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Insurance for Watches

2K views 17 replies 14 participants last post by  Rolexplorer 
#1 ·
I am sure most of you probably already know this but I thought I'd bring it up just in case any of you are new to watch collecting like me and didn't realize your current insurance wouldn't cover your watches in a worst case scenario.

If you are buying one or more expensive watches chances are you need a Personal Articles Policy, sometimes called a Jewelry Policy or Personal Property Policy.

Without that additional coverage, if something were to happen to your watches, you may have to meet your homeowner's deductible and even then it might only cover loss up to say $1,500 on a single item.

Depending on the terms and amounts of the coverage, the annual premium should cost around .5% of the value of your watches with full replacement coverage and no deductible. This policy should have you covered for theft/damage in the home as well as theft/damage outside of your home.



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#4 ·
Sounds about right, I have a jewelry policy for my watches. No deductible, full replacement with a new watch. Seemed like a reasonable idea. My mother had the same policy for her jewelry. Lost a very expensive ring. Had a check in hand within a couple of weeks.
 
#7 ·
Watch Insurance?

I don't buy high priced watches, but I do have plenty of watches (about 30 wrist and 20 pocket), with replacement costs of a few highs at £1000+ to plenty of lows at £75+ with an average of around £200 (200 X 50 = approx £10,000 as a quick calculation). If someone does break in or my house bursts into flames or whatever, how do I stand? What do you guys do with a changing watch collection? Do you take additional insurance or just hope your home contents cover your collection? I'm in the UK (obviously £) but how do you guys cover yourselves in case the worse happens?
 
#8 ·
Re: Watch Insurance?

Your best bet, really, is to speak to your insurers first and foremost. They should be able to advise you how to cover your collection. You'll need to ensure you have plenty of cover to 'replace' the items should the worst ever happen. Better to over cover as opposed to under cover.

Take photos of all the items, keep receipts and valuations as necessary. All will help if you do suffer a loss.

I'm afraid I've got 30 years + experience of dealing with claims in the UK ( sad, I know!) Give me a shout if you want specific help.

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#10 ·
Re: Watch Insurance?

Your best bet, really, is to speak to your insurers first and foremost. They should be able to advise you how to cover your collection. You'll need to ensure you have plenty of cover to 'replace' the items should the worst ever happen. Better to over cover as opposed to under cover.

Take photos of all the items, keep receipts and valuations as necessary. All will help if you do suffer a loss.

I'm afraid I've got 30 years + experience of dealing with claims in the UK ( sad, I know!) Give me a shout if you want specific help.

Sent from my SM-G935F using Tapatalk
My home insurance (contents) is a bit vague on watches, things like up to a thousand pounds per watch, but doesn't mention say ten watches at £800 each, or a pocket watch I bought for fifty quid thats now worth X and is now almost irreplaceable like for like (so may be worth X, say £300 or more) but can't be replaced?
 
#11 ·
Re: Watch Insurance?

There will be an overall valuables limit written into your schedule, with a further single item limit as well. Check that out first. The single article limit is normally around £1,000 and; the valuables limit is normally 33% of your contents sum insured (for example a £50k contents sum insured would have a £16,500 valuables limit). You do need to double check this though.

If thats enough to cover all you watches and you've not got any that are worth £1000 on their own, you should be alright.

With regards to value, you're looking at the current cost to replace the item, if it was available to purchase on the UK at the time of loss. This is a bit more difficult, so make sure you 'over cover.' If you did suffer a loss, insurers would use specialist jewellers to value the items for settlement purposes, but it's better to know what to expect in advance.

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#12 ·
Re: Watch Insurance?

There will be an overall valuables limit written into your schedule, with a further single item limit as well. Check that out first. The single article limit is normally around £1,000 and; the valuables limit is normally 33% of your contents sum insured (for example a £50k contents sum insured would have a £16,500 valuables limit). You do need to double check this though.

If thats enough to cover all you watches and you've not got any that are worth £1000 on their own, you should be alright.

With regards to value, you're looking at the current cost to replace the item, if it was available to purchase on the UK at the time of loss. This is a bit more difficult, so make sure you 'over cover.' If you did suffer a loss, insurers would use specialist jewellers to value the items for settlement purposes, but it's better to know what to expect in advance.

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Cheers, I'll take a good read of my contents policy and see where I stand.
 
#16 ·
Re: Watch Insurance?

I'm in the UK and my home & contents insurance covers it as standard - only individual items worth over 5k need to be separately listed.
Yes, varies from company to company. Always need to check and also ensure you have enough cover away from home, if you take your watches out.

Likewise, some companies will insist all your accessible doors and windows have locks; and they are put into use when you go out or retire for the night. Some don't. It's a bit if a minefield at times!

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#17 ·
I have additional insurance on every watch above $1k in value. Costs me 1% per annum, but I can essentially leave a watch on a train by mistake and get reimbursed for the full amount. No requirements for locked doors, safe etc.
 
#18 ·
An insurer wanted to open all my watches for inspection/verification and recording of applicable movement numbers.

I refused that action, politely declined their insurance, and they were not happy.

My large safe's are enough, I suppose. My main concern, and it wasn't much at all, was for strong arm robbery and accidental damage.
 
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