch with jewelers mutual.jimyritz wrote:I have a rider through my home insurance plus a separate policy through my insurance agent. I also have 1 watch insured through Jewelers Mutual.
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- DocHollidayDDS
- Posts: 810
- Joined: Wed Nov 08, 2023 9:03 pm
- Name: James
- Location: SC
Re: Watch insurance
Purchased my Hodinkee policy today. Piece of cake to set up and their rates are quite competitive, worked out to 1.1%
Re: Watch insurance
Makes senseCaptdave wrote:That’s similar to what I have. Rider on homeowners insurance and some of the wife’s jewelry and a watch with jewelers mutual.jimyritz wrote:I have a rider through my home insurance plus a separate policy through my insurance agent. I also have 1 watch insured through Jewelers Mutual.
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