Recently bought a nice watch (~$5k) and was curious as to anyone has had experience buying insurance (in case of loss, theft, etc.)
Specifically, a website called "Jewelers Mutual Insurance Company" has come up often in my research. They can offer coverage for $90 dollars a year, with a deductible of only $100.
Thanks!
same coverage carried over to liberty mutual when I consolidated coverage was around $300.
Anyway do what you gotta do but I just feel insuring a watch is money down the drain
I'm 27 so not a homeowner (so no insurance), but will talk to my parents about adding it on to theirs.
How do you lose a watch? By being a 23 year old living in Manhattan, of course.
Who knows. I've never really consistently worn a watch, so maybe I'm over thinking it!
In comment 12040097 Anando said:
I'm 27 so not a homeowner (so no insurance), but will talk to my parents about adding it on to theirs.
You can act like a man!!! (slaps Anando!!)
One on each or both on one?
In comment 12040097 Anando said:
Quote:
This is an older Rolex Explorer II I bought.
I'm 27 so not a homeowner (so no insurance), but will talk to my parents about adding it on to theirs.
haha no sir...
live in Manhattan (so I rent, don't have a few million laying around to buy an apartment)
worked in private equity since i graduated college in 2010...
quit work last week before starting business school so this was a gift to myself...don't really ever buy anything for myself...
You can act like a man!!! (slaps Anando!!)
i live in manhattan...don't think the extra money would help me buy a place ;)
i've saved a lot over the years and this is one of the few things I've ever splurged on!
My experience was that when they last asked me to renew my policy, they had detailed that they were under a new name and ownership and needed me to resubmit all this information by mail. It bothered me that they didn't seem to already have a record of my personal information and the insured item.
Additionally, their website was very bland and non-functional (you can't pull up any of your account information from it other than just your name). It all just didn't feel right so I moved on from it. I'd recommend rolling the coverage for your watch into your renter's insurance if you rent. If you don't rent, just wait till you do. Until then, keep the watch on your wrist or in a lockbox.
A friend of mine added a tennis bracelet to his homeowner's insurance. He filed a claim a few years later and his insurance was cancelled shortly thereafter.
I think its better to go with this company because they pay much quicker than homeowner's insurance and, if they wanted to cancel you, it doesnt affect your home or auto policy.
From ages of 22-27 I've saved about $150k in securities, cash, and my 401K (see! I'm responsible!)
I work a tough, high pressure job, and recently was accepted to a top 5-7 MBA program.
Spending $5k on a watch (that will last for a few decades) accounts to about 3.3% of my savings.
And yes, I absolutely agree that putting thst $5k in the bank could certainly help towards buying an apartment - every dollar counts, right?
But again, let's say I wanted to buy a 1 bedroom in the future, which in the building I rent in, currently goes for about $850k.
Assuming paying 20% down, 5k represents less than 3% of the cash Id need.
Oh, and I have a job already officially lined up after my MBA, so I'm also weighing this against future earnings.
Anyways, thanks for those who offered advice / guidance!
Just don't take the Rolex when you hike the A.T.