Hodinkee Insurance?

[SaintMickey]

Who'd do this? Not me....

I can't imagine what you guys do that have hundreds of thousands of dollars worth of watches but thinking Hodinkee insurance isn't it.

[PossumDixon]

Under 1.5% a year. What do you think it will cost?

[Ssunnylee24]

facepalm.

[KathleenL]

Is that with a zero deductible, $500 deductible, $1,000 deductible? Makes a difference.

[beshannon]

Originally Posted by SaintMickey

Who'd do this? Not me....

I can't imagine what you guys do that have hundreds of thousands of dollars worth of watches but thinking Hodinkee insurance isn't it.

Far less expensive than I was paying.

Or do you not understand how asking someone else to assume your risk works?

[SaintMickey]

Originally Posted by beshannon

Far less expensive than I was paying.

Or do you not understand how asking someone else to assume your risk works?

No reason to get annoyed. Of course I do. Much higher than my insurance agent and in talking to others they agreed it seemed high.

Thanks.

[vlps]

price seems reasonable, especially with their $0 deductible. A $20,000 car would cost $1,200 a year to insure in most states, and that would be with a deductible.

[dnd2984]

I have them, cost of passing risk and 150% coverage.

[SaintMickey]

Originally Posted by dnd2984

I have them, cost of passing risk and 150% coverage.

Fair point. Especially on the 150% coverage.

[rkny]

Originally Posted by SaintMickey

Fair point. Especially on the 150% coverage.

Not to mention you chose your own coverage. With my renter’s insurance, each watch requires an appraisal and is only covered for the appraised value.

With Hodinkee, my 2020 Submariner is covered at the number I arrived at based on market value plus tax…$15K. No appraisal needed.

[cramsey]

Seems similar to, if not less than, Jewelers Mutual, depending on deductible.

[Onequik135i]

I have $64k policy with them for $1228 per year, very easy to delete & add a watch to the policy & is fairly priced IMO.

[kpinthebay]

Not totally unreasonable. Likely a zero deductible and lives in a big city high risk zipcode.

[quantumdna]

Luxury watches are prized possessions and especially if you own difficult to come by pieces (steel Daytona, Pepsi etc), it is a good idea to insure them at market value for any unforeseen circumstances. Hodinkee is pretty reasonable with the premiums. I mean they are not forcing you to buy insurance from them.

[jed11]

Yes looks reasonable…but there’s a poster that equated this to getting car insurance. Not an accurate comparison. Sure, dollar for dollar….that’s one thing. But completely different assets and risks associated with the insured item.


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[Deepseadog]

I have it. 1% in my zip code, insured up to 150%, and couldn't be any easier. I've called a few times and they pick right up. No complaints yet.

[vlps]

Originally Posted by jed11

Yes looks reasonable…but there’s a poster that equated this to getting car insurance. Not an accurate comparison. Sure, dollar for dollar….that’s one thing. But completely different assets and risks associated with the insured item.


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I was mainly trying to point out that people that purchase $20,000 cars can afford to expend $100 per month in insurance. Usually someone thats spending $50-60k on watches can afford to spend $75 a month in insuring them.

[m3tek44]

I also use Hodinkee insurance however I'm definingly paying less.

[chiscott_29]

I have coverage with Hodinkee and couldn’t be happier. I’m not going to post my premium but it’s about $1.12 per $100 of coverage. That’s extremely competitive. However I do have a jewelry safe and a limit to the value of watches I can travel with.

I’d suggest calling them and asking what you can do to bring the premium down. They’re backed by Chubb as well so I don’t think there’s a more solid option available to anyone that has a substantial collection.


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[Demon Barber]

I have $179k insured through them for $1600 per year, so less than 1%. Nobody else could offer rates even close to them.

[SaintMickey]

Originally Posted by chiscott_29

I have coverage with Hodinkee and couldn’t be happier. I’m not going to post my premium but it’s about $1.12 per $100 of coverage. That’s extremely competitive. However I do have a jewelry safe and a limit to the value of watches I can travel with.

I’d suggest calling them and asking what you can do to bring the premium down. They’re backed by Chubb as well so I don’t think there’s a more solid option available to anyone that has a substantial collection.


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Originally Posted by Demon Barber

I have $179k insured through them for $1600 per year, so less than 1%. Nobody else could offer rates even close to them.

