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The Watch Appreciation Thread (Reviews and Photos of Men's Timepieces by Rolex, Patek Philippe, Brei

Discussion in 'Classic Menswear' started by gdl203, May 20, 2007.

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  1. bdeuce22

    bdeuce22 Distinguished Member

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    seems like a logical place

    as i near closer to purchasing a watch (still undecided), i briefly have looked at insuring it. besides scheduling it on my homeowner's insurance are there any other options out there? homeowner's just seems the easiest to me. I was quoted $98/year for a $5K watch. doesn't seem too bad. covers theft, damage, loss, etc.
     


  2. echau

    echau Senior Member

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    Do you have several expensive watches that you leave at home? If so, invest in a safe.
    If you only have one expensive watch, then more than likely, you'll be wearing it most of the time. $98/year? Invest in a nice handgun instead :)
     


  3. bdeuce22

    bdeuce22 Distinguished Member

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    i have a couple $1000 watches that I received as gifts from my parents, but this will be my first $5K+ watch purchase. i already have a safe, but $100/year for peace of mind that "accidental loss" and "damage" is fully covered doesn't sound like a bad idea to me. i am really wondering if there are other options besides homeowners insurance.
     


  4. junior varsity

    junior varsity Distinguished Member

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    but if say you take a trip to west philly and get mugged... and make a claim - doesnt your home owners policy increase, like significantly?
     
    Last edited: Aug 17, 2011


  5. Rachelblack

    Rachelblack New Member

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    I want to get my father a watch for his 50th birthday this year. I came across the Pilot by Speidel and I think its an elegant timepiece. He is a pretty casual guy, so I wanted to get him something he can wear anywhere. Thoughts?[​IMG]
     


  6. bdeuce22

    bdeuce22 Distinguished Member

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    good question. i didn't ask that. ideally, i won't be mugged and seeing that my homeowners for the year is sub $1K, i can't see the premium for that jumping a lot.
     


  7. Gdot

    Gdot Distinguished Member

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    Dude - the guy lives in Detroit - he doesn't need to go to Philly to get mugged! :lol:

    Before everyone starts to hate - it's just a joke - I know there are still some very nice areas around Detroit - some of them are VERY nice.

    As to insurance - the last time I spoke with my agent he offered me two options - one was simply insurance on a piece by piece basis for jewelry, and the other was a rider on my homeowners. The rider was much less expensive so I went with that for the few pieces that I actually decided to insure.

    I presume you are aware that you must schedule each item individually. And that you also should keep receipts, serial numbers and photos of each item in a safe deposit box. I believe many policies actually have specific requirements for how often you must update the list. You certainly want to notify them if you sell something - as it will reduce your costs.

    When it comes to easily portable items like jewelry/watches the insurance companies can get pretty cranky if you ever need to make a claim - as you can imagine. So it's much quicker to simply have all of your 'ducks in a row' in advance.

    I think you also should evaluate the actual risk associated with the item. As sometimes it is just smarter to not worry about insuring against the potential loss than it is to pay insurance for 20 years on something that you could just replace if you had to. The concept is called 'self insurance'.
     


  8. ThinkDerm

    ThinkDerm Stylish Dinosaur

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    Great post.
     


  9. bdeuce22

    bdeuce22 Distinguished Member

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    thanks for the post. i'm actually not IN detroit. northern suburbs. i guess for peace of mind at first, i'll pay the $100/year. at the point in time where i am not worrying about it, i can always turn it off.
     
    Last edited: Aug 18, 2011


  10. antikantian

    antikantian Senior Member

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    I actually just spoke with my insurance agent (State Farm) yesterday, and he said that my homeowners insurance covered jewelry up to a maximum of $1,500 or $5,000 (he was throwing a bunch of numbers at me, and MEGO set in). He offered me a separate personal item policy, priced at $1 per $100 of value.
     


  11. Rambo

    Rambo Stylish Dinosaur

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    I'M IN MIAMI, BITCH
    

    Struck out again with this at another high end jewelry shop. A poster in this thread thought I should take it to one of those mall kiosk Fast Fix joints. I didn't know those places did service on automatics. Thoughts?
     


  12. giony

    giony Senior Member

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  13. giony

    giony Senior Member

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  14. usctrojans31

    usctrojans31 Distinguished Member

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    Not to completely contradict your post, but that is actually retention.

    Self-insurance would involve the poster putting his would be premium in a secured investment to pay for either partial or total loss, thus becoming the self-insurer of the product.

    bdeuce22 - look into Lloyd's of London as they often insure obscure pieces. Also, you should be able to have a separate policy that should cover you if need be, or depending on how much you have covered, move into umbrella insurance.
     


  15. impolyt_one

    impolyt_one Stylish Dinosaur

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    The guy doesn't need Lloyd's of London for a $5,000 watch, wtf.
     


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