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Thread: Watch insurance

  1. #1
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    Watch insurance

    Hello,

    I bet this is asked all the time, I did search but could not find anything.

    I'm new to this hobby, and I don't have much of a collection at the moment, but I've been thinking about insurance. Do you have insurance for each of your watches? Is it on your home insurance, or do you have seperate insurance?

  2. #2
    Master wileeeeeey's Avatar
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    The answer to this question is generally always:

    Watches under £15k: Marks & Spencer
    Over £15k Hiscox

    Sometimes AXA is reccomended.

  3. #3
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    Quote Originally Posted by wileeeeeey View Post
    The answer to this question is generally always:

    Watches under £15k: Marks & Spencer
    Over £15k Hiscox

    Sometimes AXA is reccomended.
    Thank you, do you get each watch insuranced separately? And lastly, do you get the current value from somewhere like Chrono24?

  4. #4
    Quote Originally Posted by wileeeeeey View Post
    The answer to this question is generally always:

    Watches under £15k: Marks & Spencer
    Over £15k Hiscox

    Sometimes AXA is reccomended.
    Any idea about an insurance with international cover?

  5. #5
    Master wileeeeeey's Avatar
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    Quote Originally Posted by marius View Post
    Any idea about an insurance with international cover?
    No idea, check the policy. Probably different with every company.
    Quote Originally Posted by Happyal View Post
    Thank you, do you get each watch insuranced separately? And lastly, do you get the current value from somewhere like Chrono24?
    Each to their own. Value wouldn't be chrono24 surely as so inflated. If more than 3 years old or worth more than the RRP will need to be an accredited valuation probably but again check with the insurers.

  6. #6
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    If you declare items over 1.5k and add personal possession cover for the amount of your most expensive item it should be covered in the UK atleast although I’ve had several policies with worldwide cover providing the watch is worn.

    Typically when you get past 10k or 15k for a single item they are more interested in safes in the home.

    As for values if it’s a current model or under 5 year/still in warranty I would use current RRP as they’ll only pay out in gift cards usually for Aurum group and then you can’t negotiate discounts easily because the insurance co buys the cards at a discount.
    For older pieces get an insurance valuation. Even if it sounds crazy high the insurance company will evaluate it in the event of a claim. Policies often say they reserve the right to adjust a valuation.

  7. #7
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    Thank you, my watches are worth less than £10k so I'll get a quote from Marks and Spencers.

    Does it include mugging, etc. I'm a little scare to travel with my watches. They are not the most expensive pieces but they were inherited from my father, he passed his love of this hobbie to me, so they do mean alot to me.

  8. #8
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    After a lot of mucking around I decided on T.H. March as they seem to insure much of the jewellery trade. I got my local jeweller to do the valuations for me which was painless enough. What was a bit of a faff was providing the images of the watches and scans of documents etc., to the March underwriters. However, the process was thorough and I feel like they know exactly what they are dealing with. I’m covered for wearing in UK and abroad so I feel much more relaxed. Not horribly expensive for £27k of cover.

  9. #9
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    Quote Originally Posted by Happyal View Post
    Thank you, my watches are worth less than £10k so I'll get a quote from Marks and Spencers.

    Does it include mugging, etc. I'm a little scare to travel with my watches. They are not the most expensive pieces but they were inherited from my father, he passed his love of this hobbie to me, so they do mean alot to me.
    If you include personal property out the home it will include events such as mugging or stolen from the wrist. Should the worst happen.

    Try a comparison website (which M&S is likely on), it will explain all the options. If your items are worth below the 1.5k limit specified they will be covered as standard, just have lots of pictures should you ever need to make a claim.

    I recently renewed my insurance, I have 16k of specified items and pay around 150pa for contents and this wasn’t the cheapest quote.
    Balance the cover and defacto rating against the price.

  10. #10
    Master Lammylee's Avatar
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    Watch insurance

    I have my watches over a certain value itemised on my home contents policy, Insured against theft inside/outside the house and accidental damage.

    Price example Panerai 425 insured for replacement value £6,800 cost p/a £72.00
    Last edited by Lammylee; 21st January 2020 at 00:50.

  11. #11
    Grand Master oldoakknives's Avatar
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    Quote Originally Posted by Lammylee View Post
    I have my watches over a certain value itemised on my home contents policy, Insured against theft inside/outside the house and accidental damage.

    Price example Panerai 425 insured for replacement value £6,800 cost p/a £72.00
    I do the same. Not cheap but worth it.
    It's just democracy.

  12. #12
    Quote Originally Posted by wileeeeeey View Post
    No idea, check the policy. Probably different with every company. Each to their own. Value wouldn't be chrono24 surely as so inflated. If more than 3 years old or worth more than the RRP will need to be an accredited valuation probably but again check with the insurers.
    Chrono24 would be the best place to find the value as you are looking how much it will cost you to go and buy that model tomorrow. M&S don't require valuations but only insure up to £15k

  13. #13
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    I use Halifax for buildings and contents - with that they cover any items under £3K undeclared and I declare 3 of my watches over £3K in value separately on the policy.

    I have just used them to claim for a repair to my BB GMT and it was totally painless, just needed to send them a letter from Tudor of the repair quote and proof of purchase for value (luckily I bought when they were still £2830!)

    I'd certainly recommend them.

  14. #14
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    I use AXA home and contents insurance with personal possessions (incl valuables) outside home insurance. I opted for up to 15K per valuable item and 30K total outside house - accident, loss, theft. You can specify the amount - which affects premiums. No need to list individual items.

    There are other threads on this but can be difficult to find maybe?

