Insurance...?

Flatlander · Old hand Joined: 12 Aug 2007 Posts: 228 Location: Kansas

Are your watches insured and if so by whom? :grin:

Yeah, yeah, I know some other forums use Glock, Colt, etc. but I'm really interested if anyone has used Jeweler's Mutual. If so, have you had any experience with claims or personal contact?

I'm considering insuring our Rolexes and thought it best to go with another company rather than an addition to my homeowner's policy. My main reason being that any claims wouldn't impact my house insurance and I have since learned their rates are less too.

I contacted my AD today and he said they do not recommend any specific company. However, he then very quietly informed me that JM was first rate and he would recommend them over any others. He said the AD's personal experience with JM has been very positive. The claims were handled quickly, with a minimum of paperwork and all of the customers were satisified with the results.

Any comments or thoughts on the subject?

_________________
Regards,

John

Tardis · Posted: Sun Oct 21, 2007 4:55 am Post subject:

Hey John:

High value watch collections and jewellery, kept in a safe at home might be insured against theft by burglary.

I have only one Rolex, my 16600Z. The only time its off my wrist is when I shower or sleep.

If it was stolen from me, or I was mugged, I guess it would be my bad luck.

I am unaware of any insurance company here in Australia that would insure my watch in these circumstances. If it was possible, I would imagine the the premiums would be unrealistically high.

Steve
_________________
Steve
#3

uncle aj · Posted: Sun Oct 21, 2007 6:43 am Post subject:

I don't have mine insured, I got fed up paying out more than items cost just to fill the pockets of some insurance company. I did my own risk assessment and concluded that I could probably save the cost of a new watch from the premiums I wasn't paying.

steve · Posted: Sun Oct 21, 2007 8:19 am Post subject:

Try "hiscoxs" not sure if they are worldwide. I'm covered fully comp and that means fully comp home and abroad new for old, against theft/ loss with no unreasonable clauses like others and the full idiot factor

i drop /bang it lets say damage the case

fully covered!! an additinal £8 month as a rider !!!!!!!! :grin: and what is more important have heard nothing but great things from guys who have needed to claim!!!.

steve

Tools · Posted: Sun Oct 21, 2007 4:52 pm Post subject:

I'll agree that an independent insurer can frequently beat your home owners insurance riders..

In the scheme of things, a Rolex is not a terribly expensive piece of jewelry..Pam's wedding rings are worth several times the Rolex cost as well as several other nice pieces. Jewelry riders or independent insurance can easily climb off the charts if you want to cover everything.

Of course we have 8 Rolex watches and other jewelry but only wear a couple of pieces at a time, so the risk is small (compared to the aggregate), therefore I'm more concerned with fire and a break in while away.

If we're not wearing it we keep it here, with a primary home alarm. A good fire rating and practically impossible to break into as well as bolted to the concrete floor is better piece of mind than an expensive policy.

_________________

- Larry
#12

uncle aj · Posted: Sun Oct 21, 2007 5:45 pm Post subject:

Nice piece of furniture Larry.

Flatlander · Old hand Joined: 12 Aug 2007 Posts: 228 Location: Kansas

Thanks for the information and comments.

I checked on Hiscox insurance Steve and it appears they are a UK company.

I also have a Winchester gun safe Larry and it's almost identical to yours (fire rated too). I keep all our valuables in it or our bank deposit box. I was thinking of only covering the items that I had out of the safe on a regular basis...our Rolexes.

My main interest with the JM insurance was, as Steve so aptly phrased it, the idiot factor. It provides full coverage for loss, theft, damage and even "mysterious disappearance". I really like the fact that you deal with them through your own AD, whether it's replacement or repair and there's no deductible. The policy doesn't seem that expensive and for my area of the country it's $10 per $1,000.

The home safe is not only secure but it provides peace of mind. The insurance would merely add to it. :grin:
_________________
Regards,

John

steve · Posted: Mon Oct 22, 2007 8:49 am Post subject:

It kinda takes the concern out of "wearing" a nice piece at least it did for me , if anything of any real concern happened i knew it was covered, it almost felt like a license to be enjoy!.
just out of interest to the topic i know of few noteable instances which i felt and im sure the insured thought it worthwhile.
1. the guy goes to the gym , "tossed his Gold DD into the locker!' it dissappeared the next day he had a brand new DD on his wrist
2.friend placed his watch on the roof of the car whilst washing it [it was a gold sub, i think they are water resistant

but we won't go there] forgot about , and drove off with it still on the roof, he eventually found it lying in the gutter down the road,[lucky but even if he didn't it would still have been covered he was informed] crystal smashed , case badly damaged, bracelet and clasp damaged, "he was covered!!!! RSC replaced the gold case /clasp ,service and new crystal.
peace of mind and a "license to enjoy" makes it worth it for me

steve