Hi TZers, requesting some thoughts on insurance from members. Thanks in advance.
I have purchased AXA home contents insurance with extra cover for single items and personal possessions in and out of the home. They have not asked me to list any possessions, or even given me the option to do so online.
Does anybody have experience claiming with AXA they can share?
Should I get insurance valuations on my watches?
Does it need to be from a NAJ Institute of Registered Valuers?
Or something more convenient like IValuer which charge only £5 for an online valuation per item would be sufficient?
Or perhaps I just need to take details photos of my watches together with the box and papers, and with my ID in the photos.
I use AXA as well for the good level of cover and not having to specify individually items and still get up to 15k single item cover.
I just keep the recipes and pictures I have taken as proof, if you had to claim - assuming it was theft it would need a crime number.
Not had to claim, hope I never have to!
I have no direct experience of AXA's Personal Lines products so I can't comment on that aspect. If they haven't asked you for valuations I wouldn't bother. What you suggest in terms of cataloguing the watches is definitely what I would recommend. If you lose / had stolen a high end watch all Insurers now want photographs that will attribute the watch to your personal ownership and they will check the meta-data to verify date taken etc.Originally Posted by ac11111
Have you checked what their settlement policy is in the event you have to claim? Pretty sure you have a vintage watch or two..? My cover is with M&S, and I made sure they didn't insist on offering high street vouchers, e.g. Goldsmiths as some Insurers do, as that would make replacing a vintage or out-of-production watch pretty impossible.
I have eight watches, of which 5 are Rolex, and I am seriously thinking of self insuring due to the numerous get out clauses in the contract. Almost every insurer has the same clauses which means that they will only pay out :-
1. If you are robbed whilst actually wearing the watch. Some insurers will pay out if you are in the same room as the watch but not in different rooms. So if you are having a shower, the watch must be in the shower room. It is easier to claim if you were mugged out doors.
2. The watch is locked up in a pre agreed safe in your home. Hotel room safes do not comply and you will need to leave your watch at reception with a receipt issued and preferable a photo.
3. The insurance will be invalid if the thief enters via an open / unlocked window. If you leave any window open for ventilation whilst asleep, and a thief enters and robs you, no insurance claim will be met. That also applies to hotels.
4. Leaving a watch hidden anywhere whilst taking a swim on the beach will invalidate any claim.
So paying say £50 to insure a watch worth £10k is not the bargain it seems.
Just to note if your watch is over 3 years old then the original receipt may not be sufficient due to fluctuations in watch prices. I recently had to get my Omega PO valued for my insurance company. They were happy for me to use iValuer.
The contents insurance I got through a broker is with AXA, and I had to specify items over £5,000. In event of a claim I would have to supply the original receipt or a recent valuation.
Interesting that Axa through a broker require that info as they don’t need it when going direct.
I don’t have original receipt for my watches since I purchased pre owned. And I don’t have insurance valuation either. Had some silly quotes from NAJ institute of valuer companies or accredited Valuers, asking 1.5% of value, which seems rich given it’s taking photos, noting details and a quick check on Chrono24. IValuer seems cheap at £5 but not sure how good they are or if accepted by Axa. Might give Axa a call, their response to email was short, simply we don’t have a recommended valuer.
Thanks for all responses so far. I’m definitely going to catalogue the watches myself at the very least.
My friend is going through a claim with AXA at the minute. Sticking point is his Omega AT. It was robbed along with a box and papers as he wears a Swatch to work.
He bought the watch through me. I worked somewhere which let employees buy Ernest Jones vouchers and added 20% to them. I bought the vouchers via my employee portal and ordered his watch over email and all the history said "This is not for me this is for my friend. All name and details to he under Mr XX XX." It was a quartz AT so had to be special order, wasn't in stock.
I've emailed the store to get a copy of the receipt which they sent and this along with the original purchase email and follow up has been sent by friend to AXA. They want a receipt for the gift card too and proof showing money going from his account to mine.
I don't work at that company anymore, have no idea what card I paid on, and have changed bank accounts since. It's turning out to be a total nightmare.
