Do I need to insure this inherited Rolex?
Discussion
Dear all
I inherited only one thing from my father (long story) and it was his Rolex. I know nothing about watches and will never sell for obvious reasons, but does it have much value and should I itemise it on my household insurance? Not in the best condition with scratches to band and face but otherwise works beautifully. Thank you in advance for any help!
I inherited only one thing from my father (long story) and it was his Rolex. I know nothing about watches and will never sell for obvious reasons, but does it have much value and should I itemise it on my household insurance? Not in the best condition with scratches to band and face but otherwise works beautifully. Thank you in advance for any help!
For peace of mind any item over £1000 (sometimes £1500 dependant on provider) should be individually valued and itemised on your insurance if you want cover in the event of loss, damage or theft. Or.......you could risk it and not bother. Your watch is worth over £2000, probably nearer £3k to replace as new so I know what I'd do.
An professional insurance valuation will probably cost you a couple of hundred quid in my experience.
An professional insurance valuation will probably cost you a couple of hundred quid in my experience.
'Insurance valuations' are a lark, or maybe better described as a scam.
If you did want to improve its appearance then Id suggest that you have a new crystal fitted and keep the old one. Theyre surprisingly cheap too.
Id take a number of good quality photographs of the piece as it is and then some of the model number and the serial number (between the lugs where the strap ends fit) after the bracelet has been removed.
It can be polished if that's what youd like. It wont really affect the value so its up to you. Id probably replace the crystal and leave the scratches as they are.
The current equivalent Oyster Date model 115200 retails at £4,200. You will need to check your insurance documents to see what the threshold for notification is and what policy limits apply. Id hope that theyre high enough for it not to be an issue but there are still some new for old policies about with comical early nineties-esque £1,500 limits.
If you did want to improve its appearance then Id suggest that you have a new crystal fitted and keep the old one. Theyre surprisingly cheap too.
Id take a number of good quality photographs of the piece as it is and then some of the model number and the serial number (between the lugs where the strap ends fit) after the bracelet has been removed.
It can be polished if that's what youd like. It wont really affect the value so its up to you. Id probably replace the crystal and leave the scratches as they are.
The current equivalent Oyster Date model 115200 retails at £4,200. You will need to check your insurance documents to see what the threshold for notification is and what policy limits apply. Id hope that theyre high enough for it not to be an issue but there are still some new for old policies about with comical early nineties-esque £1,500 limits.
Stevemr said:
I had a similar quandry with my grandfathers watch.
Did not bother to insure it as its value to me is that it was his, therefor cash could not actually replace it in any way. So could see no point in paying out extrat on house insurance.
I belive this could be a mistake, if you under insure your contents they simply reduce the payout by the percentage underinsured. Did not bother to insure it as its value to me is that it was his, therefor cash could not actually replace it in any way. So could see no point in paying out extrat on house insurance.
So £50k contents is actually £75K they would payout 2/3 of the value of what was claimed for.
All very helpful posts - much appreciated.
I think that in the unfortunate event of a total loss my father would have wholeheartedly approved of putting any insurance monies into a classic car which would remind me of him. He owned a DB4/2, many Beemers including 635 and 2002 and chucked in a few quid to help me buy a 308 GT4 to cheer us both up when mum died. I can't afford anything too exotic for a while with family commitments but am putting a small fund together that might get me into something in a few years
I think that in the unfortunate event of a total loss my father would have wholeheartedly approved of putting any insurance monies into a classic car which would remind me of him. He owned a DB4/2, many Beemers including 635 and 2002 and chucked in a few quid to help me buy a 308 GT4 to cheer us both up when mum died. I can't afford anything too exotic for a while with family commitments but am putting a small fund together that might get me into something in a few years
Send it to Duncan at Genesis. It'll come back like new (if you want) or retaining a nice patina and running beautifully. Then just wear it and if its value (probably around 1750-2k) breaches your single item limit on your insurance then list it. You might want to have good away from home cover too.
DKL said:
Send it to Duncan at Genesis. It'll come back like new (if you want) or retaining a nice patina and running beautifully. Then just wear it and if its value (probably around 1750-2k) breaches your single item limit on your insurance then list it. You might want to have good away from home cover too.
Do you have a link?GC8 said:
Its value isn't £2,000, it is definitely £4,200 as I stated earlier in the thread. I came to this figure by carefully looking at Rolex's latest price list.
Virtually all (and all decent) home insurance policies are new for old, not indemnity.
Thank you - subtle but important difference noted. I have not had chance to look at T&Cs yet as poorly in bed but the support on here keeping my spirits up! Awaiting minor op in a couple of days which should sort me out!Virtually all (and all decent) home insurance policies are new for old, not indemnity.
Duncan's contact details should be in every watch lovers favourites, along with Steve Burrage's too: http://www.rytetimewatchrepairs.co.uk/
Gassing Station | Watches | Top of Page | What's New | My Stuff