Jewelers Mutual Insurance Process/Experience

[jn_time]

Recently I had my Rolex stolen out of my car and had to go through the claim process with Jewelers Mutual. I wish no one has to go through this but I wanted to give my experience in case you were curious what the process was and tips.

1.) Once I filed a claim online, a claim specialist emailed me within 24 hours attaching instructions on the next steps.
2.) The next steps are to provide Jewelers Mutual with the following:

• A signed and notarized detailed statement from you about the incident and your watch.
• Copy of your police report filed with the serial number
• Photo(s) of the watch
• A signed statement from another party who can verify OR who witnessed the loss.
• Any document(s) that will substantiate ownership and provide a full description of the item(s) such as an appraisal, bill, or receipt.
• The jeweler's information that you wish to work with for the replacement.

3.) It took me a few days to gather all that information but once I submitted them, it took about a week until the claim specialist emailed me to let me know that I can book an appointment with the jeweler to start finding a replacement.
4.) I worked with my jeweler to find a replacement and once we did, he submitted the paperwork to Jewelers Mutual for approval before handing over the watch.
5.) All in all the process took about a month. It could have been a little quicker if I submitted the documents quickly but getting a police report takes a while.


A few tips:

• Remember your watch serial number or have it somewhere handy when you file the police report. Jewelers Mutual won't accept a police report without it and it was a nightmare getting ahold of someone at the station to do it with the Covid protocols.
• Email the documents. The process moves much quicker this way.
• Start looking for your replacement watch as soon as possible especially with the current state of the market. Jewelers Mutual will not write you the check, they pay the jeweler directly so start looking for your watch and communicate with the jeweler so they know what's going on.
• The coverage limit is tax included so consider deducting your sales tax from that amount
• Update your policy with current market value if possible. My can't find a replacement anywhere close to my coverage limit so I have to settle for something less. *Cough* Daytona owners

Hope this helps!

[Sunny Arizona]

thieves suck.
Make sure to report to Rolex too FWIW.

[bremersm]

Thank you for the real world experience. I looked at JM before going with the Hodinkee service when I bought my Explorer. Thankfully I have not had to use it but I hope the Hodinkee experience is as easy or easier than what you went through.

You mentioned that you will need to get a "lesser model". I assume based on this that you can get any watch with a value up to what your old watch was covered for. Is this accurate?

[ThatOtherGuy7]

Sorry to hear OP. That’s never a good thing and insurance claims can take a while. Glad it kind of worked out though.

Originally Posted by bremersm

Thank you for the real world experience. I looked at JM before going with the Hodinkee service when I bought my Explorer. Thankfully I have not had to use it but I hope the Hodinkee experience is as easy or easier than what you went through.

You mentioned that you will need to get a "lesser model". I assume based on this that you can get any watch with a value up to what your old watch was covered for. Is this accurate?

Hodinkee is underwritten by Chubb no? Don’t you have to have other things insured by Chubb in order to get coverage with Hodinkee?

[Bryan81]

Originally Posted by ThatOtherGuy7

Sorry to hear OP. That’s never a good thing and insurance claims can take a while. Glad it kind of worked out though.



Hodinkee is underwritten by Chubb no? Don’t you have to have other things insured by Chubb in order to get coverage with Hodinkee?

I insure my collection through Hodinkee (underwritten by Chubb). I have nothing else insured through Chubb.


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[Boaters]

Sorry to hear your loss. But insurance is a great thing and I hope all works out for you.

[Webster2281]

Do you think any of the insurers are better?


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[Rafeeq]

Hodinkee is underwritten by Chubb no? Don’t you have to have other things insured by Chubb in order to get coverage with Hodinkee?[/QUOTE]

By Chubb, yes. Needing to have other stuff with them, though, no--it's a standalone.

[Rafeeq]

So sorry to hear this, Jn_time--absolutely cruddy.

[bremersm]

Originally Posted by Rafeeq

Hodinkee is underwritten by Chubb no? Don’t you have to have other things insured by Chubb in order to get coverage with Hodinkee?

I only have my watches insured through this policy. Nothing else with Chubb.

[ThatOtherGuy7]

Good to know about Hodinkee. Might check them out.

OP- your profile says Kermit. Is that the watch that was stolen?!

[mike morris]

Thank you for information, sorry for your loss. I have insurance with GM too. What about aprisal and warranty card if it in same place with watch ?

[chiscott_29]

Jewelers Mutual is not somebody I would ever recommend to insure a watch collection. A single watch, maybe, if their premium was competitive. These guys are old school - Everything requires an appraisal, lots of questions about how you wear a watch, no ability to insure at market value, etc. etc.

If you have a collection, I highly recommend you look at a Personal Articles policy with a high end insurer (Chubb, Nationwide Private Client, PURE, etc.) or one of the modern insurers such as HODINKEE (via Chubb) or Wax.insure.


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[Bizcut1]

Thanks for posting. Real-world experience says JM actually came through for you.

[jnkay]

Excellent thread. Thanks for sharing, OP.

[rolehex]

Yes had the same experience with JM and was easy and positive considering the circumstances.

[LA_LEC]

I feel for you, I had by 16610 Sub stolen in Medellin Colombia...and it was NOT insured!

