Insurance Valuation

[Collective911]

Hi Chaps,


I recently acquired a Sub non date 114060 off the forum from Mart Broad, stunning piece and really pleased with it.

I approached TH March to add this to my exisiting watch policy and they advised they require a insurance valuation within 30 days.

Can anybody advise a ball park figure I should be paying and any places to get one from?

Thanks

Collective911

[kungfugerbil]

I'm surprised they would need that for a current model. Vintage I could understand but something you can still go and buy from ADs... seems daft. Have you tried pointing them at Rolex.com for the RRP?

[Collective911]

I'm surprised they would need that for a current model. Vintage I could understand but something you can still go and buy from ADs... seems daft. Have you tried pointing them at Rolex.com for the RRP?

Apparently because its a pre owned watch they require a ''replacement valuation''

Thanks

[verv]

It's new replacement value which is 5450
They also request the valuation to prove ownership because it should have your name and address on it and details of the watch inc serial.

NRV valuations from ADs range from 50-75 quid.

[kungfugerbil]

Apparently because its a pre owned watch they require a ''replacement valuation''

Interesting. Just looked through their FAQs and they state that

"If you have a claim, it will be settled for the amount shown on the valuation we requested. Many insurers do not ask for a valuation when the policy starts but then request confirmation of the value of the item when you have a claim. This makes the claims process unnecessarily difficult and can lead to an unsatisfactory settlement being offered. In our case we already know what the replacement price is"

That means the onus is on you to continually update them with valuations as that's exactly what they will pay. Great if you have a depreciating piece, rubbish if you have an appreciating watch like a steel Rolex :)

I would find a friendly local jeweller who knows (or can be pointed to) market value and ensure you visit them periodically to reflect the change in prices or you could find yourself getting less than replacement value back (or having to go through a fight to get it).

[Collective911]

Interesting. Just looked through their FAQs and they state that

"If you have a claim, it will be settled for the amount shown on the valuation we requested. Many insurers do not ask for a valuation when the policy starts but then request confirmation of the value of the item when you have a claim. This makes the claims process unnecessarily difficult and can lead to an unsatisfactory settlement being offered. In our case we already know what the replacement price is"

That means the onus is on you to continually update them with valuations as that's exactly what they will pay. Great if you have a depreciating piece, rubbish if you have an appreciating watch like a steel Rolex :)

I would find a friendly local jeweller who knows (or can be pointed to) market value and ensure you visit them periodically to reflect the change in prices or you could find yourself getting less than replacement value back (or having to go through a fight to get it).

That's a very useful point!

I have got my Datejust ii insured with them at the moment at £4950, sure its worth a bit more now.

[mycroft]

Personally I'd consider moving insurers. If like many of us you have a number of watches, keeping up with valuations is not realistic and it's expensive; even worse if you're a serial flipper. There are a number of insurers who do not require valuations at all - M&S being one...

There are some long and detailed threads on Watch Talk about this very subject.

Simon

[noTAGlove]

I've added my 116610LN at full value as a named item on my house insurance, and it covers me away from home.

The premium was an additional £15 for the year.

[Collective911]

I've added my 116610LN at full value as a named item on my house insurance, and it covers me away from home.

The premium was an additional £15 for the year.

Thanks will probably do the same and tie this up with Home insurance.

[verv]

Personally I'd consider moving insurers. If like many of us you have a number of watches, keeping up with valuations is not realistic and it's expensive; even worse if you're a serial flipper. There are a number of insurers who do not require valuations at all - M&S being one...

There are some long and detailed threads on Watch Talk about this very subject.

Simon

M&S won't insure me because my flat has a flat roof.
:-/

[mycroft]

M&S won't insure me because my flat has a flat roof.
:-/

No problem, just move house

Simon


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[Collective911]

Hi all,

Just to let you know I managed to get a very reasonable watch valuation from David M Robinson - Canary Wharf. Quick professional service at a cost of £25. Highly recommended.

Thanks

[DJL-73]

Sorry for the hi-jack

How do people go about insuring watches that are in production but sell for more than RRP on the 2nd hand market?

I'm refering to the Daytona-C, mine is insured under the house contents but the insurance co. will not pay out more than the replacement value which is @9k yet if that were to happen I'd never be able to replace it.

Is there a specialist insurer for this kind of thing?

Cheers

Dave

[Morrissey]

Hi all,

Just to let you know I managed to get a very reasonable watch valuation from David M Robinson - Canary Wharf. Quick professional service at a cost of £25. Highly recommended.

Thanks

This


Mozza


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