Lavalier offers many discounts and other ways to help you save money on your watch insurance.
Lavalier has a variety of discounts; You can save by keeping your watch in a home safe, using a home alarm, or having a gemstone grading report from a trusted firm. Storing your watch in a bank vault or safe deposit box also earns you a discount.
As with other insurance companies, you can reduce your premium by choosing a higher deductible. Lavalier offers a wide range of deductibles, from $0 to $25,000, but remember that a higher deductible means paying more out of pocket for a loss.
Note
Lavalier has the highest premiums Investopedia found among watch insurers, but only by a couple of dollars per year.
Lavalier’s unscheduled jewelry endorsement lets you insure a number of items worth less than $1,000 each without appraisals, which can be an affordable way to cover a lot of lower-value pieces. If you have a claim, you’ll pay a $100 deductible for each occurrence for an unscheduled item. Unlike Lavalier’s main policy, the endorsement does not cover mysterious disappearances.
To get a quote for your coverage, you only need to input your ZIP code, type of jewelry, desired deductible, and estimated value into the Lavalier online quote tool. You can also apply online, but you’ll need an appraisal for items worth at least $5,000. For lower-valued items, you can just submit a detailed receipt.
Lavalier’s coverage limits are higher than GemShields’, at $150,000 for the policy and $50,000 per piece, but they’re much lower than limits other competitors offer. As with GemShield, policies include limited coverage for new jewelry. However, the main policy only covers 100% of an item’s value, with no inflation provisions. Lavalier encourages customers to periodically get new appraisals and adjust coverage limits accordingly.
Tip
If you’re buying a policy with 100% coverage, you may want to choose a repair or replacement level equal to the value of your item plus an estimate of inflation costs, or equal to your coverage limit, just to be safe.
Like GemShield, Lavalier’s policies are underwritten by Berkley National Insurance Company, which has an A grade financial strength rating from AM Best. Lavalier is based in New York City, and was founded in 2013.
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.