Advice Needed: Insuring Your Watch

[DigitalSeb]

Evening all,

Would you get a separate watch insurance or would you put your watch under your home insurance? Pros/Cons?

Any advice/POV would be appreciated!

Thanks

[ELD1970]

Added my PO to my home insurance. Value at £3k from memory for about an extra £40 per year.


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[notenoughwrists]

Depends on the value perhaps (maybe some policies have a limit to how high a single item can be) but I have always added them as specified items on my home contents insurance, provided evidence of watch and paperwork via photo.
Had one claim many years ago and was sorted right away. I have used NFU and others.

Don’t bother now, I flip them too bloody quickly


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[helidoc]

Home insurance, all named. NFU mutual are excellent

D


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[DigitalSeb]

Added my PO to my home insurance. Value at £3k from memory for about an extra £40 per year.


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Thanks for letting me know! It doesn’t seem that much more. Value of mine combined is around £30k so probably be a bit more than £40/m!

Any reason you didn’t go to a specialist instead? Just curious!



DigitalSeb
Owner of: ? &

[DigitalSeb]

Home insurance, all named. NFU mutual are excellent

D


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Thanks D will check them out!

[Linocut]

Thanks for letting me know! It doesn’t seem that much more. Value of mine combined is around £30k so probably be a bit more than £40/m!

Any reason you didn’t go to a specialist instead? Just curious!



DigitalSeb
Owner of: ? &

Why would you go to a specialist? Are they cheaper? I have several 3k ish watches all named on my Admiral home policy, why have the hassle of a separate policy.

[DigitalSeb]

Depends on the value perhaps (maybe some policies have a limit to how high a single item can be) but I have always added them as specified items on my home contents insurance, provided evidence of watch and paperwork via photo.
Had one claim many years ago and was sorted right away. I have used NFU and others.

Don’t bother now, I flip them too bloody quickly


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Ok so sounds like NFU are worth a look at! Will check them out! Since you're flipping them so quickly you don't bother with insurance? Curious!

Cheers
S

[Onelasttime]

Thanks for letting me know! It doesn’t seem that much more. Value of mine combined is around £30k so probably be a bit more than £40/m!

Any reason you didn’t go to a specialist instead? Just curious!



DigitalSeb
Owner of: ? &

But this depends on individual values and total insured contents value. So two watches worth £15k each are going to cost more to insure than 30 watches at £1k each because these are below the individual declared items value. I've had to separately declare about 5 because they're over the £1k limit. The rest are covered under the general contents.

At least, that's been my experience with several different underwriters. I pay about £35 per month for £80k cover, including items out of the home and abroad for 90 days, not that it makes much difference in the current situation:

"Are the items ever left unattended?"

"Er, no. I'm pretty much in all day"

[DigitalSeb]

Why would you go to a specialist? Are they cheaper? I have several 3k ish watches all named on my Admiral home policy, why have the hassle of a separate policy.

I’ve started doing a bit of comparing but at the moment everyone is right in saying that placing the items as separate on the home insurance is coming out cheaper.

I’ve looked into l assetinsure and THmarch for now just waiting for the quotes to compare (bit of haggling!)



DigitalSeb
Owner of: ? &

[DigitalSeb]

But this depends on individual values and total insured contents value. So two watches worth £15k each are going to cost more to insure than 30 watches at £1k each because these are below the individual declared items value. I've had to separately declare about 5 because they're over the £1k limit. The rest are covered under the general contents.

At least, that's been my experience with several different underwriters. I pay about £35 per month for £80k cover, including items out of the home and abroad for 90 days, not that it makes much difference in the current situation:

"Are the items ever left unattended?"

"Er, no. I'm pretty much in all day"

Hahaha the left unattended question gets me every time - why am I bothering to get an insurance then (facepalm)!

But good to know actually I’m going to investigate!



