Reply With QuoteToday’s RRP, I usually adjust the price at least twice a year depending on which watch
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As a part of my contents insurance my watches are exceptional items due to value. Do I insure them at the RRP when I bought them or the RRP today as that's the true replacement cost due to prices going up? Thus far I have insured them at today's RRP with no question from my insurer. Don't want to come a cropper should the worst happen.
Stuart
Today’s RRP, I usually adjust the price at least twice a year depending on which watch
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Yep, I second that - insure them for today's 'new for old' replacement RRP, not what you paid, and review annually (or more often if necessary).
Any recommendations for decent insurer as our present home insurer is not interested in covering highish vale jewellery and watches etcOriginally Posted by Stuno1
I've agreed with my company that I'm insured at purchase price, as I only buy second hand anyway, and keep evidence of price paid. This reduced the premium significantly. This only counts for watches over 1K.
I insure mine via AVIVA, each watch is listed and other than my Speedy Tuesday are insured at rrp. Each year they automatically increase the value of each watch and this has kept with the rrp of each. The only issue they have is if the watch is worth over 10K it has to be worn or put in a British rated safe (not sure of the rating). Its not an issue for me but worth considering for those with watches worth more than 10!
Insure what you hoped to be paid should the worst happen ...that means the cost of replacement.
I have AXA insurance. Any one item up to £15K new for old. Brilliant. No need to name each one. It is a new-for-old policy basis.
Last edited by MartynJC (UK); 19th February 2018 at 19:13.
Thanks for the replies. I am with John Lewis and will keep prices at today's values.
I think it is down to the policy. I asked the same question of my insurers and their reply was:
“Insurance is an indemnity policy meaning to be put back in the same position you were before the loss...you wouldn’t be offered the value for a brand new watch if that wasn’t what you had insured in the first place.”
I'm with AA and they are asking for a receipt or valuation certificate anyone in the same position?
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If the receipt is just proof of purchase then that's OK as hopefully you can replace it with a new equivalent but if they are using the receipt as value id be annoyed.
M&S are also worth considering. They’ve given me a £10k limit per item.
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I’m on the same policy as you, Martyn.
Simon
I know a fair bit about replacing watches and jewellery
I would always suggest listing the items on a valuation and submitting to the insurance company along with a photograph, even if the item falls into the unspecified category, it’s a belt and braces approach but it saves a lot of wrangling and searching round for proof of ownership and photographs (which are normally you wearing it at a wedding in a crowd of 20 people)
Unless you are insured with Chubb, Hiscox or Home and Legacy as these really have a no quibble replacement policy
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Same policy for me which if I recall, also covers overseas.
I'm with Direct Line, and they asked for today's RRP, and not what I paid for them.
It did add a bit to the policy when I specified them, so I'll probably be looking elsewhere when the renewal is due.
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I have that as well on their Platinum Policy, one thing that I did slip up on when I initially took out the policy was in another section it listed the precious items away from home, they class jewellery and watches as precious items, the default setting for maximum covered was only £2500 per claim when away from home.
I contacted them and they informed me I could increase this amount on "my online account page ".
I then increased the figure to £25000 to allow for wearing my most expensive watch and a couple of rings.
Might be worth you double checking that on your policy as I thought I had read through it a dozen times and had assumed that when they mentioned a maximum value of £15000 then that would be per item at any time,
Trouble is, retail & what you can reasonably replace one for differs greatly in a lot of cases.
Say a ceramic Daytona. If 1 gets stolen, what is the hope of replacing it at retail. Will insurance pay grey market price to replace
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I agree on that, I wonder if anyone here has first hand experience of this. I know some insurance companies insist they replace certain electronic items as like for like and not hand over the money as they can probably get an arrangement with suppliers and therefore get a discount.
I don't think even a large insurance company could bypass a waiting list !
My experience of insurance companies = intransigence + unreasonable. However much you insure for they will pay what they consider ‘current value’
** I have no experience of making a claim for a Watch.
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Already checked and confirmed. The name of of my policy type if anyone’s interested : Homesafe
Yes, mine is called Homesafe, just checked, when I first took it out I think they called it the platinum level.
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