Jewelers Mutual Insurance Process/Experience

[jn_time]

Originally Posted by 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?

They will only cover up to the coverage limit. My watch was a 116520 Daytona and when at the time I started my coverage, the watch was valued at $17,000 so that is my limit. Obviously it' almost impossible impossible to get another Daytona for $17,000 so I'm settling for a newer GMT.

[jn_time]

Originally Posted by Endoscopist

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

Paying for insurance is never fun but when it comes to situation that this, I was glad that I had it. I was paying $600 for my watch valued at $17,000 but the lowest deductible I could get was $1,000.

[jn_time]

Originally Posted by Endoscopist

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

It's worth paying extra when it comes to situation like this

[JSol1]

Originally Posted by Endoscopist

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

I mentioned in an earlier post that I moved my more appreciable watches to Hodinkee. The value I used was a couple thousand over retail because they will cover for 150 percent of the watch to compensate for true market value. Basically I’m paying for 12k in insurance with potential coverage of 150% of that, which gets me close to gray market price for pieces like my BLNR…

[ThatOtherGuy7]

Curious: if your name is on the policy and your wife, mom, or sister wears the watch and it’s lost or damaged, is it covered? Or is it only covered if it’s being worn by the person on the policy?

[Endoscopist]

Originally Posted by JSol1

I mentioned in an earlier post that I moved my more appreciable watches to Hodinkee. The value I used was a couple thousand over retail because they will cover for 150 percent of the watch to compensate for true market value. Basically I’m paying for 12k in insurance with potential coverage of 150% of that, which gets me close to gray market price for pieces like my BLNR…

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

[ndrs63]

Extremely helpful! I’m curious as to how much the premium will go up. Thank you!


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[Endoscopist]

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

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.

[RichM]

Sorry about the loss. Glad you had it insured. I have a question regarding the photograph. What kind of photos did they require? I mean was one head on OK or did they want a few detailed close-ups.

I use JM for all my jewelry. They have all the appraisals/BOS but I never gave photos a thought. Thanks!

[chiscott_29]

Originally Posted by Matteo E

I have my BLRO insured through JM at market value.

How did you get them to accept it at “market value”?

In the sake of full disclosure, I tried this 3 years ago a bit before “market value” really became a thing with most Rolex, AP, and Patek watches. They told me they would only insure at a value an appraiser would provide, and no legitimate/licensed appraiser would write an appraisal at “market value”. The most they’d ever appraise it for was the price I paid (i.e., MSRP).

It’s possible they’ve modernized their offering for watches.

Another huge issue I had with JMIC is they refused to insure several watches “because I travel for work”. Which, is the most ridiculous thing I’ve ever heard of. I didn’t have time to deal with a company stuck in 1985, so I researched and went elsewhere and have found several better options out there.


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[JSol1]

Originally Posted by Endoscopist

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.

This is correct, in my case I have 2 watches out of 5 insured with them, so my total limit is for both watches. Works if I ever only lost one of them. The rest of mine are with JM at appraised value…

[dukie748]

Originally Posted by chiscott_29

How did you get them to accept it at “market value”? In the sake of full disclosure, I tried this 3 years ago a bit before “market value” really became a thing with most Rolex, AP, and Patek watches. They told me they would only insure at a value an appraiser would provide, and no legitimate/licensed appraiser would write an appraisal at “market value”. The most they’d ever appraise it for was the price I paid (i.e., MSRP).

My watches are insured through JM. Purchased a BLRO last year at my AD, about a week later I took it to our local jeweler who has a certified appraiser - he supplied a written appraisal for 'market value' of $23k. Uploaded the appraisal to JM, and they duly insured it at that amount.

Only issue with JM is they insist you get new appraisals every 3 years - not a problem with a single watch, but when you have quite a few pieces it can get costly - each appraisal is around $70.

[Gab27]

Originally Posted by Rich Mickol

Sorry about the loss. Glad you had it insured. I have a question regarding the photograph. What kind of photos did they require? I mean was one head on OK or did they want a few detailed close-ups.

I use JM for all my jewelry. They have all the appraisals/BOS but I never gave photos a thought. Thanks!

I think they have recently started collecting pics for their own records. When I took out a new JM policy, they sent me an app that they used to take photos with my iPhone. With that app I took about 30 close ups of the watch showing SN, paperwork, bill of sale, appraisal, and images of the safe and UL fire- and tool-resistant plaques. I keep very similar pictures to what I took for JM in an encrypted app that lives on a cloud, so those files would be easily accessible but also secure.

[DAC2]

I have JM and I am glad to read your advice. I hope i never have to use them but... I will also check out some other insurers as well. Thanks for the post.

