Insurance Valuations
Discussion
Hi Peeps, I put my IWC gold Portuguese into our jeweller to be valued for insurance purposes and he is asking for the receipt to value it at the price I paid. Since I bought it in Barbados with a 30% discount on the UK retail I think this is a bit off, since if that was the case why am I paying him for the valuation when if, god forbid, it got lost or stolen I could just present the original receipt to the insurers.
Am I correct in my thinking?
G
Am I correct in my thinking?
G
VetteG said:
Hi Peeps, I put my IWC gold Portuguese into our jeweller to be valued for insurance purposes and he is asking for the receipt to value it at the price I paid. Since I bought it in Barbados with a 30% discount on the UK retail I think this is a bit off, since if that was the case why am I paying him for the valuation when if, god forbid, it got lost or stolen I could just present the original receipt to the insurers.
Am I correct in my thinking?
G
Spot on Vette. The valuation you require is an 'Insurance Valuation', which is the cost to replace the watch. This valuation for the purposes of insurance is the UK list price of an IWC Portuguese(presumably a current model). What your jeweller is suggesting is merely a case of 'pointing out the bleedin' obvious'. You know what you paid for it, what you want is a valuation confirming it's value should you be unfortunate enough to lose said item.Am I correct in my thinking?
G
Let's imagine you had bought a second hand watch, and it turned out to be worth a lot more than you paid for it. The valuation of the item would have no relation to the price paid. It works both ways, if you'd paid too much (it does happen) would the item value at a higher price because you'd bought badly?
Hope this helps....
Producing a valuation for your IWC is a 5 min job, I trust you being charged accordingly
Edited by Dominic H on Friday 1st February 09:23
Hi Dominic, I was hoping you might chip in. Yes it is the current model and my (or should I say my wife's jeweller) has had it for weeks. Keeps phoning my wife to see if she has found the original receipt. I think he is taking the proverbial, I am in Russia at the moment but when I go home next week I will go in and see him. Home is in Edinburgh and Hamilton & Inches are the local IWC dealer so I may well put it to them instead.
Graeme
Graeme
VetteG said:
Hi Dominic, I was hoping you might chip in. Yes it is the current model and my (or should I say my wife's jeweller) has had it for weeks. Keeps phoning my wife to see if she has found the original receipt. I think he is taking the proverbial, I am in Russia at the moment but when I go home next week I will go in and see him. Home is in Edinburgh and Hamilton & Inches are the local IWC dealer so I may well put it to them instead.
Graeme
Graeme,Graeme
Take it into H & I, and let them help. Alternatively, if you are in London you are welcome to call into the office and I'll take care of it for you. There's absolutely no reason why anyone would need to retain the watch, especially as it is a current model.
Dominic
Dominic H said:
Graeme,
Take it into H & I, and let them help. Alternatively, if you are in London you are welcome to call into the office and I'll take care of it for you. There's absolutely no reason why anyone would need to retain the watch, especially as it is a current model.
Dominic
Thanks I will give H&I a go, if they are as unhelpful then, although I wont be in London for a few months I may take you up on that.Take it into H & I, and let them help. Alternatively, if you are in London you are welcome to call into the office and I'll take care of it for you. There's absolutely no reason why anyone would need to retain the watch, especially as it is a current model.
Dominic
Cheers
Graeme
VetteG said:
BTW I just showed your post to my wife and she says that he quoted her 100 quid for the valuation!!
G
WTF - i thought he was taking the piss before this last post G
he wants £100 and for that he'll give you a letter stating how much you paid for it?!!!!!
i'd get the watch back sharpish and go elsewhere for everything watch related in the future
SpydieNut said:
VetteG said:
BTW I just showed your post to my wife and she says that he quoted her 100 quid for the valuation!!
G
WTF - i thought he was taking the piss before this last post G
he wants £100 and for that he'll give you a letter stating how much you paid for it?!!!!!
i'd get the watch back sharpish and go elsewhere for everything watch related in the future
G
VetteG said:
Hi Peeps, I put my IWC gold Portuguese into our jeweller to be valued for insurance purposes and he is asking for the receipt to value it at the price I paid. Since I bought it in Barbados with a 30% discount on the UK retail I think this is a bit off, since if that was the case why am I paying him for the valuation when if, god forbid, it got lost or stolen I could just present the original receipt to the insurers.
Am I correct in my thinking?
G
I guess if you don't get it valued at full UK retail replacement cost, when you present your receipt to the insurance company (with no valuation to back up its true replacement cost) they are unlikely to pay out more than the lower receipt value. The same would be true if you bought a second hand bargain. Without an independent valuation letter, who knows how much it was really worth after it's been lost / stolen?Am I correct in my thinking?
