The Rolex Watch Insurance Scam
Here’s how it works:
The list price for a Rolex Daytona is £9200.
You put your name on a waiting list.
You are told it could take 5 years, or most likely never.
You decide to buy a nearly new Daytona.
You pay the going price of £16,900.
You have all the official documentation.
You insure the watch for £16,900.
You've done everything right, good work.
Your watch is stolen.
But. there’s no panic. You have insurance. You’ve done everything right.
So, you claim on your insurance to replace your watch.
Your Insurance company tell you you have to deal with their 'preferred' retailer.
You are told the watch only has a retail price of £9200.
You are issued with 'vouchers' to the amount of £9200.
Their preferred retailer doesn't even accept vouchers for Rolex watches.
You suddenly realise that you have no chance of replacing your Rolex watch.
Pretty much all steel Rolex Sports have long waiting lists to buy new. If you own one, and in the event of it being stolen or going missing, even if you think you are insured, it will be impossible to replace at the retail value.
Now, certain insurers do allow cover at the going market rate, not the retail price. My strong advice is to seek them out and pay the extra cost.
I hate everything to do with insurers who have 'voucher schemes' with 'preferred suppliers'. These simply do not work for the vast majority of claims.
Call 01423 523596 to book your valuation today.