[RichM]

Originally Posted by Gab27

I think they have recently started collecting pics for their own records. When I took out a new JM policy, they sent me an app that they used to take photos with my iPhone. With that app I took about 30 close ups of the watch showing SN, paperwork, bill of sale, appraisal, and images of the safe and UL fire- and tool-resistant plaques. I keep very similar pictures to what I took for JM in an encrypted app that lives on a cloud, so those files would be easily accessible but also secure.

Thanks! I started my policy back in 2015.

[dannyp]

Curious: Did your jeweler give your replacement request any kind of priority? Figured that a jeweler with a JM relationship of its own might prioritize such claims.

[DonRickles]

What kinda hockey puck leaves a Rolex in their car?
Did they take the whole car or just the watch?




Op, thanks I'm just pokin ya! Good on you to post up real life

[Hawk44]

Originally Posted by JSol1

I mentioned in an earlier post that I moved my more appreciable watches to Hodinkee. The value I used was a couple thousand over retail because they will cover for 150 percent of the watch to compensate for true market value. Basically I’m paying for 12k in insurance with potential coverage of 150% of that, which gets me close to gray market price for pieces like my BLNR…

Same reason I went with them and I think they cut a check instead of having to deal directly with a jeweler. So god forbid you could reach out to a gray and get a quick replacement and not take a hit.

[azs.77]

Originally Posted by jn_time

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.

Sorry for the loss and thanks for sharing.

Just curious as to why you had to settle for a GMT. Aren’t you able to get a ceramic daytona instead, considering the AD can sell one for MSRP, which under the insured value?


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[HippoPAPAmus]

After reading this thread and doing a little research into Hodinkee’s new watch insurance I decided to go ahead and get a quote. Surprisingly, I stand to save 40% off my Jewelers Mutual premium, they don’t require a deductible, and they offer cash payout at market value up to 150% of insured value (as opposed to replacement only which has, in part, caused OP’s predicament). Still a bit more research to do, but very intriguing.


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[ThatOtherGuy7]

Originally Posted by HippoPAPAmus

After reading this thread and doing a little research into Hodinkee’s new watch insurance I decided to go ahead and get a quote. Surprisingly, I stand to save 40% off my Jewelers Mutual premium, they don’t require a deductible, and they offer cash payout at market value up to 150% of insured value (as opposed to replacement only which has, in part, caused OP’s predicament). Still a bit more research to do, but very intriguing.


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I did the same thing after some posts above. It was $280 through Hodinkee vs $380 through JM. Hodinkee has more favorable terms too. Ended up with State Farm as they’re even cheaper vs Hondinkee with similar-ish coverage.

[HippoPAPAmus]

Originally Posted by ThatOtherGuy7

I did the same thing after some posts above. It was $280 through Hodinkee vs $380 through JM. Hodinkee has more favorable terms too. Ended up with State Farm as they’re even cheaper vs Hondinkee with similar-ish coverage.

Nice. Check with State Farm re loss and unexplained disappearance though. AAA was cheap, but provided no coverage on those fronts unfortunately.


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[ThatOtherGuy7]

Originally Posted by HippoPAPAmus

Nice. Check with State Farm re loss and unexplained disappearance though. AAA was cheap, but provided no coverage on those fronts unfortunately.


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They told me it’s an all-risk policy so pretty much covers everything including loss, damages, disappearance, theft, etc. It is a worldwide coverage too.

[Michael T]

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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You can insure over MSRP. I have two Rolex watches insured through Jewelers Mutual that are over MSRP. They both have GG ISA AM certified appraisals.

[Jesseingram423]

I have insured all of my watches over the years with JM including my current 5 year old meteorite Daytona. It has been appraised multiple times and always insured for the full $41k replacement value. I have never utilized them but it allows me to feel comfortable wearing it daily as I have always done.

[chiscott_29]

Originally Posted by Jesseingram423

I have insured all of my watches over the years with JM including my current 5 year old meteorite Daytona. It has been appraised multiple times and always insured for the full $41k replacement value. I have never utilized them but it allows me to feel comfortable wearing it daily as I have always done.

I would say you are not properly covered in this instance.

If your Meteorite is stolen/lost, you’re just going to be fine with getting $41k for it? Sure, you’d be made whole in terms of outlayed funds. However, to replace it will cost you $65k at today’s market prices. And I would sincerely doubt your AD would get you another one…


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[JohnGingerwood]

Thanks for sharing.

[JR_Rider]

I have several watches insured through JM and have been very pleased with them. It seems like in recent years they are automatically increasing the insured value of the watches on my policy by a certain percentage. When the Rolex market first got crazy, I got a new appraisal for my 116713 and after their increases, it's currently insured for almost $20K at the time of my renewal. I had it re-appraised last week to be insured more inline with today's value.