    Martyn

  15. #15
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    I've just gone through changing my house insurance which covers my Omega PO. Seeing that it's now over 3 years old (so original purchase receipt cannot be used for a claim due to price fluctuations in the watch world) I had to get it valued. Checked with my insurance who said using iValuer (an online valuation company for auctions, insurance etc) would be fine so long as I have a pdf file of the valuation. Cost £5 to get it valued and a roughly 5 days to get the valuation back, very easy to do. Happy now that if I lose it or it gets stolen then I'm covered for an 'old for new' replacement.

  16. #16
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    I pay around £1050 a year for around £120ks worth of watches. Unfortunately all the watches are valued at rrp or superseded models which is a pisser if they get stolen as ceramic Daytona and hulks are double rrp


    Sent from my iPhone using Tapatalk

  17. #17
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    Quote Originally Posted by fordystar View Post
    I pay around £1050 a year for around £120ks worth of watches. Unfortunately all the watches are valued at rrp or superseded models which is a pisser if they get stolen as ceramic Daytona and hulks are double rrp


    Sent from my iPhone using Tapatalk
    You need to get a separate valuation from a jeweller or auction house. Your insurance will cover you upto their replacement value (more premiums for them!), just find out what they need to verify the ‘fair’ value.

  18. #18
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    Watch insurance

    Thanks for the heads up.
    I’ll look into your suggestions,
    Learn something new every day.!

    Sent from my iPhone using Tapatalk
    Last edited by fordystar; 21st January 2020 at 18:35.

  19. #19
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    Let us know how you get on when you do get around to contacting them, you may well be quite under-insured especially with big collection at 120k

  20. #20
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    Quote Originally Posted by Sean89 View Post
    Let us know how you get on when you do get around to contacting them, you may well be quite under-insured especially with big collection at 120k
    To be honest there’s a few that’s deprecated a fair bit so it probably evens itself out.


    Sent from my iPhone using Tapatalk

  21. #21
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    I agree it probably does. But if you ever try to make a claim they’ll be happy to underpay on some, I don’t think the opposite will be true for the ones double rrp or discontinued.

    It depends on the wording of your policy and what you specify about each item.

  22. #22
    Master murkeywaters's Avatar
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    Anyone have experience with insuring vintage watches of £5k - £15k value, obviously the new for old goes out the window and I imagine certain watches need specialist valuations, lots of jewellers will not know what they are looking at in terms of what makes a certain watch valuable, the dial condition, original parts v's service parts.
    Take an Ed White Speedmaster for example, it could have the wrong crown, chrono hand, pushers, case back, dial could have faint damage etc, so the difference between this type of watch and an all original would be huge in monetary value but to look at the untrained eye would not see these differences.

  23. #23
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    Quote Originally Posted by murkeywaters View Post
    Anyone have experience with insuring vintage watches of £5k - £15k value, obviously the new for old goes out the window and I imagine certain watches need specialist valuations, lots of jewellers will not know what they are looking at in terms of what makes a certain watch valuable, the dial condition, original parts v's service parts.
    Take an Ed White Speedmaster for example, it could have the wrong crown, chrono hand, pushers, case back, dial could have faint damage etc, so the difference between this type of watch and an all original would be huge in monetary value but to look at the untrained eye would not see these differences.
    I can only suggest you get the watch value by a trained eye? Some are on this forum or Sotheby's or other respected auction houses?

  24. #24
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    After some advice for insuring my colllection I have fair sized collection value being around 60k but I only have one valuable watch at home in my safe at one time the others are in bank safety deposit box and when out and about I obviously only wear one watch at a time so would I only need m&s £15000 cover or best to insure the whole collection value. £15k more than covers the value of a any single watch in my collection.

  25. #25
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    Quote Originally Posted by Sean89 View Post
    they’ll only pay out in gift cards usually for Aurum group and then you can’t negotiate discounts easily because the insurance co buys the cards at a discount
    I've posted on this several times in the past but you are not obliged to accept vouchers, despite what they will try to tell you in the first instance. What tends to happen is that you will be told you will be reimbursed in vouchers; you should then say that constrains you and that you would prefer cash; they will then say that they can pay you in cash but that the sum will be reduced. At that point you can mention the Ombudsman and previous rulings against this practice, at which point they'll back off and offer you the voucher amount in cash. See for chapter and verse:

    https://forum.tz-uk.com/showthread.p...r-watches-with

  26. #26
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    I have been with M&S for 4 years now and every time renewal time comes I take a new policy out rather than renew.

    This year my new policy was £70 cheaper than the renewal quote plus they gave me an M&S £50 gift voucher for new policy.
    Also got £48 through TopCashback.

  27. #27
    I have just gone for AXA home contents insurance.

    Does anybody know which insurance valuation/valuer they require? Is something like an online valuer like “iValuer” sufficient, or would they need a valuation certificate from an NAJ institute Registered Valuer or perhaps no prior valuation is required and AXA would just take your valuation as given?

    I have a nice watch which is full set unpolished and the difference in values range quite a lot from the bad examples and the top examples. I wouldn’t want to make a claim in the future (touch wood I wouldn’t need to of course) and they simply replace my watch with a below average example.

  28. #28
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    Quote Originally Posted by Happyal View Post
    Hello,

    I bet this is asked all the time, I did search but could not find anything.

    I'm new to this hobby, and I don't have much of a collection at the moment, but I've been thinking about insurance. Do you have insurance for each of your watches? Is it on your home insurance, or do you have seperate insurance?
    In a similar boat myself have just inherited some watches and not sure if I can just put on home insurance (direct line) or if I need separate valuations. I've got invoices from when they were bought but if anything happened do the insurance company pay the RRP or increase / decrease value?

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