G
Hi Peeps,
Just thought I would update you. I spoke to Mr Haddock (Yes it is his name) and he said that the position was that insurance companies were increasingly vigilant about people buying things abroad, not paying tax and then wanting a full cash refund when they were lost or stolen, thereby profitting by the deal. I explained that when I bought the watch I was resident in Russia ( I still am) and if duty was liable then it would be paid there, however I am soon to return to UK and hence the reason for putting it on the valuation. At that point he said fair enough, and its a good job you bought it when you did since at that time gold was about $400 an ounce and now its $1000, so the watch has increase in value anyway. I have to call back later and collect the valuationa nd the watch. All a wee bit strange but we will see (I was warned by my wife not to fall out with him or else! I will let you know about the valuation later.
Graeme
Just thought I would update you. I spoke to Mr Haddock (Yes it is his name) and he said that the position was that insurance companies were increasingly vigilant about people buying things abroad, not paying tax and then wanting a full cash refund when they were lost or stolen, thereby profitting by the deal. I explained that when I bought the watch I was resident in Russia ( I still am) and if duty was liable then it would be paid there, however I am soon to return to UK and hence the reason for putting it on the valuation. At that point he said fair enough, and its a good job you bought it when you did since at that time gold was about $400 an ounce and now its $1000, so the watch has increase in value anyway. I have to call back later and collect the valuationa nd the watch. All a wee bit strange but we will see (I was warned by my wife not to fall out with him or else! I will let you know about the valuation later.
Graeme
VetteG said:
Hi Peeps,
Just thought I would update you. I spoke to Mr Haddock (Yes it is his name) and he said that the position was that insurance companies were increasingly vigilant about people buying things abroad, not paying tax and then wanting a full cash refund when they were lost or stolen, thereby profitting by the deal. I explained that when I bought the watch I was resident in Russia ( I still am) and if duty was liable then it would be paid there, however I am soon to return to UK and hence the reason for putting it on the valuation. At that point he said fair enough, and its a good job you bought it when you did since at that time gold was about $400 an ounce and now its $1000, so the watch has increase in value anyway. I have to call back later and collect the valuationa nd the watch. All a wee bit strange but we will see (I was warned by my wife not to fall out with him or else! I will let you know about the valuation later.
Graeme
I don't agree with Mr Haddock. Just thought I would update you. I spoke to Mr Haddock (Yes it is his name) and he said that the position was that insurance companies were increasingly vigilant about people buying things abroad, not paying tax and then wanting a full cash refund when they were lost or stolen, thereby profitting by the deal. I explained that when I bought the watch I was resident in Russia ( I still am) and if duty was liable then it would be paid there, however I am soon to return to UK and hence the reason for putting it on the valuation. At that point he said fair enough, and its a good job you bought it when you did since at that time gold was about $400 an ounce and now its $1000, so the watch has increase in value anyway. I have to call back later and collect the valuationa nd the watch. All a wee bit strange but we will see (I was warned by my wife not to fall out with him or else! I will let you know about the valuation later.
Graeme
You've gone to him for a valuation, a very straight forward process for a modern, current watch. To insist that he cannot produce the valuation without seeing the purchase invoice is not correct. The purchase price is irrelevant when producing a valuation.
What would Mr Haddock do in the following circumstances?
a.The watch was a gift, and you didn't know the value.
b.The watch was inherited, again you didn't know the value
c.You had misplaced the reciept.
It's not the concern of insurance companies regarding watches bought abroad, and the payment of the appropriate import duties and taxes, that is the responsibilty of HMRC.
Most of the major Insurance companies have an arrangement to settle direct with large jewellery companies such as Signet Group, Goldsmiths Group and so on in return for a large discount.
Preparing a valuation for a modern watch is straight forward, in your case the valuer should simply confirm the price of the Portuguese with IWC. The whole exercise should take a few minutes.
All seems very fishy......
Edited by Dominic H on Saturday 9th February 16:35
Hi,
Been reading for a while now. Anyway, I got myself a Carl F Bucherer watch a few months ago. I am just wondering how you go about insuring the watches? I am looking at getting another watch soon and then insurance crossed my mind? I work away and most of the time out of England with the watch on me.
Been reading for a while now. Anyway, I got myself a Carl F Bucherer watch a few months ago. I am just wondering how you go about insuring the watches? I am looking at getting another watch soon and then insurance crossed my mind? I work away and most of the time out of England with the watch on me.
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