Reply With QuoteI don’t believe there is a consensus. Agreed values are the way to go, but you’d need to be careful not to be under insured - plus insurance companies don’t really care that a watch may not be available to buy (waiting lists etc. such as Rolex)
Ho All
Renewing the contents insurance ran into something strange -
Renewal with Halifax - 16610 and original Seamaster Chrono suggested replacement costs of £9.45k and 3.5k respectively.
Rolex in St James Sq advised replacment cost of 8.08k; Goldsmiths advised Omega equivalent at 4.5k.
Do we have a concensus on what the figures should be for new for old insurance purposes please?
I appreciate there has been significant changes to both watches in interim so not directly comparible to current issue.
L-K
I don’t believe there is a consensus. Agreed values are the way to go, but you’d need to be careful not to be under insured - plus insurance companies don’t really care that a watch may not be available to buy (waiting lists etc. such as Rolex)
It's just a matter of time...
I agree on having an agreed value.Originally Posted by Omegamanic
With Rolex, 'new for old' could leave someone with a cash payout or shopping vouchers for the recommended retail price (RRP) of a new watch, that cannot be bought at the RRP.
Conversely on other brands it's a pain having to insure them for the new price of an equivalent model, if you bought secondhand and would likely replace it with another secondhand watch for a lot less than a new one, should something happen.
Best to speak to your insurer and see how they would handle the situation. Make a note of the time and date when you call, in case you require proof that you've 'put them on notice' as to the risk. You could record the call, though if you do that, you are supposed to let them know.
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Last edited by AKM; 19th February 2022 at 20:33.
I believe all insurers are different in what they will accept so could be worth asking them.
Do St. James provide valuations? That is news to me and could be handy. How do you arrange that?
Rolex will only advise current price. Useless unless you can order one though.
It's just a matter of time...
I don't think that's right, but happy to learn if I'm wrong!
As I understand it, a company needs to inform you if they are recording a call, but an individual is free to record any conversation so long as they are part of the conversation. To my knowledge anyway.
You wouldn't breach anything by doing it as long as you are acting on your own behalf and not for a company - it's about acting in good faith and whether you want to rely on the recording later by using it in court, it might not be considered admissible as evidence.
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Last edited by AKM; 20th February 2022 at 10:21.
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