That watch was on my wrist over a decade and had really become a part of me...so I again say I feel for your loss.

[JSol1]

Thanks for posting…such a helpful post! I recently decided to split my insurance coverage. Watches that aren’t that hard to reacquire (YM, OP, DJ) with JM as well as some of my wife’s jewelry.
However I opened a Hodinkee (Chubb) policy for my BLNR, Sub etc. recently since I could easily cover the true replacement cost with this policy….hopefully never have to find out if this was a good idea…

[brandrea]

Sorry to hear about your stolen watch, but happy to hear your experience with JM was a positive one and you are made whole

Edit: welcome to the forum

[jn_time]

Originally Posted by bremersm

Thank you for the real world experience. I looked at JM before going with the Hodinkee service when I bought my Explorer. Thankfully I have not had to use it but I hope the Hodinkee experience is as easy or easier than what you went through.

You mentioned that you will need to get a "lesser model". I assume based on this that you can get any watch with a value up to what your old watch was covered for. Is this accurate?

Yup that is correct. My 116520 Daytona was stolen and the coverage is only $19,500. I can't get a replacement for that price so I can either choose to get a watch at that price or cough up the difference to get another Daytona.

[jn_time]

Originally Posted by ThatOtherGuy7

Good to know about Hodinkee. Might check them out.

OP- your profile says Kermit. Is that the watch that was stolen?!

Unfortunately it was worst, it was my 116520 steel Daytona

[Hawk44]

Originally Posted by bremersm

Thank you for the real world experience. I looked at JM before going with the Hodinkee service when I bought my Explorer. Thankfully I have not had to use it but I hope the Hodinkee experience is as easy or easier than what you went through.

You mentioned that you will need to get a "lesser model". I assume based on this that you can get any watch with a value up to what your old watch was covered for. Is this accurate?

I did the same. I have JM for some jewelry but went with Hodinkee after hearing stories of people having a hard time with JM when it came to watches.

[Matteo E]

Originally Posted by chiscott_29

Jewelers Mutual is not somebody I would ever recommend to insure a watch collection. A single watch, maybe, if their premium was competitive. These guys are old school - Everything requires an appraisal, lots of questions about how you wear a watch, no ability to insure at market value, etc. etc.

If you have a collection, I highly recommend you look at a Personal Articles policy with a high end insurer (Chubb, Nationwide Private Client, PURE, etc.) or one of the modern insurers such as HODINKEE (via Chubb) or Wax.insure.


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I have my BLRO insured through JM at market value.

[Endoscopist]

Great thread... been meaning to get insurance forever and this motivated me to look into it... I am liking the ease of use with Hodinkee and will go with them for my 124060...

question is - do you insure for what you paid (I paid retail plus tax) or for market value. Yearly quote jumps from 350 to 600 when you go from 8800 to 14000 value

[~Haze~]

To be completely honest, you’re lucky they’re covering it. Almost every policy I have or have experience with excludes theft from motor vehicles. Although I don’t have experience with jewelers mutual.

Losing something to theft always sucks. On the bright side, you might still get it back. I had a Rolex stolen and managed to get it back 18 months or so after it was stolen. Long after I ever thought I’d see it again.

Best of luck with a lousy situation. I just posted this after reading the op. I have to read the rest of the thread now. But seriously, best of luck.


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[~Haze~]

Originally Posted by chiscott_29

Jewelers Mutual is not somebody I would ever recommend to insure a watch collection. A single watch, maybe, if their premium was competitive. These guys are old school - Everything requires an appraisal, lots of questions about how you wear a watch, no ability to insure at market value, etc. etc.

If you have a collection, I highly recommend you look at a Personal Articles policy with a high end insurer (Chubb, Nationwide Private Client, PURE, etc.) or one of the modern insurers such as HODINKEE (via Chubb) or Wax.insure.


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This is good stuff right here. I am at the point where I need or should start thinking about this. Or at least now, after hearing a few stories, I am really considering making changes as right now I’m under insured. Especially at market or replacement value.


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[RichardLehmann]

You mentioned that the actual replacement cost exceeded the coverage limit - so you settled for something less, does JM allow you to cover the difference? My bluesy is covered through them for 13k, so would I be able to throw in 4-5k when replacing it?

[gmtbatman]

sorry you had to go through this, and thank you for the report.

how does it work with them paying the jeweler for the watch on a SS Rolex? did you have it covered for the grey market price?

[jn_time]

Originally Posted by RichardLehmann

You mentioned that the actual replacement cost exceeded the coverage limit - so you settled for something less, does JM allow you to cover the difference? My bluesy is covered through them for 13k, so would I be able to throw in 4-5k when replacing it?

Yup we're allowed to pay extra if you want to get something more than the coverage limit. That's why I recommend updating your policy up to market value if possible but I know some insurance won't allow that.

[Endoscopist]

Originally Posted by jn_time

Yup we're allowed to pay extra if you want to get something more than the coverage limit. That's why I recommend updating your policy up to market value if possible but I know some insurance won't allow that.

so if the market value of a 124060 is around $14,000 or so, you would use that as the "value" when insuring through Hodinkee (and pay $600/yr vs $350).

I did pay retail for this watch, however, I guess it is worth more on the gray market...600$ seems steep but i guess that's how that goes for that high value