Thanks guys. I guess I better call back Aaron Rodgers and see what he really quoted me for.

Didn't think topic would be so controversial.

[JodyHighroller]

I switched over to Hodinkee/Chubb from State Farm.

There were many features over State Farm that made the slightly increased premiums worth it imo. My favorite features are newly acquired watches are automatically covered up to 90 days up to 25% of total policy (no rush to add on policy same day), consignment/loaner protection, and the ease of modifying the policy from the Hodinkee phone app. I was shocked that their policy even covers your watch whenever it is in transit, for example to the RSC, etc.

The thing that annoyed me the most with State Farm was any changes that needed to be made with the policy would take at least 3-4 weeks to become fully effective. The Hodinkee solution is much more modernized. Also, claim experience is something I looked into as well.

Originally Posted by SaintMickey

Thanks guys. I guess I better call back Aaron Rodgers and see what he really quoted me for.

Didn't think topic would be so controversial.

Your original post read a bit snarky so that’s why.

[vinny84]

Originally Posted by JodyHighroller

I switched over to Hodinkee/Chubb from State Farm.

There were many features over State Farm that made the slightly increased premiums worth it imo. My favorite features are newly acquired watches are automatically covered up to 90 days up to 25% of total policy (no rush to add on policy same day), consignment/loaner protection, and the ease of modifying the policy from the Hodinkee phone app. I was shocked that their policy even covers your watch whenever it is in transit, for example to the RSC, etc.

The thing that annoyed me the most with State Farm was any changes that needed to be made with the policy would take at least 3-4 weeks to become fully effective. The Hodinkee solution is much more modernized. Also, claim experience is something I looked into as well.

I have State Farm now, I guess I'll be getting a quote with Hodinkee here soon

[beshannon]

Originally Posted by SaintMickey

T

Didn't think topic would be so controversial.

It does not seem to be controversial at all.

For 150% no deductible coverage, it was far less than my homeowners or Jewelers Mutual.

[ArtNouveau]

I think Hodinkee is quite reasonable for what they allow and their rates. I only insure my two most valuable watches at market value, $47K coverage for $548, that’s 1.16%, very fair.

[28mm]

I found them to be high as well.

Instead I went through my homeowners and got a rider through Travelers. Some pieces don't need appraisals but I got them for all my collection.

Agreed prices that are about market..for example the 116520 which i paid $6K years ago was appraised at 28K.

$1000 deductible total cost about 1% a year. I call them every year to make changes and couldn't be happier.

[dcash0615]

Hodinkee insurance is super easy to work with when adding and deleting watches. However, from my research they are priced almost double what I was quoted through my current insurance carrier. My current insurance carrier does require more documentation when adding a timepiece to the policy.

[Demon Barber]

I guess it all depends on your homeowners carrier whether Hodinkee/Chubb is a good deal or overpriced. Just make sure you get the nitty gritty details of coverage if you go homeowners (mysterious disappearance, do they pay you or the AD, covered while travelling abroad, need to have a safe, etc). Another big one is if they will cover at current market value (almost always substantially above MSRP for Rolex, AP, Patek) or just AD retail price. For instance, good luck getting a platona sourced by your AD in any reasonable amount of time, if ever, in the event of a loss. Hodinkee pays you directly the chosen value to buy a new one on the grey market. Devil is always in the details.

[chiscott_29]

Originally Posted by Demon Barber

I guess it all depends on your homeowners carrier whether Hodinkee/Chubb is a good deal or overpriced. Just make sure you get the nitty gritty details of coverage if you go homeowners (mysterious disappearance, do they pay you or the AD, covered while travelling abroad, need to have a safe, etc). Another big one is if they will cover at current market value (almost always substantially above MSRP for Rolex, AP, Patek) or just AD retail price. For instance, good luck getting a platona sourced by your AD in any reasonable amount of time, if ever, in the event of a loss. Hodinkee pays you directly the chosen value to buy a new one on the grey market. Devil is always in the details.

This is so very true. The forms used on a typical HO policy will never match the protection provided by a separate Personal Articles or Personal Collections policy. And in today’s world of “market value” often being over MSRP, it’s so much more important to know HOW you’re protected in the event of a loss.


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[sechsgang]

I use them as well and they are way cheaper and offer more coverage than Jewelers mutual…