Jump to content
  • Sign Up to reply and join the friendliest Watch Forum on the web. Stick around, get to 100 posts and be a member for 365 days and gain access to your full profile and additional features such as a personal messaging system, chat room and the sales forum PLUS the chance to enter our regular giveaways.

Insurance


Recommended Posts

A rather boring and probably short topic, but do you insure your watches? if so, do you add them as a named item on your home insurance or get specialist watch insurance?

 

Ive just got quotes, one from TH March for £450 per year to cover 3 watches at around £10,000 but the same cover only costs £100 on my home contents insurance. 

Both policies cover the watches inside and away from home

Link to comment
Share on other sites

10 minutes ago, WickerBill said:

A rather boring and probably short topic, but do you insure your watches? if so, do you add them as a named item on your home insurance or get specialist watch insurance?

 

Ive just got quotes, one from TH March for £450 per year to cover 3 watches at around £10,000 but the same cover only costs £100 on my home contents insurance. 

Both policies cover the watches inside and away from home

Ours is on the contents, doesn’t cost much more.

  • Like 1
  • Agree 1
Link to comment
Share on other sites

5 minutes ago, chas g said:

Watches are easily stolen. Be unlikely anyone is going to steal your 3 piece suite unless you give them a hand to carry it :-)

haha yes i realised that :-p i just wondered why there was such a difference between watch specialist insurance and adding them to the contents insurance!

Sounds like i will be going down the contents insurance route....an extra £8 a month for peace of mind is worth it i think 

Link to comment
Share on other sites

  • 2 months later...

Just been through the contents insurance quote process, huge variation - the worst was Barclays who use Hiscox £1400 and they wanted me to fit an alarm! John Lewis' insurance the underwriter wouldn't insure because there had been a break in my contents insurance (I forgot to renew a few months ago with another provider), Gallagher wanted £700 even though the cover fell short.

So I checked out LV who currently insure my car, very straight forward, good cover and I only had to declare jewellery and watch items above £2000, premium was very competitive so I went with them. Worth checking them out IMO

  • Like 1
Link to comment
Share on other sites

I paid £2800 for my LV about 15 or so years ago. 

If I got burgled or mugged tomorrow and on the off  chance the perp survived (I'm getting older)

:laughing2dw: :laughing2dw:

What would I have lost. 

Seems these days sheeple are more concerned about "current over inflated value" than real life

No pockets in shrouds

 

:wink:

  • Like 1
  • Agree 1
Link to comment
Share on other sites

I ticked the “free quote from TH March” box when I bought a watch from Watchfinder a couple of years back. I can’t remember the exact price but I do recall being pretty shocked by it.  As people above have said, you’re generally much better off putting any pricey watches on your house insurance.

Link to comment
Share on other sites

My home and contents insurance is with Brunel, any individual items under £2k were covered as standard, so it was only my Date Just that had to be named (although I provide them a full list at each renewal) and it didn't increase the policy at all.

 

Link to comment
Share on other sites

When my AP went over £15,000 the insurance company refused cover and stipulated a load of requirements not possible.  For similar cost a safety security box can be had but even so all watches must be covered at the same price as them all being at home (despite keeping 90% in a security box)  

 

Link to comment
Share on other sites

i live in a pretty modest house , home insurance stipulates i have to give details of all items with an individual value exceeding £1500 so just the three watches at the moment all covered away from the home too......£168 last year

 

Link to comment
Share on other sites

I use Halifax for Building &Contents , which is underwritten by Lloyds Bank. Any individual item over £3000 has to be named so I have the Rolex and Omega named and the whole package costs me about £21 pm in total- not bad really. I do also have a safe bolted into the floor for valuables but that isn’t taken into account by the Insurers , surprisingly.

Link to comment
Share on other sites

  • 3 weeks later...

Now that the market in some watches has moved to a situation where paying more than rrp has become commonplace for a number of makers, how would you insure a watch for what you had actually paid? (Eg Rolex, AP, Patek etc)

If you lost the watch or had it stolen how would the insurance company decide what to pay out? I assume rrp minus a % for wear. Funny situation to say the least. I would appreciate your views.

Link to comment
Share on other sites

I fell out with my insurance due to the rising value of my Royal Oak.   When it went above £15000 (last week this watch jumped from £25,000 to £35,000 according to chrono24) they refused to insure and so I shopped around.   Having come to an agreement with another company I got insured and then read the smallprint which had all kinds of stipulations.

One of them was that I needed to take my whole collection for appraisal.  (I would be happier to remain uninsured than to walk the street with all my eggs in one basket. 

I used to do insurance valuations and probate etc. The valuation was always above retail because it represents what you would have to pay to replace the item.  This is also beneficial to the person giving the valuation as it is often charged as a percentage (1.5%+VAT for example) 

 

  • Thanks 1
Link to comment
Share on other sites

On 16/10/2021 at 22:12, chas g said:

Now that the market in some watches has moved to a situation where paying more than rrp has become commonplace for a number of makers, how would you insure a watch for what you had actually paid? (Eg Rolex, AP, Patek etc)

If you lost the watch or had it stolen how would the insurance company decide what to pay out? I assume rrp minus a % for wear. Funny situation to say the least. I would appreciate your views.

So my insurers stipulate that i need to take my pieces for appraisal/ valuation every 2 years. 

I need to shop around for insurance again. i ended up having them as named items on my building and contents but even doing that costs about £150 extra a year. 

  • Thanks 1
Link to comment
Share on other sites

Just renewed the house insurance and named three watches (B&R, Longines & SMPO) on the policy, with estimated replacement costs.(10k in total)

Minimal increase to policy costs.

Provided photographic 'proof' of ownership. 

Policy is new for old and items are insured inside and outside the property. 

  • Thanks 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...