Reply With QuoteThis question comes up time and time again. The most common answer is on home insurance.
Being in Hamilton it's probably wise to make sure you're covered :)
Hi just wondering what you recommend for insuring your watches, home insurance or something else ?
Thanks
This question comes up time and time again. The most common answer is on home insurance.
Being in Hamilton it's probably wise to make sure you're covered :)
Home insurance
Named item and value on home insurance.
YorkshireMadMick
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As has been said there is a wealth of information about this in other threads.
As I have quite a lot of watches and they change from time to time, I found a home contents policy that does not require me to itemise individual watches, nor do I need to obtain written valuations (a pain, and expensive too...).
If in doubt you could do worse than have a look at M&S...
Simon
Named on house insurance.
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One thing to consider is how to minimise hassle if you are a flipper of watches.
I'm insured with John Lewis; they have decent cover and don't demand details on any watch worth less than £5k. I think I read on here a while back that M&S has a higher threshold?
Originally Posted by -Ally-
I'm sure I don't know what you mean
Thanks all, looks like home insurance this year at least as I don't see me flipping anything this soon after starting collecting
I just took this out myself and best option was home insurance with additional specific high value items
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As I said, not really if you have a lot of watches or are a flipper...
Simon
- - - Updated - - -
That's correct.
Simon
named Items on a john lewis policy. had a mooch round and for my needs it seemed a good value policy
We're with Hiscox. I don't need to specify any piece under £15k. Just as well I'm not into Pateks
That's what we all say in the beginning! ;-)
You might also want to confirm cover when it's not actually in the house.
I don't pay for cover when watches are outside the house, I trust myself to look after them. Sometimes it makes sense to keep the insurance costs low and accept a level of risk yourself, it's a judgement thing and it depends on the value of the watches and your attitude to risk. The insurance business thrives on fear, they try to get you worrying and sell you insurance to placate your fears.
I think it's wise to have cover for theft/burglery from the home, but beyond that it's open to question.
Paul
Hiscox home insurance - really flexible - only have to "name" single items over £15k in value.
Andy
Wanted - Damasko DC57
I have mine insured on home insurance also. However I am in the process of selling one watch and buying another. Difference in watch value on the policy is £900.
My insurer will not quote me until I physically have the watch?? Has anyone come across this before? I am up for renewal on the 9th May but the insurer have been very unhelpful.
I'm tempted to move insurers anyway and this is making me even more tempted as I just don't understand why they won't quote me until I have a watch in my hand!
Yes after increasing my watch collection I found M&S to be excellent on the home insurance - up to £10k per watch and £25k total or more if you go premium. The cost was significantly lower than separate cover or increased home contents cover with others. Some won't insure you unless you bought it new and have all the receipts (hard with vintage watches) and others only insured up to £4k (Nationwide!).
Luckily they also provided home emergency cover and that was hugely helpful after a blocked drain!!!!
My home insurance from AXA is very good for watches. They're covered along with all my personal possessions against loss, theft, or damage, inside or outside the home, anywhere in the world, for full replacement value. The policy is very reasonably priced, and only items over 3K need to be individually listed, and they'll add them for me over the phone with no problems. Typical increase in premium for a 5K watch is about £30. They only ask for proof that the watch was ever in my possession, such as a photo of it with my driving licence.
I'm currently reviewing insurance and that sounds like a good deal.
Sorry if I'm being lazy, but what sort of yearly price does your insurance end up costing you (I know YMMV but it gives a rough guide)?
Helpful information on here for me thanks, my insurer wants £50 just for administration to amend the policy and full info on watch.
I have been talking to my insurer this afternoon about revisions to my policy and they have asked me to obtain valuations for each of my watches.
I've been quoted £65 for each watch and told they may be away for about 4-5 weeks.
It's about £600 for house and contents.
+1 for Hiscox. Bear in mind they don't ask you to name any single item under £15k but If you claim you better be prepared to show a valuation or receipt. I've never had to do this but common sense... :-)
You can add accidental damage and lost coverage as well.
Sadly outside home is the only place I've had a watch stolen - by professional thieves in Barcelona. Scum took one off my wrist without my knowledge - think Derren Brown style. The insurance paid up - just need to keep records for new for old or cash equivalents. My insurance also covers accidental damage.
Agreed - it does depend on your attitude to risk.
Martyn
I use Marks and Spencer, you don't have to specify individual items under 10k and you don't need recent valuations just evidence that you owned the items.
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