Reply With QuoteMine are with NFU as part of our house insurance, i have found i am stuck with them as everyone else deems i have not enough house to warrant the watch collection
Probably time for an update on this topic
Currently have watches itemised on a marks and spencers premium policy (building and contents)that’s been good but seems to be getting expensive .....
Anyone insure their watches separately on a specialist policy that’s both good And good value?
Mine are with NFU as part of our house insurance, i have found i am stuck with them as everyone else deems i have not enough house to warrant the watch collection
NFU here as well.
'Against stupidity, the gods themselves struggle in vain' - Schiller.
AXA home insurance- covers loss and damage home and away and unspecified up to £15K for one valuable item (including watches).
Martyn.
Difference companies have different exclusion clauses, so check you contract with a toothcomb.
Typical exclusions are, watch is only insured
a) whilst you are actually wearing it. If you take it off outdoors, you cease to be insured.
b) when you are in the same room with the watch in your own house. So if your watch is laying on your bedroom cabinet and you are sitting on the loo in the toilet - you are uninsured.
c) when your watch is in an approved safe and this gets tougher every few years. Hotel safes are not covered unless the hotel has a seperate high value insurance.
The mosy common reason for refusing a claim is when someone goes for a swim on the beach and leaves the watch in a bag, even if the bag is supervised by your wife. The watch was off your wrist when outdoors, so no insurance.
The chances of the above clauses mean that you are unlikely to be able to claim for fire damage in the home unless it was burnt whilst on your wrist, in which case, you would probably be dead and the only major chance of a payout is if you were mugged and the watch ripped off.
Those most at risk are collectors who have several watches in a non approved safe. Whilst the safe reduces the chance of theft, it won't be covered on insurance.
So check and check again.
I use Hiscox watch/jewellery cover as part of their home insurance. The benefits are:
- No valuation/itemisation for any piece under £15k
- Comprehensive cover - the watches are insured worldwide, on or off the wrist, near to you or far
- No stipulation on storage (i.e. no need to keep in a safe)
- Cost works out at circa 1% of my collection’s value per annum
The main drawback of course is that the insurance is tied to home insurance with the potential impact on future premiums and insurability in the event of a claim, which may be an issue for some.
I got a quote from a stand-alone insurer recently (TH March) and they were charging about 3 times as much.
I have no idea what this lot are like should I ever have to make a claim, but dealing with them has been pretty straightforward.
I won’t insure things that are just luxury toys. If you lost your watches how would your life change? Very little, I suspect.
I think my life would change my 5, 10, 15 grand for the worse.Originally Posted by paskinner
Yep I get he point here....
Thing is I insure my car fully comp.
If I used the same argument as for the watch would I not just go 3rd party and not care about losing my luxury toy?
1% of the collection value% Hiscox are great but mines above 1% of the collections value as their insurance is also contents
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I should clarify: I’ve estimated the cost of the premium for my watches by subtracting what I would roughly expect to pay in home contents insurance with equivalent cover from another provider. So like yours my total premium is more than 1%.
I tried doing that but it was working out way more expensive to have a “normal” home insurance policy and a separate one for valuables. In the end I took out a specialist home insurance policy with Highworth Insurance that suited my requirements. While it was nearly 2.5 times my previous insurer’s premium, Highworth’s cover was pretty comprehensive. Reviews suggested they were quick at paying out too.
When my Sub was stolen off my wrist in Barcelona I would have been £5K down (yes those were the days when a Sub cost £5K new). It made a bad experience a bit less traumatic. I continue to insure my watches against theft and damage - it would be a pain to lose a SD to Davy-Jones locker because of a failed pin.
Be careful with this as my home insurance would be invalid if I had a watch over £15k in the house even if it was insured separately. The watch I was enquiring about is a £50k vintage omega. My insurers would however still offer to insure me if the watch was kept in my safety deposit box away from home.
My experience is similar to (?)Elethiomel's here. ;)
Hiscox have been really good for me, in terms of risks covered and the lack of itemisation. They do require me to keep watches in an approved safe if I'm leaving them at home, which struck me as fair enough. Overall, their buildings/contents cover isn't the cheapest out there, but the policy is good and I've always found their service excellent, to boot.
Thanks for raising a chuckle this end. Banks was a legend.
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Last edited by Derrils; 9th August 2019 at 14:58.
Third party often costs more than fully comp these days!
I use Assetsure.
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