You can get a new one from a reputable seller online for about $900....so I would put a market value of approx $700 or so for yours (considering it has traded hands at least once - when your father acquired it). In my opinion unless you get an automatic Tag Heuer watch, which hold up their value much better and cost more too, there is no point in getting theft/damage insurance on this watch.
If you do end up getting a good discounted premium from a reputable insurance company that will not flinch when it comes to paying up, then maybe there is value in buying it.
Hope this helps.
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