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Best way to value a Rolex Explorer 214270?


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Wondering if the community on here will be able to help...

I currently have my Explorer insured for its retail price of 5.2k. However since it's discontinuation, market prices seem to be ranging from 6.5k - 7k. 

With this being my first Rolex, I'm not sure what the best way/who to contact in order to get this re-valued? Obviously I'd like this to be fully covered with my insurer (they have asked for it to be revalued).

Any help is much appreciated.

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Usually, insurers have a policy of only insuring the retail cost of replacement for items "where a suitable replacement is still available to purchase". So seeing as the watch is still available [ albeit in a different size etc etc ] , most insurers would only offer cost to replace at the RRP of the current model irrespective of the current Spiv-market prices for the older ones etc etc ..

There are a few bespoke policies available to protect "niche worth" for collectibles , but they cost mucho dinero.

So you may get a valuation and insure with you company against this valuation , but I would certainly advise reading the small print very carefully.

I do know actually of someone who got their toes burnt with this situation.

They had a pretty rare variant of an Omega Speedmaster issued only to the Asian market [ and effectively only really ever sold in Japan ] that was about 15 years old.

It got nicked.

The insurers would only pay the current price of a "similar" Speedy Auto.

The watch he lost was worth around £12K , the replacement offer from the insurer was around £4K. He was gutted, but it was there in the small print. 

So if in any doubt whatsoever , get it in writing from the insurer EXACTLY what you are insured for.

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1 hour ago, relaxer7 said:

Change your policy. I’m with AXA and insured for up to 10k on individual items up to 25k in total so thats my collection covered.  
 

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You could be insured for £1,000,000 but if they say that the watch was worth (or valued at / or a replacement would cost) £13.84, then you will be getting £13.84 and not a penny more (assuming you don't have an excess).

The limits on your policy have zero relevance to the amount you would received for an item (unless the item's value is greater than the individual valauables amount, obviously).

 

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2 hours ago, relaxer7 said:

Change your policy. I’m with AXA and insured for up to 10k on individual items up to 25k in total so thats my collection covered.  

With AXA (and probably all companies) you ned to check the policy and the policy booklet they issue - this can be 30+ pages. Although a single item may be covered up to £10k they may say you have to list any individual item over £X.. I am with them via the AA and last last year reported damage to a laptop and they said `no problem, get it repaired'. Sent the repair receipt and had an email asking if I wanted a cheque or payment direct to my bank account. Few minutes later another email saying claim rejected as a laptop is considered a `valuable' and not covered for accidental damage.

Lodged a complain on basis that there is no clear description of what are considered valuables in the section of the policy booklet relating to accidental cover and the face that the claims department did not pick up on that when I first lodged the claim - not expecting them to change their mind.

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15 minutes ago, richy176 said:

With AXA (and probably all companies) you ned to check the policy and the policy booklet they issue - this can be 30+ pages. Although a single item may be covered up to £10k they may say you have to list any individual item over £X.. I am with them via the AA and last last year reported damage to a laptop and they said `no problem, get it repaired'. Sent the repair receipt and had an email asking if I wanted a cheque or payment direct to my bank account. Few minutes later another email saying claim rejected as a laptop is considered a `valuable' and not covered for accidental damage.

Lodged a complain on basis that there is no clear description of what are considered valuables in the section of the policy booklet relating to accidental cover and the face that the claims department did not pick up on that when I first lodged the claim - not expecting them to change their mind.

You need to go on their Facebook page and keep posting this complaint. Pretty soon you be invited to PM them, you may get a resolution.  Also you have a case with the ombudsman here clearly. You acted on their instructions to get the item repaired, which they then reneged on. 

Personally I would not touch the AA with a barge pole after their loanshark behaviour over a loan a decade or so ago. 

Spent half a day sorting out a loan , then they called to say the cheque was ready to send to me and all I had to do was tap in the agreement code to start the loan and pay the £80 courier fee to get the cheque to me. I said "nope, just post it special delivery" , they said ok but if it does not arrive , tough , you still owe us the loan even if you never bank the cheque.

I told him to **** off and stick his cheque up his ar5e.

 

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