1. How to Choose an Insurance Plan
Different usage habits require entirely different insurance plans. Choosing the wrong one could lead to "no payout when you go out" or "no payout for excess claims."
High-Value Carriers: If you frequently carry luxury watches, jewelry, or designer handbags, consider specialized property insurance that covers accidental damage, theft, and loss worldwide. Annual premiums typically range from 1% to 3% of the insured value. For example, a 10 yuan handbag may cost only 1000–3000 yuan per year in coverage—travel with peace of mind.
Home Collectors: Keep luxury items at home and add a valuable items rider to your premium home insurance for as low as 200–500 per year, covering up to 5–10. However, coverage is limited to risks within your home; incidents outside are not covered, with a maximum payout of approximately 2 per item.
For buyers on the second-hand platform: Items purchased on the platform are eligible for our specialized insurance. The annual premium is approximately 5% to 10% of the coverage amount. For a $2,000 coverage limit, the annual fee is about $3–$4. Note that this insurance applies only to items sold by the platform; purchases made elsewhere are not covered.
II. Key Details on Valuation and Terms
The coverage amount you enter at checkout directly determines your claim payout.随意 filling in the purchase price is the biggest pitfall.
Insure at Replacement Value: Coverage should be based on the current fair market value, not the original purchase price. For example, if you bought a bag for 3 yuan 5 years ago and its current second-hand value is 1.5 yuan, set your coverage amount to 1.5 yuan. Insuring for 3 yuan will only increase your premium; claims will still be settled at 1.5 yuan.
Choose "Comprehensive Coverage": Covers all accidental losses except those excluded (e.g., breakage, scratches, theft). It costs 10%~20% more than "Named Perils," but offers greater peace of mind for daily commuting. Named Perils only covers specific risks listed in the policy, such as fire, explosion, or theft. This option is better suited for items stored long-term or used infrequently.
Review Deductibles and Per-Item Limits: Most policies have a deductible of 500–2000 CNY; claims below this amount are not covered. Some policies also impose a per-item limit of 10 or 20 ten thousand CNY; amounts exceeding this require separate coverage.
III. Claims Process
Claims follow the standard process: report incident → submit documents → investigation & assessment → payout. The key is to promptly secure evidence and submit a complete proof of value.
Report promptly: Notify the insurer within 10 days of the incident. For theft, file a police report and obtain an official receipt within 24 hours. Property insurance claims generally require reporting within 24 hours.
Documents Required: Core documents include receipts/invoices (to verify value), police reports, and photos/videos of the scene (to preserve evidence). An invoice is not the only valid proof; brand counter repair estimates or third-party appraisal reports are also acceptable.
Claims Assessment Timeline: Per the Insurance Law, insurers must complete their assessment within 30 days of receiving a claim. If no assessment is made and no request for additional documentation is issued within 30 days, it is deemed as automatic approval of the claim.
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