Reply With QuoteDon’t most insurers will want a more formal valuation (e.g. from a jeweller with some paperwork) than the views of an Internet forum. this might sting your friend if he has to make a claim down the line?
A friend is wanting to insure his watches, but is unsure of the value of these two. I was hoping that the collective could help as I know very little about Rolex. This isn’t a stealth sales thread
Any help gratefully received, thanks!
1984 GMT Master:
Original box as pictured, no paperwork barring receipt and letter from dealer he bought from.
Watch in good used condition, original dial
2015 Datejust:
Rarely worn, excellent condition.
Bought new, dealer in Dubai.
Transit box, presentation box, papers, id card and original receipt.
Model 116333
Don’t most insurers will want a more formal valuation (e.g. from a jeweller with some paperwork) than the views of an Internet forum. this might sting your friend if he has to make a claim down the line?
If he wants a insurance valuation then this is the price he would pay to go and buy the watch today from a dealer. Point him to Watchfinder but his insurance provider might want a formal valuation
Valuation is difficult with given pics. Better photos and close ups of dial and case are needed. If its a 1984 watch then I'm assuming a service dial and possibly hands. Insert may be service as well which all impact on the value, but it's a nice watch.
Need to read the terms of the insurance. My content insurance will value at cost to purchase a new replacement. Not great for an older Rolex with a value above the new rrp - even worse obviously when one cannot buy at rrp.
(Although I’m in this case fine to effectively under insure the watch, I can see a total mess if worse comes to worse and I make a claim)
Last edited by jonasy; 19th December 2020 at 22:24.
Your friend needs to pay for an insurance valuation by a specialist. They will need to have the watches in hand.
Your friend will also need to select an appropriate insurance policy with like for like replacement.
Thanks for the comments so far, his insurer does not need a formal valuation they just want to know a value to insure. They are happy with photos as proof of ownership so he just needs to know what to put in.
He likes watches but doesn’t know much about them, I have helped with the Omegas etc but Rolex I have no clue about hence the ask. It’s obviously difficult to get a formal valuation anyway, as he is older and in a vulnerable category, particularly as he’s now in tier 4.
Roughly, for insurance:
GMT - £10k
Datejust - £9k
But as said before, condition and other details will influence these significantly.
Are you absolutely sure your friend has read all the policy's terms and conditions including the 'small print' ... especially personal effects 'all risks'? Insurance companies do not usually insure high value items without official valuations.Originally Posted by Matt8500
dunk
"Well they would say that ... wouldn't they!"
Very few insurers offer insurance without a valuation.
Your friend first needs to find one that does.
He should then be able to declare his "collection" (2 watches in this case but might be worth bundling in any jewellery).
If he sends the insurer pictures of the watches (possibly serial numbers) and agrees a value that should be sufficient.
Note this is better done as part of a comprehensive insurance policy for what the insurance trade calls high net worth individuals. Such folk tend to want all risks insurance on their valuables but don't want to be arsed (and why should they) with traipsing to a jeweller every year and getting their bits and bobs valued.
This may change when they know the value of them. Usually they have an upper limit on what they will cover without a written valuation.
As has been said, a valuation for insurance is what you would pay to buy the watch in a shop today.
Not auction/forum etc.
Thanks guys. He has spoken to them but I have suggested he asks again. My insurer doesn’t require me to have valuations either, although I don’t have watches in the 5 figure range!
Thanks Colin for the rough valuations, does anyone else have a view on these and I can give them to him before he rings the company tomorrow?
The GMT has the original dial, bezel and hands.
Update and another question. My friend has not been well, but has spoken to the insurers and wants to be properly covered. Does anyone know of a reliable place to get valuations? Prepared to pay obviously, and would ideally be near High Wycombe or West Hampstead. It would be for the 2 Rolex above and some vintage Omega.
Official Watches do insurance valuations and are very reasonable.
The GMT is 10k all day of the week. REJ would want to make 1k-1.5k from it and I reckon they'd have it up for 11k or more.
https://www.royalexchangejewellers.c...ry/gmt-master/
The Chrono24 website has a useful my collection feature which dynamically reports ‘value’ and trending data.
For the GMT. I would try a vintage Rolex forum to get a replacement value. AD is not going to be up to date on older models. They're only going to be concerned with what they have.
You can also check Ebay completed auctions and take screen grabs of similar sold watches.
Datejust. As it's newer. Current value for replacement.
Insurer though may ask for a Rolex appraisal to guarantee watches are genuine before they're accepted for insurance
DON
Rolex AD in Windsor. They have provided with a valuation using a lot of detailed photos
Does the dial have Swiss only at the bottom of the gmt ?
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You and your Swiss dials !! ;)
Thanks all. No idea about Swiss only I would have to ask. Is that significant?
You should point out to your freind that insurers who ask for valuations will ask for one every year.
That get's expensive.
NFU mutual and Hiscox both have experience of dealing with insurance for high net worth individuals.
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