Appraising/Insuring pre-owned timepieces?
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  1. #1
    Member Btreichel87's Avatar
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    Appraising/Insuring pre-owned timepieces?

    Now that i've got a few watches I think i'm going to hold on to, i'm looking at insuring the lot to cover anything catastrophic from happening.
    The insurance company however is requesting a receipt or an appraisal of the watch in order to insure it.

    When buying a preowned watch from a private seller on WUS (or similar forum), how do the rest of WUS'ers handle getting these timepieces insured? I have a receipt for my latest purchase, but nothing from a purchase that I made a year ago.

    Do I get an appraisal? If so, where should i look to get that done? How do they calculate the every changing value of a preowned discontinued timepiece? Who is even qualified to do so?

    Hoping others can help me navigate this one. Thanks!
    Instagram: watch_wisco

  2. #2
    Member SaoDavi's Avatar
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    Re: Appraising/Insuring pre-owned timepieces?

    Purchasing pre-owned, even via PayPal or check, is a form of a receipt.

    My insurance company doesn't require such documentation. You might want to check with other agencies.

    Also, I think some of my valuables (watches and jewelry) are covered with a rider on my home owners policy.

  3. #3
    Member Btreichel87's Avatar
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    Re: Appraising/Insuring pre-owned timepieces?

    Quote Originally Posted by SaoDavi View Post
    Purchasing pre-owned, even via PayPal or check, is a form of a receipt.

    My insurance company doesn't require such documentation. You might want to check with other agencies.

    Also, I think some of my valuables (watches and jewelry) are covered with a rider on my home owners policy.
    How much do you think is reasonable. The quote right now is ~1% annual premium of the total value of the watch.

    Sent from my Pixel 2 using Tapatalk
    Last edited by Btreichel87; August 22nd, 2018 at 15:47.
    Instagram: watch_wisco

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  5. #4
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    Re: Appraising/Insuring pre-owned timepieces?

    My insurer does require either an appraisal or receipt. Without a receipt, I would take a watch to my local AD who does appraisals (and who we do enough business with--both in watches and in jewelry--that he doesn't charge me anything for them). I'm generally looking to insure the watch for about what I paid for it, and I'll tell the appraiser what that number is. If I had a rare vintage piece, acquired decades ago, then maybe he'd have to do a lot more work to value it (though I would probably still have a strong sense of what it's worth, and communicate that to him).

    As an annual insurance premium, I've been paying about 0.4% of the appraised value.
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  6. #5
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    Re: Appraising/Insuring pre-owned timepieces?

    Quote Originally Posted by Btreichel87 View Post
    How much do you think is reasonable. The quote right now is ~1% annual premium of the total value of the watch.

    Sent from my Pixel 2 using Tapatalk
    im an insurer and i don't see a problem there, if you want i can sell you insurance for that but it is tied to your house too.

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