I have a thread here where I made notes about my comparisons of Jeweler's Mutual, Hodinkee and an Inland Marine Policy through my insurer. The perils and terms of the Hodinkee insurance for my watch seemed much more favorable. There was world wide coverage, and it was stated value for the payout (I used this appraisal service and used their insurance value). The Inland Marine Policy through my condo/car insurer had fine print for a market value payout.
In my research, Jewelers Mutual had a more complicated claims reimbursement. Hodinkee wires the funds to you. Jewelers Mutual claims had to be paid out by me buying a replacement watch. The original boem some has with this is when watched were going for more than retail price in 2021 and 2022 (not sure of the current market).. someone gave the example of how if the watch costs $20k, but market value had driven it up to it costing $25K now on the market ,you had to do something like buy a lesser value watch, or add your own money to the $20k to buy a replacement. Hodinkee, if your stated value appraisal was $25k, you would get that much back
I might have some of the details wrong now, but when I made the posts in my thread, they were accurate based on reading watch forums and the terms of the different policies.
In my research, Jewelers Mutual had a more complicated claims reimbursement. Hodinkee wires the funds to you. Jewelers Mutual claims had to be paid out by me buying a replacement watch. The original boem some has with this is when watched were going for more than retail price in 2021 and 2022 (not sure of the current market).. someone gave the example of how if the watch costs $20k, but market value had driven it up to it costing $25K now on the market ,you had to do something like buy a lesser value watch, or add your own money to the $20k to buy a replacement. Hodinkee, if your stated value appraisal was $25k, you would get that much back
I might have some of the details wrong now, but when I made the posts in my thread, they were accurate based on reading watch forums and the terms of the different policies.
Statistics: Posted by cubs1999 — Sun Nov 10, 2024 1:30 am — Replies 4 — Views 508