Quote:
Originally Posted by Endoscopist
ah yes I see... I did see that 150% mentioned there so that is helpful. So in this case, insuring a submariner for 9000 or so should (with this 150%) get close to market value in the event of a claim
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Actually, this is not the case. The maximum payout is the policy limit: read this from their FAQ - workaround is to insure more than one watch (include wife's watch as well for example so that the policy limit is closer to $15,000)
How do I determine the value I set for my watch?
No matter the situation, in the event of a loss, you would never be paid out more than the total value of the items you have listed in your policy – this is also known as the policy limit.
When you only have one watch you should insure it at its full current market value. That's because the one watch's value will also be the total amount of coverage – and, thus, the policy limit.
When you insure multiple watches, you can benefit in certain situations from market value protection that insures a watch up to 150% of its value, subject to the total amount of coverage. Say you have a two-watch collection, for example a new 2021 Rolex Submariner purchased at $8,100 and a vintage 1970s Cartier Santos-Dumont purchased at $9,500. Your insurance policy would be issued with a $17,600 policy limit, or total amount of coverage. Now say your Submariner was stolen and, at the time of loss, it had increased in value to $12,150. With the market value protection adding 150% appreciation protection up to the policy limit, in this example you'd be insured up to $12,150.