As far as I am aware the insurance valuation needs to be done by insurance approved company not grey dealers
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Hi chaps, I contacted TH March to insure a few watches and was told any watch over £1,000.00 will require a valuation report. I have done a search and it seems a few grey dealers will do a valuation report for £50 or so.
Does anyone have any recommendations for where I can get a few valuations that worked out for them? I want to make sure my watch is insured at market value instead of MSRP and thats why I want this to be done properly.
(My home contents insurance cannot insure the value of my watches).
Thank you in advance!
As far as I am aware the insurance valuation needs to be done by insurance approved company not grey dealers
Sent from my SM-A245F using TZ-UK mobile app
My insurance company accepted valuations from Luxe Watches (free valuation for first item)! and Swiss Timepieces who were all pretty cheap. All done remotely as well.
It’s often not until you need to make a claim that the importance of the right TYPE of valuation one should have had becomes clear.
I write as designated “Specialist Valuer” of the Jewellery Valuers Associations in this field.
The term “Insurance Value” is not one of the recognised classifications. There are a number which could be appropriate, including New Replacement Valuation, Secondhand Replacement Valuation, ones for Probate, Family Division etc. It is important that the right type is agreed - and that the valuer can demonstrate their competence in appraising the item. Too many valuers, whether competent in jewellery or not, are not equipped correctly to identify and appraise what might be a Rolex watch.
It is not uncommon for me to be asked to revisit a valuation and for it then to be overturned.
Frustratingly, those who rattle off valuations without the requisite knowledge or experience usually charge as much as those whose professional expertise merits a proper fee.
There are two reputable valuer bodies in the UK, in both of which I have a foot : the Jewellery Valuers Association and the Institute of Registered Valuers.
Anyone can write a valuation, That doesn't mean it follows best practice, contains what it needs or will protect you from challenge in the event of loss.
Who signed it, when, and what are their qualifications ?
Do they make it clear whether the valuation is for New replacement, Secondhand replacement,
Reasonable Compensation Value or some other basis of value?
Insurers and auction houses themselves often get it wrong. The insured seems often then to pay the price in the event of a disputed claim.
You should look to find a valuer who is JVA or IRV qualified and registered.
They will be able to help you
JW
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Crap though when the Replacement Value is one price (which in the example of Rolex ,AP and the likes of PP you can't actually replace)....and the market value is another price , which if insured at , you could replace....
But obviously, the Market Value fluctuates ....