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Discussion Starter · #1 · (Edited)
Now that I've acquired my two new Rolex watches, I thought it wise to get an insurance rider on them. Our current home insurance is with American Family Insurance...their quote was $1.65 per $100 valuation. To cover both of my watches, the rider premium would be $512.00 per year, which seems quite high to me.
Do any forum members have advice regarding insurance? Any recommendations as to insurance companies that would be lower than what I've been quoted? Anyone have experience with American Family regarding loss or damage claims?
The rider quoted covers all perils, including theft, mysterious loss, damage, etc. and would pay replacement cost, not current value, and, since the watches are covered under a rider there is no deductible. I like the coverage details, but I think $1.65 per $100 valuation is a little high...somewhere I read to expect to pay about $1.20 per $100 valuation.

Any input would be appreciated.

Saul
 

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You've got $32K worth of watches covered for that $512 with a zero deductible. In California, most insurance carriers charge $17.00 per thousand for the same coverage. You've apparently got replacement coverage and not actual cash value. I think you've got an OK deal, but you can always check with Jewelers Mutual or JIBNA...look them up on the internet. Those carriers are stand along carriers that won't attach to your home policy. Good luck.
 

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IMO that is a bit high.. I pay just over a dollar per $100 (1.05 or so).

But you're insuring more than I have, and I'm not sure if there's a sliding scale for coverage premiums, but I think there is.
 

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Discussion Starter · #4 ·
Good information....

I just checked Jewelers Mutual website and got an instant quote. The quote is for$480 (or about $1.50 per $100 value). A little better than American Familiy. The Jewelers Mutual policy also covers all perils, and pays based on replacement value.

What I should do is have the rider start on my American Family Homeowners policy, while I search further on coverage and rates. At least I'll have insurance coverage immediately, and may want to stay with Amer Family if my search does not turn up a better insurance value.

Scott: Who is your insurance with? Your rate is very good. I'm curious if your policy has no deductible, covers all perils, and pays for actual replacement cost if lost, stolen, or if the watch "disappears".

Saul
 

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I collect Nihonto (Japanese swords) in addition to accumulating watches. The premium for insuring my collection (for one year) bought a LARGE, fireproof gunsafe. Fortunately I have room for the safe so it was an easy decision.
 

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I collect Nihonto (Japanese swords) in addition to accumulating watches. The premium for insuring my collection (for one year) bought a LARGE, fireproof gunsafe. Fortunately I have room for the safe so it was an easy decision.
Some say one should only insure against catastrophic loss and for watches it is expensive to insure. The fireproof safe is a great idea for protecting your valuable your collections.:thumbup:
Those who are willing to pay the extra however are covered against loss and damage outside the home.
As with most things " you pay your money and take your choice"
 

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Discussion Starter · #7 ·
The thought of just storing the watches in a home safe/safe deposit box certainly crossed my mind.....but that defeats the whole idea of owning Rolex watches. I bought them to enjoy them, and wearing them is to enjoy them.

I suppose if you look at it as the $512.00 yearly premium works out to $1.40 per day, and for that expense all possible perils are covered, it ain't that bad.

It does seem strange that the insurance costs to cover my watches is more than any one of three late model automobiles that I (and family) own, and two of the autos cost much more than my two watches, and the two autos are much more likely to be stolen, damaged, or otherwise fodder for an insurance claim. Such is the world of insurance! Go figure.
Saul
 
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