He sent them pictures and videos of himself wearing the watch but had to trim one of the wrist roll videos as it was too large for email. Because they could see the video had been "edited" (their words, not mine) they sent an adjuster to his house on Thursday to see the video on his phone and check it was in his photo gallery at the correct time and location, not just downloaded off the internet.
I would say have photos of all your receipts sent to a separate email and also on drop box/Google drive etc. This isn't a negative review of AXA and they are not my insurer but they seem to be very thorough so have a copy of everything.
The adjuster thinks what my friend has so far is sufficient but does want everhthing else too "to make sure they pay and there's no follow up questions or requirements". I've got some admin to do this weekend now!
Last edited by wileeeeeey; 22nd February 2020 at 14:52.
I’m with Axa.
I have had one claim in 30 years and it was a nightmare.
They only paid out after I took the case to the ombudsman.
I was shocked by their lack of professionalism.
The claim was only £2k and they must have spent more than that in time trying to not pay.
Thanks for the info guys, I spoke to Axa just now on the phone and they sounded reasonable, although I feel the customer service person wasn’t particularly familiar with the claims process anyway, and was partly just giving his personal thoughts rather than actual knowledge of Axa claims policy.
And from your comments they seem like they can be a pain without some really solid evidence. Overall, I spent good money on the insurance and don’t want any doubt that I’m actually protected.
I took some good photos of the watches with all the kit, together with my photo driving licence and also a recent bank statement.
Might also make an excuse to go to Rolex St James when it reopens and have them change swap a bezel insert or adjust the bracelet such that I can get a recent rolex receipt from them.
All the more reason to do a full length pose with the watch in photos, and not just a wrist close ups!
Add my rolex all risks 10months cover £8000 with esure for £32 for 10 months. No valuations required
Self insured.
First Rolex purchased 20 years ago , have eight now.
I think most of the above is a reasonable thing to expect of someone who insures a 10 thousand pound item. I also suspect that most of the clauses that are there are due to exactly those things in the past being part of a claim. It is dumb claims that have made insurers put these clauses in to their policies. When I go on Holidays now, I dare not even put photos on Facebook because in the past people have put pictures of themselves in the Maldives when their £100,000 of jewellery is left alone at home for anyone to help themselves to.
Always fear what would happen in the event of a claim.
Currently with LV and they apparently provide worldwide cover (additional option). Also have it clarified from them that they will cover in a hotel safe. All seems to tick the boxes, but of course I have not made any claims and that is when the truth will tell. Their policy means I must name any item worth over £2k. There is an upper limit of £25k in TOTAL for high value items, meaning that if your collection is larger than that you will effecitvely have to self insure. They also do not ask for a valuation or requirement to have a safe indoors.
"Self-insuring" (in other words, not bothering to insure) is all well and good when you have one or two watches of appreciable value. However, if you have a good deal more than that then being uninsured could be a life-changing decision should the worst happen.
That aside, I've heard bad things about Axa in terms of claims processing, and that seems to have been validated on this thread. Personally, I'd go for Hiscox contents insurance every time, but be prepared to have to spend on an alarm system and a safe once the total sum insured on watches/valuables becomes significant.
I used to self insure but as the collection grew decided to do something about it. I went Halifax and have just concluded a claim on on a Tudor (slipped outside). All very painless indeed, just a photo of the receipt and the letter from Tudor of the required work.
FYI: Halifax included anything undeclared up to £3K. Anything over has to be declared but I have 3 declared and it was only an extra £25 pa. That includes whilst away from my home.
Not covering a watch left in a hotel safe would seem unreasonable to me. But then again staff will have access.
Jus to be clear. You are only insured for a small amount (typically £400 max) if you leave your stuff in a hotel room safe. The problem is proving that you actually left something in the safe at all.
You can, however, leave the watch or whatever at reception but it must be itemised and a value given to the receptionist.
Basically if you are insured, wear it 24/7 whilst away from home and then you are covered under "all risks".
