The Watch Appreciation Thread - Part two (Rolex, Patek Philippe, Audemars Piguet, Jaeger LeCoultre,

[Dino944]

I had to increase the insured value of my Nautilus by so much that the broker expected the carrier to require a re-appraisal but luckily they just accepted it. I don't even know how one would go about getting a grey-market value substantiated in cases where it differs so much from MSRP?

Actually, not difficult to do. You simply go to a gray dealer that does appraisals. They have no problem appraising it for the "Market value", which is what they would sell it for, and the insurance company accepts their appraisal. I've done this with watches that were selling at over MSRP.

 

[Phileas Fogg]

Actually, not difficult to do. You simply go to a gray dealer that does appraisals. They have no problem appraising it for the "Market value", which is what they would sell it for, and the insurance company accepts their appraisal. I've done this with watches that were selling at over MSRP.

That sounds right. For items under a certain value they probably accept the appraisers findings. But if it’s over, I’m sure they want to appraise it independently so they can calculate the appropriate risk.

 

[Idesofmarch17]

That sounds right. For items under a certain value they probably accept the appraisers findings. But if it’s over, I’m sure they want to appraise it independently so they can calculate the appropriate risk.

Can anyone pm me a gray that can do this? Looking to add a rider myself.

 

[taxgenius]

When I bought my IWC, I asked the AD to provide me an appraisal at the same time. I then sent the appraisal along with pictures to the insurance company.

 

[classicalthunde]

Can anyone pm me a gray that can do this? Looking to add a rider myself.

I think most reputable places will do this…recently got one done for my GMT II…you want to ask for a fair market value appraisal

 

[Althis]

Couldn't help myself, picked it up early. Have a dark grey Chevre strap on the way

 

[montecristo#2]

I think most reputable places will do this…recently got one done for my GMT II…you want to ask for a fair market value appraisal

Hodinkee will generally insure your watches with no appraisal — unless you are trying to add a $100k watch or something. Just send a picture and the info and they make it super easy. It’s not expensive either, relative to others I’ve priced.

 

[classicalthunde]

Hodinkee will generally insure your watches with no appraisal — unless you are trying to add a $100k watch or something. Just send a picture and the info and they make it super easy. It’s not expensive either, relative to others I’ve priced.

yea, as of now I only have one watch insured and its wrapped up with my wife's engagement and wedding rings at Jewelers Mutual, who required an appraisal to increase my coverage to market value (approx 1.5x MSRP)

Once I get another significant watch, I may split off an do Hodinkee/Chubb

 

[ter1413]

Keanu Reeves Bought Rolexes for Everyone on the ‘John Wick’ 4 Stunt Team

One of them called it the "best wrap gift ever."

www.yahoo.com

 

[ter1413]

Couldn't help myself, picked it up early. Have a dark grey Chevre strap on the way
View attachment 1692195

Stunning!

What size? 44?

 

[gomestar]

any tips on finding an IWC 3711?

chrono24 usually has like 2, the rest are 3713's or some other random IWC with a split seconds chrono.

 

[Dino944]

That sounds right. For items under a certain value they probably accept the appraisers findings. But if it’s over, I’m sure they want to appraise it independently so they can calculate the appropriate risk.

Do you mean an appraisal in addition to the appraisal of a jewelry store or gray dealer? I've yet to encounter an insurance company that required another appraisal in addition to the one I provided either from a jewelry store or a gray dealer. For example, one out of production watch that was purchased for $5,100 new 25 years ago, they had no issue with me recently providing an appraisal that is is worth $40K from a gray dealer. A relative also had no problem presenting an appraisal from a jewelry store, that doesn't even work with his brand of watch, and it is now insured for $70K. The main thing they want to know is that someone saw that you actually own it (and condition). The risk of loss is the same with watches, the main variable is the value. Most insurance companies don't have watch experts on retainer, so I believe most are willing to accept that someone in the industry appraised it for X amount.

Can anyone pm me a gray that can do this? Looking to add a rider myself.

You should check for gray dealers in your area. I've only done it in person, and I didn't do it with any place requiring me to leave my watch with them for a period of time. Also some only want to do it if you bought the watch from them.

When I bought my IWC, I asked the AD to provide me an appraisal at the same time. I then sent the appraisal along with pictures to the insurance company.

That's pretty standard with most watches. Any place your buy it from, is always willing to issue an appraisal. Some take pix, some don't. Insurance companies don't really care about pix.

 

[taxgenius]

Do you mean an appraisal in addition to the appraisal of a jewelry store or gray dealer? I've yet to encounter an insurance company that required another appraisal in addition to the one I provided either from a jewelry store or a gray dealer. For example, one out of production watch that was purchased for $5,100 new 25 years ago, they had no issue with me recently providing an appraisal that is is worth $40K from a gray dealer. A relative also had no problem presenting an appraisal from a jewelry store, that doesn't even work with his brand of watch, and it is now insured for $70K. The main thing they want to know is that someone saw that you actually own it (and condition). The risk of loss is the same with watches, the main variable is the value. Most insurance companies don't have watch experts on retainer, so I believe most are willing to accept that someone in the industry appraised it for X amount.



You should check for gray dealers in your area. I've only done it in person, and I didn't do it with any place requiring me to leave my watch with them for a period of time. Also some only want to do it if you bought the watch from them.



That's pretty standard with most watches. Any place your buy it from, is always willing to issue an appraisal. Some take pix, some don't. Insurance companies don't really care about pix.

My insurance company not only wanted pics but had me download an app of theirs to take the pics.

 

[Dino944]

My insurance company not only wanted pics but had me download an app of theirs to take the pics.

Not sure who your insurer is. I first started insuring watches in the mid 90's, through Chubb (and I've lived in different states and had a few insurers). Never had a single request for a photo.

 

[taxgenius]

Not sure who your insurer is. I first started insuring watches in the mid 90's, through Chubb (and I've lived in different states and had a few insurers). Never had a single request for a photo.

jewelers mutual