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Hi All,
Just wanted to see who people use for their Watch Insurance?
Watches Of Switzerland offer decent rates but all upfront, anyone had any experience with them.
TH March are an option but were iffy about my safe and I have maxed out the house insurance option with other items.
Thanks in advance!
This is been asked loads of times.
Named item on my home insurance. Covers me anywhere in the world. Costs an additional £25 premium per year on top of my home insurance.
This is for a subC with about £7.5 k valuation.
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I've never bothered with insurance on any of my watches (the most expensive was a SD4000C) - fortunately I have never lost one, but if I had, it would have just been one of those things.
I wouldn’t have thought losing one is a particularly worrying issue. Being burgled for the lot is, or perhaps being mugged for something on your wrist.Quote:
Originally Posted by JonRA
To be honest, a £25 premium for a £7.5k is a 300:1 risk. That policy is going to have a load of exclusions. So check the policy with a toothcomb.
It will cover theft as long as the watch is either in the same room as the insurer, on his person or if neither of those, locked up in a safe pre agreed with the insurer. Hotel safes do not count.
So if the watch is stolen in the same room that the insured is sleeping anywhere in the world, it will be covered. If the insurer was mugged anywhere in the world, it will be covered, in nearly every other instance it will not be covered.
The most common mistake is to take your watch off whilst swimming. If it gets stolen - tough luck.
If you take your watch off to do the gardening or work on the car - not covered.
Insurance often induces a false sense of security.
Same here; these are luxury goods, toys. If you have to, do without. I did lose one watch, a JLC, but over the years I saved far more on premiums. It really adds up .Quote:
Originally Posted by JonRA
The whole business is carefully designed to profit the insurance company at the customers expense. It’s not a charity.
I’m with you on this one. Premiums compared to the price of insuring a similarly priced car you could kill someone with were ridiculousQuote:
Originally Posted by JonRA
I would try and fit it onto your home insurance schedule if you can - I know you said you had maxed this out, but maybe from your next renewal - as home insurance valuables cover will be significantly cheaper than specific watch insurance (watch insurance premiums are generally 2-3%+ of the watch replacement value). Although, as noted above, read the home insurance valuables small print for requirements around whether it has to be in a safe (when not worn) to be covered.
THMatch are brilliant, I had to claim and they were helpful, quick and paid up pronto Just make sure your valuations are up to date.
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Agreed.Quote:
Originally Posted by Joe.K
What is the best way to insure my £3000 Tudor for theft, loss and damage etc full cover? How much is it likely to cost?
As said earlier in the thread, just list it as an item on your existing policy, it will cost a couple of quid a month extra.Quote:
Originally Posted by Saints2014
Unquestionably this.Quote:
Originally Posted by Sinnlover
It only gets tricky when you have a single item worth more than £15k or your collection is worth more than £30k.
If I had a valuable collection I might think differently but I generally think you could insure your life away if not careful. Car, pet and house insurance are all I bother with (and I am reconsidering the pet insurance as I haven't made a claim for years and it's now getting very expensive for a middle-aged dog - I wouldn't spare any expense if she needed it). But not sure the mugging bit is relevant to my general feelings about insurance (other than it might provide some salve after undergoing a harrowing ordeal).Quote:
Originally Posted by learningtofly
I have been pretty comfortable with Marks and Spencers up to this point but the current crazy prices mean that their £50k total and £15k limit won’t fully cover my Ceramic Daytona and Blue Skydweller.
I will have a shop around for these at renewal, although I’d effectively just me insuring the delta of £15k and their value by making them single policies but paying for the whole thing.
The majority of my collection is cycled / held in a Safety Deposit box where insurance is cheap as chips!
If the value of your watches goes up and you renew at the old value, they won't pay up. Taking out insurance is dead easy, claiming it is not.Quote:
Originally Posted by Chalet
You don't have contents insurance? If you do, do you exclude items of value when totting up the cover you need?Quote:
Originally Posted by JonRA
That is a classic way of rendering a policy null and void unless you specifically name the items that are outside of the insurance. Even then, a lot of companies will refuse to take you on. My Insurer made it clear to me that I insure everything I own at its full value or not at all. No exclusions accepted.Quote:
Originally Posted by learningtofly
So if you took out a policy that excluded watches, the insurer will want to know that and then decide whether or not to progress.
I'm the same as you and I'm about to sign with either NFU or Hiscox. Just at final stages now.Quote:
Originally Posted by Chalet
I have mine at the bank with only one out at a time but NFU want the lot covered regardless along with a safe rating which matches or exceeds the total value. Bit annoying.
This was not the case when I enquired with a local safety deposit company in Edinburgh. The additional insurance cost for my collection was c£3k pa. I imagine London will be cheaper though (more competition).Quote:
Originally Posted by Chalet
Come to think about it, the contents insurance - basic - would probably cover a burglary or the house being destroyed. Though not purchased with watches in mind (my watches aren't particularly valuable and don't tip our possessions over the content limit).Quote:
Originally Posted by learningtofly
Try these guysQuote:
Originally Posted by jukeboxs
http://www.ellertonknight.co.uk
T H March: they’re the absolute best in regards to jewellery and watches (obviously that’s imho but also in my experience).
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Used to have TH March - really good lot
Have now swapped to Assetsure due to price
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I have recently been in contact with T H March and the person I spoke to told me that they would only cover watches bought from jewellers with a receipt. So they would not accept ones bought in auction (from reputable auctioneers) or over the internet e.g. on TZ-U.K. I find that difficult to believe since many members here recommended them. Am I missing something or is there a workaround members have used with them?
Regards
Tony
I found exactly the same, so I've gone the home insurance route.Quote:
Originally Posted by tswatch66
Quote:
Originally Posted by Mick P
Yep. +1
pretty much standard exclusionary stuff - the insurance company will be bound by the underwriter so read the policy and then read it again.