That may be the case for your policy, but for mine - they tell me it is insured in the hotel safe. It was a specific question I asked when I took it out.
Self insuring is a calculated decision not to pay a premium for insurance, hardly the same as not bothering, albeit the end result is the same.
Completely agree with LTF. Self insuring is fine for 1 or 2 watches depending on the overall value but once it tips a certain point not insuring properly is madness.
I suggest you check the wording of your contract in detail because they would be insuring a valuable item in a cheap safe that several staff members could open. It is for that reason that there is a low limit on bedroom safes.
Two videos showing why insurance companies don't trust hotel safes and why you shouldn't either.
https://youtu.be/20qPo1wfZXU
https://youtu.be/De0D7otNxME
Take your point. And I was worried about this too. Hence the last company I took insurance through I got this in writing. To be honest i don't leave in the hotel safe myself. But in case i wanted to. I wanted that guarantee in writing. They told me it is covered anywhere in the world. I asked if that includes a hotel safe whilst i leave the room. They said yes. I kept that record saved!
My current company I did not bother getting in writing as I probably won't leave in safe. If I am on holiday it is on my wrist.
But just making a point. Not all insurance companies are the same.
Sent from my SM-N950F using Tapatalk
Just a thought - Are you sure that it is the safe that is in the room or is it the big solid one that is in the room behind reception. If they use the term "hotel" safe, then it will be the one behind reception.
People are insured for just losing a watch so don’t see why proving watch left in a safe would be a problem.
Well good point. I did not specify which safe. But they just seemed so relaxed and said it is insured anywhere in the world. Including a hotel safe. Also including loss as the next post alluded to.
I may get something in writing from my current insurer at renewal to clarify.
Sent from my SM-N950F using Tapatalk
The reason that I take an interest in this is that I spend a lot of time in hotels.
Most hotels have an exclaimer at the side of the room safe stating the limit of loss which is always small. The big safe behind reception is the one used for high value stuff and even that will have a limit.
I will admit that both my wife and I wear our Rolex on our wrist even when asleep. That way we are covered against theft.
I believe you have to be awake and compos mentis for theft cover to be fully operative.😉
Insurance companies insure you against loss and theft in the expectation that you will take reasonable care in looking after them. Leaving a £10K Rolex in a cheap safe that has a low financial limit and can be opened by many members of the staff would be regarded as reckless and will void a claim.
I have my Rolex stored in a safe that is all but impossible to crack open and literally weighs a ton. There must be only a 0.0000000000001% chance of someone getting into it and yet if they did so, I am not insured because my policy demands that the safe must conform to the very latest security standards.
You really do need to read your policy insure to ensure that you have the cover you want.
Mine allows me to be asleep but my policy is expensive to cover the risk.
What is certain is that if you are asleep in bed and your watch is sitting on a bedside cabinet right beside you, you are not covered.
Self insure. Determine you own risk management strategies. Some will be more relaxed than others. Watches are luxury trinkets. If you cannot afford to lose them without recompense, then perhaps you cannot afford them period?
I don’t have any special watch insurance but I’ve read on here of a TZer claiming (and getting paid) for a watch he just couldn’t find.
If stolen from a safe say you can’t find it.
Mine allows me to sleep in 30 minute on/off segments. I am very tired.
How do you prove when you were asleep or awake.
Surprisingly, American policies are more kind to thick buggers who are dumb enough to forget where they put a £10k watch. European based insurances expect the owners to look after their stuff in a reasonable manor. American policies are much more loose.
Did you read this on TRF which is mainly an American forum?
For the avoidance of doubt, I video my times asleep.
Very wise indeed.
Is there any chance of you and the wife waking up and inadvertently making a "home movie" together?
No, here https://forum.tz-uk.com/showthread.p...at-happens-now
AXA inform me that has only happened twice, but they have released the recordings.
I take your general point but there may be occasions where a watch gains a considerable amount of value over a period of time which means the point at which you bought was affordable to you but now the replacement value is not. Etc.
Posting Permissions
Reply With Quote