Reply With Quotenever had this before, sounds interesting how they charge commission percentage on the watch. I thought it would just be a flat fee.
Hi Guys,
I'm just going through the process of re-insuring my watches and have been asked to obtain valuations on a couple that have a value over £2000. This is the first time I have had to do this.
Ringing around the local jewellers, I was a bit surprised at the range of costs quoted and also the method of calculating the cost. It ranged from £25 minimum charge per watch plus 1.5% of the value of the watch to 1% of the value of the watch. All plus VAT. One woman tried to explain to me that it was all proportional to the time it takes and that a £5k watch takes 2½ times longer to value than a £2k watch. I found that quite amusing. What I did find interesting was that most of them wanted to do the valuations on a Thursday as that was when the watch valuation expert comes in. I want his job:)
What is your experience of having your watches valued and where do you go?
never had this before, sounds interesting how they charge commission percentage on the watch. I thought it would just be a flat fee.
Hi,Originally Posted by Blackhawk
I do not understand why insurance companies require valuations, a total waste of money. Fair enough if the item is old and unique but you are talking about standard off the shelf products that are not customer made and value as what it is in the current catalogue.
Most insurance is new for old and if it requires replacing, all you need to do is proof that you purchased the watch, a receipt and take many pictures with the latest newspaper and update it every few months. This would proof that you had the watch up to the date of that newspaper. I am with M&S premium that insurance up to £15k a single item without any valuation and you can select how much away from home for all risk.
Apologies for resurrecting an old thread, but i'm looking to get mine and wife's watches valued for insurance purposes.
What's the best way to go about this? Local Jewellers or AD's?
Auction houses, good ones.
I use Bonhams.
Use the money on a decent safe!
Must confess that I tend to rather 'roll the dice' with regard to material possessions.
I have taken in photos and papers to my AD and he has sent anything out with his brand to an independent no charge.
Essentially value is replacement cost so my SD and DSSD have the same insurance 'value' despite the significant gap in purchase price.
Things that are old or discontinued are an agreed value based in purchase receipt between you and insurer. IME
I didn't require any valuations?
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