Hi all. I am sure this question has probably been asked a thousand times but here goes.
How would you go about proving ownership of vintage pieces for insurance purposes. I have a couple of mid value Tudor, Omega & IWC watches over 30+ years old that I do not have receipts for... My dilemma is how would I go about proving their existence to an insurer should the worst happen.
Would photo graphic evidence be sufficient say with a passport or Driving license in the shot? Any advice on this would be gratefully received.
Cheers
Dean
I was thinking about this last night. I suspect proof of ownership is the easy bit - it's proof of value that I'm more worried about.
Log the serial numbers, take photos (including box and papers of you have them) and keep records of correspondence relating to acquisition. Better still, get an independent valuation of each piece.
Originally Posted by learningtofly
Thanks Tony. Yes thought about the valuation aspect also & will get them independently valued to be on the safe side. I suppose this would be worth doing every few years?
Although any increase in value may be negated by the valuation fee :mrgreen:
the cost of valuation put me off insuring, £25 per watch min. That may be ok for a small collection of high value watches, but if you have 10-20 mid range watches its a bit off putting.
From the point of view of an insurer an independent valuation of the watch (quoting the model and serial number) along with photographs of the watch (inc the serial number) would be fully acceptable.
Additional proof ... something that "dates" the photographs (such as the front cover of a newspaper etc) and pictures of you with the watch would also help.
Where would I get independant valuations done. Would Mike Wood do them?
Yes, within reason (don't turn up unannounced with 46 watches please!!). And I will only pen my signature to a valuation certificate after physically inpecting a watch...
MW
:wink:
Can I turn up announced with 46 watches Mike? :blackeye:
Only joking Mike, I don't have 46 watches at the minute and I'd need the insurance BEFORE bringing them all over to the UK :lol:
It's just a matter of time...
Dean, this is a good question.
I've often wondered what I'd do if the unthinkable happened, and had mine stolen.
So I must get cracking, and get some proof.
Bonhams provide this service.
I paid £140 or so for a collection of about 10. I then added another 2 a couple of years later and there was no charge.
You might be surprised at the replacement valuations....I was.
Good luck, Colin.
It largely depends on the value of the watches in question and how the value of the vintage watch compares to an equivalent modern replacement, as most regular policies provide new for old replacement.
For example, i had a few vintage watches stolen from my house a few years ago such as: Cartier Quartz from the 80's, Vintage 60's seamaster, 70's constellation LED, etc.
In all cases, the provided a new-for-old offer. So for the Cartier quartz, which was broken at the time and worth nothing more than £100, i got £1500 for. The seamaster value was based on a new model SMP, and the Connie was based on a new model Connie.
In all cases, the value of the new watch was greater than the vintage value, so no probs there.
All i had to do was provide proof of ownership, which was easy as some of them i bought from ebay and some of then i bought from the SC and in all cases i had an electronic paper-trail of payments etc. I didnt need to provide serial numbers, photo's or anything like that.
If however the vintage value is greater than a modern equivalent, then they will need pictures etc in order to get an independent appraisal from a specialist. they'll then provide an offer which you can negotiate on.
I'm sure that this doesnt cover all cases, but this as my own personal experience. Im insured with Lloyds, if that means anything :)
Hope this helps, Floyd
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