Investing in a new or vintage Rolex watch requires responsibility on the part of the buyer, both before, and after the initial purchase. Since Rolex has the highest resale value of any luxury watch worldwide, it’s easy to think that there’s nothing left to do after completing the watch purchase. But, as mentioned, it’s not only important to purchase a Rolex watch responsibly; it’s equally important to insure your watch responsibly after that purchase.
Find an Experienced and Active Watch Appraiser
The first step towards insuring your Rolex is to have it appraised, but, the appraisal process is not as simple as it may sound. It requires finding an experienced and qualified appraiser who understands the importance of correctly valuing a used Rolex watch.
A responsible Rolex owner must investigate the background of any fine watch appraiser by first asking if they’re a member of any organizations such as The International Watch and Jewelry Guild and whether or not they stay active in the industry by attending trade conferences. An active appraiser is often a good sign that they follow the latest trends and guidelines associated with jewelry appraisal.
Avoid Overinflated Rolex Appraisals
Appraisal mistakes or oversight can be costly. First, an inflated appraisal means your appraisal fee is even more expensive. Most importantly, an inflated appraisal results in bloated insurance fees made toward your Rolex each and every month.
Insurance companies do not replace a lost or stolen Rolex with a new Rolex. Instead, they replace your watch with