Watch Valuation for House Insurance

Dev1234

Hi all,

Looking for some help.

I picked up a new Omega Speedmaster earlier this year through Chrono24 (shop in the UK) and I want get it included in the house insurance.

I need to get it valued and I've rang three jewelers in Galway and none of them provide valuations for watches bought elsewhere.

I've yet to contact the UK shop but will send off an email later today. Not sure if they will provide one as I'm presuming I need to show proof that the watch is still in my possession?

Anyone know where I could get the watch valued? Willing to cover any cost associated with it.

Thanks

CalamariFritti

Wouldnt the value just be what you paid for it? Receipt, job done?

Dev1234

CalamariFritti wrote: »

Wouldnt the value just be what you paid for it? Receipt, job done?

Was just thinking that CF.

My thoughts were that I should be insuring it for the cost of replacing it not what I paid for it. I had a look on Chrono24 and a new Speedie has increased in the last couple of months and the list value would be a fair chunk more than I paid for it if I went through an AD.

I'm not sure if its similar to insuring your house. You might have paid x for it but if you had to build it from scratch it may cost x+y so you insure it for x+y.

Or if you got a deal on a new car I'm thinking you would insure it for the replacement cost not what you paid.

Open to correction though.

Fitz II

Take it into Dawson Jewellers, 100 euro they will value it while you wait.

unkel

I was in the same predicament a few months ago. For my insurer (Zurich) a receipt would have done. Bought the watch from a trader, but he wasn't really capable of providing me with an adequate receipt (private person, not a shop, he's from the other side of the globe and not a native English speaker )

So I needed to get an independent valuation. Weir's were happy to do one for me. Bargain at €250 :rolleyes:

Ended up with my local jeweler doing it for €30. All he did was print one of his standard forms (full of spelling mistakes, even got the name of the watch wrong) and he picked the valuation straight from chrono24 (average price). Job done though :rolleyes:

893bet

unkel wrote: »

I was in the same predicament a few months ago. For my insurer (Zurich) a receipt would have done. Bought the watch from a trader, but he wasn't really capable of providing me with an adequate receipt (private person, not a shop, he's from the other side of the globe and not a native English speaker )

So I needed to get an independent valuation. Weir's were happy to do one for me. Bargain at €250 :rolleyes:

Ended up with my local jeweler doing it for €30. All he did was print one of his standard forms (full of spelling mistakes, even got the name of the watch wrong) and he picked the valuation straight from chrono24 (average price). Job done though :rolleyes:

Assume that was for the Milgauss.

Jesus Weirs fairly take the piss at 250.

Literally take them less than 10 minutes.

Wibbs

Weir always took the piss in my experience. I recall my dad noting it way back when.

Dev1234

Thanks folks.

Was thinking of going the local jeweler route as well if I can't get to Dublin in the next couple of weeks.

I was surprised that the jewelers I rang would only provide a valuation if I bought the watch there.

Funny thing is I'm on the look out for a ring for my better half to the tune of the Speedie.

I'm not sure the burden a valuation puts on a jeweler but I was willing to pay a reasonable price for it, they would have generated some footfall for themselves which I'm sure they are missing and may have bagged a potential sale!!

Even if I wasn't looking for a ring it just seemed a bit short sighted but I'm not in the business so maybe I'm missing something.

Thanks again

unkel

893bet wrote: »

Assume that was for the Milgauss.

Jesus Weirs fairly take the piss at 250.

Literally take them less than 10 minutes.

That was for the Explorer. But I think they have a fixed price for any Rolex.

unkel

Dev1234 wrote: »

I was surprised that the jewelers I rang would only provide a valuation if I bought the watch there.

It's a bit tricky in fairness. I doubt that your local jeweler, who might have never seen a Rolex up close and personal in his life, would be able to distinguish a good modern fake from a real one. So they would probably only do a valuation if they personally know you and trust you. They'd have to stand over their valuation to some extent.

A pro in Weir's or Dawson's can make this distinction.

Dev1234

unkel wrote: »

It's a bit tricky in fairness. I doubt that your local jeweler, who might have never seen a Rolex up close and personal in his life, would be able to distinguish a good modern fake from a real one. So they would probably only do a valuation if they personally know you and trust you. They'd have to stand over their valuation to some extent.

A pro in Weir's or Dawson's can make this distinction.

Fully agree with the local jeweler maybe not willing to stand over a valuation if they are not comfortable but one of the places I rang is an antique shop selling multiple Rolex and Omega watches. Their reply was "it takes too much time"!!!

Lost opportunity for me to go in and have a nose for a ring (and my next watch!!).

Will check out Dawson's in a couple of weeks all going well.

Thanks again.

redlead

I don't think a speedmaster is valuable or rare enough to justify getting them independently valued. You know what they are worth after 2 mins on the Internet and there are tonnes of them being bought and sold every day. My experience with house insurers is they will just insure it for what you tell them you want to insure it for. If you bought grey Market, just insure it at the current grey market rate and if you bought from a dealer, value at close to retail. Save yourself the money. Theres guys here with Vacherons, APs, Lange's etc. I'm sure they probably need to look at valuations but really don't think its necessary for a speedie.

Deep Thought

redlead wrote: »

I don't think a speedmaster is valuable or rare enough to justify getting them independently valued. You know what they are worth after 2 mins on the Internet and there are tonnes of them being bought and sold every day. My experience with house insurers is they will just insure it for what you tell them you want to insure it for. If you bought grey Market, just insure it at the current grey market rate and if you bought from a dealer, value at close to retail. Save yourself the money. Theres guys here with Vacherons, APs, Lange's etc. I'm sure they probably need to look at valuations but really don't think its necessary for a speedie.

When I had my Speedmaster I added it to my insurance. I had to phone them to add it , but they didn’t ask for a valuation

tjhook

How do you guys manage with insurance renewals?

I've never had a watch valuable enough to specify on home insurance, but there is another piece of jewellery in the house that costs as much as a Rolex. Every year when the home insurance premium inevitably goes up, I "shop around" for a better deal. And every time, the new insurer insists on a valuation that's less than 6 months old.

Do you get new valuations for your watch collection every year? Or stay with the same insurer and just swallow the increases? Or maybe I'm just unlucky with the insurers I've gone with.

Eoin

I went to a guy who specialises in valuations to get my wife's engagement rings, and a couple of my watches valued for my home insurance. He's based in Dublin, near Dame street IIRC and did it while I waited - didn't need to leave them with him. I can dig out the details if you want.

hitemfrank

Was is these chaps?

https://irishvaluations.com/

Eoin

hitemfrank wrote: »

Was is these chaps?

https://irishvaluations.com/

That's the guy! Very nice to deal with.

893bet

Reasonable pricing if you are doing a few items especially.

Dev1234

Thanks folks