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Steve66

Watch Insurance - Advice needed

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Hi,

I have just purchased a beautiful watch for £4000 and assumed insuring the watch would not be too difficult...Was I wrong :(

The watch is discontinued (circa 1990's) and I was told in can only be insured for its modern equivalent replacement value (£16,000)!

I know very well that these watches normally sell for between £4500 - £6000 and all I wanted was to be able to insure it for the purchase price....computer says No!

There are also endorsements including having a new safe installed, all doors to be 5-lever, and the strap must be checked every 3 years.

This has taken all the pleasure away from my 4K watch and  I was wondering if anyone else has had this same problem and how they proceeded.

I don't understand why I can't insure it for the purchase price?

I don't want to sell it but I may have to with this current scenario.

Thanks,

Steve

 

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steve is this to add it to your present  house insurance?  you can get independent insurance, but sounds like you need to change your house insurer next time round to a more amenable one ?,

deano

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Hi Deano,

Yes, this is to add to my present house insurance (Direct Line)

Can you recommend anyone who is more understanding to watch collectors?

Thank you

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I go with M&S and they insure any single item up to a decent amount. Can’t remember off the top of my head but it’s  over 5k I’m sure. 

 

 

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Just found a company called Ripe Insurance.

Filled in their online quote form and received a good quote but they haven't asked for my address, home security questions etc...

They seem to have good reviews but none of these reviews mention making a claim.

https://www.ripeinsurance.co.uk/valuables/quote/

Has anybody on the forum heard of them or even better used them ?

Thanks

(I really want to keep this watch if I can and for the record, Direct Line want £600 per year to insure it)

 

@relaxer7 

Thanks relaxer7.

I have just checked the M&S website and they cover single items up to £15,000 with their premium cover

My new watch has a replacement value of £16,000 :(

This is a crazy scenario as in real terms my new watch is worth 25% of this ?

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I would actually go to an insurance broker who deals with high net worth individuals because they will have access to more suitable insurance products you can't get online and your sums insured will not be unusual for them to handle. 

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Every year I insure on the home insurance with no fuss. I do the usual comparison searches, check they are covered outside the home in the EU for holidays, check that there are no special terms and conditions, and then insure. They are insured for the value I've stated and not a new for old deal.

Direct Line are just being inflexible so get rid and go elsewhere.

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42 minutes ago, Muddy D said:

I would actually go to an insurance broker who deals with high net worth individuals because they will have access to more suitable insurance products you can't get online and your sums insured will not be unusual for them to handle. 

+1 as I used to be that broker before I retired.  Most specialist schemes are now online unless you have a large house and a lot of contents. Hiscox offer a suitable product if you Google them.    Another thing is to check the basis of cover.  This can either be replacement at current used value or replacement as new. 

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I have no trust or faith in Insurance companies after past issues...ie  broken windows being classed as "fair wear and tear"...

Buy a GOOD safe and rawbolt it to the wall and floor.

Roger

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Thank you everyone for your advice.

Panic over as I have found a reputable company who will insure all my watches for their second hand replacement value :clap:

Can a moderator please let me know if I am allowed to post this companys' name for anyone else who has experienced the same dilemma as me.

Thanks guys.

 

 

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I have just had a quote from LV Insurance for Home plus specified high value items over £2000 each (4 x Rolex watches and a diamond ring, all risks) for £150, no safe required. Watches less than £2,000 each are covered without specifying them.

Security has to be as follows: Windows all have to have key operated locks, double glazed doors have to have a three point locking system, other external doors 5 Lever mortice lock or existing lock plus top and bottom key operated locks.

Top floor flat so probably lower risk in terms of burglar entry but nevertheless I thought this was pretty good for cover from a major insurance company.  

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8 hours ago, JonnyOldBoy said:

Yes , this is pretty standard. If you have the usual higher security fixtures as mentioned then usually there are no problems including £2K+ items on a policy.

Also its worth mentioning that in any event , its always worth installing three star snap proof barrel locks on your external doors... They cost about £25 each , will not reduce your insurance premium by much ( if at all ) , but no professional burglar will waste the best part of an hour trying to fully drill the cylinder , when the next house may only have a two star lock and can be drilled and snapped in under 30 seconds.

Mine have these as fitted plus CCTV and a Central station alarm with movement sensors in all rooms.  Been robbed a few times over the years as well.    Incidentally most burglars look for the easiest way in and out of any property. Often they will leave doors alone and look at window access instead.  Most window locks are woefully inadequate and can be easily broken.   You have been warned... 

 

 

Most new doors have them 

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Coincidentally, I spoke to Zurich today to clarify my cover.... Theft, loss or damage in or out of the property for watches upto £1.5k already in the policy.

 

Wanted my new Tudor covered...  £11 extra! :thumbsup:

Edited by Jonesinamillion
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