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relaxer7

Insurance

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I know the subject of insurance comes up quite a bit so thought this might be of help when considering watches and collections. It’s taken me an afternoon of reading lots of T&C’s from various rip off merchants Insurance companies so thought it could help somebody out.

I've been with M&S for the last two years but I’m not happy with yet another yearly price hike and their take it or leave attitude – they guy I spoke to told me that “M&S don’t negotiate on price and believe your renewal reflects the quality of our cover”. As you can imagine he got told to jog on. Anyway… after quite a bit of digging around, I've just signed up with AXA and their mid-tier offering (Home Sure plan) for £168. M&S wanted £240 for pretty much the same thing this year.

Some details from their T&C's below but in summary... a total valuables cover of £25K without having to specify items and a non-specific single valuable item of £25K. Specific items can be added for cover outside of the home for and additional cost if needed.


Valuables cover
Peace of mind that your prized possessions are insured - with one overall limit to cover all valuables in total. 

What it covers
Theft from home, or damage due to attempted theft
Major risks such as flooding, fire, escape of water and storm damage
Repair or replacement of valuables including: 
Jewellery, watches and items containing gold, silver or other precious metals
Paintings and other works of art
Collections of stamps, coins and medals

Single valuable item
We take special care of your most treasured possession, giving it a dedicated cover limit. 

What it covers
Your one most valuable item, up to the single valuable limit
Repair or replacement of your most valuable item, such as a diamond ring, a fine painting or an expensive watch
Theft from home, or damage due to attempted theft
Major risks such as flooding, fire, escape of water and storm damage

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Do you have to specify which item you class as the `single valuable item' as it appears to only cover one. Is the limit £25k or £2.5k. Does the policy cover buildings and contents? Price looks competitive.

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3 hours ago, richy176 said:

Do you have to specify which item you class as the `single valuable item' as it appears to only cover one. Is the limit £25k or £2.5k. Does the policy cover buildings and contents? Price looks competitive.

Single valuable item is a description for items of a certain value that you specify ,,, you specify them and then your premium is adjusted. Personally for me on my policy , anything over £4000 has to be specified. Which is fair enough I reckon.

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Does it cover basic contents like TV, sofa, computer, iPad, etc.?

Accidental damage?

Cover away from home?

Any EU cover, e.g. holidays?

I pay about the same with all of the above and in an ‘undesirable’ East London postcode.

As for the single item, sounds like a gimmick. 

 

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One thing I would advise, and this is regardless of the insurance company, is that you take a photo of the back of the watch with the warranty card and purchase receipt. Then other photos of the watch in a bundle with the box and ideally one on your wrist too. Just in case the insurance company question whether you really did purchase the watch and it is in your ownership.

There have been instances in the past where the insurance companies have questioned this and not paid out as a result.

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12 hours ago, JonnyOldBoy said:

Single valuable item is a description for items of a certain value that you specify ,,, you specify them and then your premium is adjusted. Personally for me on my policy , anything over £4000 has to be specified. Which is fair enough I reckon.

Yes Jonny - well aware of what it means  but if you read the bit about cover it says:- 

Single valuable item
We take special care of your most treasured possession, giving it a dedicated cover limit. 

 What it covers
Your one most valuable item, up to the single valuable limit
Repair or replacement of your most valuable item, such as a diamond ring, a fine painting or an expensive watch

Hence my asking if you have to specify that item an d also raises the question about other higher value items - most policies seem to require all items over a set limit to be declared.

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47 minutes ago, richy176 said:

Yes Jonny - well aware of what it means  but if you read the bit about cover it says:- 

Single valuable item
We take special care of your most treasured possession, giving it a dedicated cover limit. 

 What it covers
Your one most valuable item, up to the single valuable limit
Repair or replacement of your most valuable item, such as a diamond ring, a fine painting or an expensive watch

Hence my asking if you have to specify that item an d also raises the question about other higher value items - most policies seem to require all items over a set limit to be declared.

Ah yes ,,,, thats obviously ridiculous for people who have more than one item of high value !? but then again we left M&S home insurance years ago because they put our premium up by 43% for absolutely no reason  other than they hoped we would not notice.

I am sure they are great for some punters though.

Actually come to think of it , we ditched M&S credit card because they were equally as ridiculous. They blocked our cards when we tried to buy two suitcases online and when we called them up they said it was because it was suspicious and that our cards were now cancelled and two new ones would arrive "within 2 weeks". Luckily we had others to use so just told them to take a running jump. Two months later we got a call from M&S customer services saying they had put a £200 credit on our account and "hoped we would start using their card again" ....

But I digress.

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17 hours ago, richy176 said:

Do you have to specify which item you class as the `single valuable item' as it appears to only cover one. Is the limit £25k or £2.5k. Does the policy cover buildings and contents? Price looks competitive.

£10K for the single valuable item – my typo doh.  

9 hours ago, it'salivejim said:

Does it cover basic contents like TV, sofa, computer, iPad, etc.?

Accidental damage?

Cover away from home?

Any EU cover, e.g. holidays?

I pay about the same with all of the above and in an ‘undesirable’ East London postcode.

As for the single item, sounds like a gimmick. 

 

Everything but cover away from home but you can add it on as an extra if needed. 

No doubt the single £10K item cover comes out of the total £25K valuables limit – you know what they’re like!

1 hour ago, richy176 said:

Yes Jonny - well aware of what it means  but if you read the bit about cover it says:- 

Single valuable item
We take special care of your most treasured possession, giving it a dedicated cover limit. 

 What it covers
Your one most valuable item, up to the single valuable limit
Repair or replacement of your most valuable item, such as a diamond ring, a fine painting or an expensive watch

Hence my asking if you have to specify that item an d also raises the question about other higher value items - most policies seem to require all items over a set limit to be declared.

No - I haven't been asked to specify anything (just like M&S). Nearly all other policies I looked at wanted you to list anything over 2K or 4K.

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4 hours ago, Igerswis said:

One thing I would advise, and this is regardless of the insurance company, is that you take a photo of the back of the watch with the warranty card and purchase receipt. Then other photos of the watch in a bundle with the box and ideally one on your wrist too. Just in case the insurance company question whether you really did purchase the watch and it is in your ownership.

There have been instances in the past where the insurance companies have questioned this and not paid out as a result.

once knew a footy ref who insured his kit twice, when it got nicked he claimed on both policies, the Lancashire Combination struck him off.  

my collection value is

Seiko t32 69 quid

seiko t92 51 quid

seiko t62 110 quid (that was the pricey one)

seiko t34 70 quid

Pulsar y182 28 quid

Seiko a127 30 quid

probably not worth insuring? I could do them third party only just in case one lands on someones head?

Edited by Nigelp
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4 hours ago, Igerswis said:

One thing I would advise, and this is regardless of the insurance company, is that you take a photo of the back of the watch with the warranty card and purchase receipt. Then other photos of the watch in a bundle with the box and ideally one on your wrist too. Just in case the insurance company question whether you really did purchase the watch and it is in your ownership.

There have been instances in the past where the insurance companies have questioned this and not paid out as a result.

I take pictures of my watches every day so I'm covered :laugh:

Plus, all the electronic PayPal/eBay/store receipts.

The other thing to check is whether they insist on like for like (impossible for most of my collection) and store vouchers. The last I need is a Goldsmith's voucher to replace a 14060M or the Explorer II 16570. My policy is value payout so none of the above.

 

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18 minutes ago, it'salivejim said:

 My policy is value payout so none of the above.

 

I would say that collectors of watches where some/many are worth over £5k should 100% make sure they have that....

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