DigitalSeb
Owner of: ? &

[MartynJC (UK)]

I use AXA (I think it's HomeSafe version) for home contents and building insurance, which gives (amongst other things) all risks cover both home and away on valuables up to £30K and any one item £15K max. No need to itemise items - but keep your proof of owership of course, incase of a claim

(this topic has been covered a few times before - search option does work quite well)

[Mick P]

Hahaha the left unattended question gets me every time - why am I bothering to get an insurance then (facepalm)!

But good to know actually I’m going to investigate!



DigitalSeb
Owner of: ? &

Insuring watches is up to a point, a bit misleading and most people never read the specification of the policy.

Left unattended is a case in point. Nearly every UK based insurance policy stipulates that no claim will be considered if a watch is left unattended. The most well known being a watch hidden in a beach bag whilst the owner is swimming in the ocean. If a thief walks off with your watch, the claim will not be met.

Basically unattended means that the watch must either be on your person when outdoors, and be in the same room as you if in a hotel. Room safes are considered reckless and no claim will be considered.

In your home, the watch must be either on your person, in the same room as you or in a safe that meets the insurance companies conditions.

So if you are in the shower and left the watch in your bedroom, the watch is unattended. If you are digging the garden or washing the car and the watch is left indoors on the sideboard, the watch is unattended.

The only time you are certain of making a claim is if you are mugged and the watch is ripped off you or if your watches were stored in your approved safe when the house was burnt down.

[DigitalSeb]

I use AXA (I think it's HomeSafe version) for home contents and building insurance, which gives (amongst other things) all risks cover both home and away on valuables up to £30K and any one item £15K max. No need to itemise items - but keep your proof of owership of course, incase of a claim

(this topic has been covered a few times before - search option does work quite well)

Much appreciated Martyn! I’ll check out the search function ;)

Will check out AXA as well!



Thanks
S

[DigitalSeb]

Insuring watches is up to a point, a bit misleading and most people never read the specification of the policy.

Left unattended is a case in point. Nearly every UK based insurance policy stipulates that no claim will be considered if a watch is left unattended. The most well known being a watch hidden in a beach bag whilst the owner is swimming in the ocean. If a thief walks off with your watch, the claim will not be met.

Basically unattended means that the watch must either be on your person when outdoors, and be in the same room as you if in a hotel. Room safes are considered reckless and no claim will be considered.

In your home, the watch must be either on your person, in the same room as you or in a safe that meets the insurance companies conditions.

So if you are in the shower and left the watch in your bedroom, the watch is unattended. If you are digging the garden or washing the car and the watch is left indoors on the sideboard, the watch is unattended.

The only time you are certain of making a claim is if you are mugged and the watch is ripped off you or if your watches were stored in your approved safe when the house was burnt down.

Very true Mick, I’ve started going through the fine detail and a lot of insurers don’t insure watches that are left in the locker at the gym for example (only one I’ve seen so far is Asseture).

The beach point totally valide - if you’re wearing a Sub/Deepsea why aren’t you wearing in the ocean (!?)

Thanks for the clarifications!!



Thanks
S

[Hood]

I use AXA (I think it's HomeSafe version) for home contents and building insurance, which gives (amongst other things) all risks cover both home and away on valuables up to £30K and any one item £15K max. No need to itemise items - but keep your proof of owership of course, incase of a claim

(this topic has been covered a few times before - search option does work quite well)

True but I find the insurance premiums can change drastically in the space of a year so if anybody that gets a good deal can share the insurer all well and good.
NFU are very good but not that cheap.
I went with Barclay's house and contents this year after Lloyds put their premiums up.

[DigitalSeb]

True but I find the insurance premiums can change drastically in the space of a year so if anybody that gets a good deal can share the insurer all well and good.
NFU are very good but not that cheap.
I went with Barclay's house and contents this year after Lloyds put their premiums up.

Ok will be adding them to the list - will revert back with any good deals since I’m in market!



Thanks
S

[aldfort]

I use Hiscox for home insurance as they cover collections without the need to submit an itemised profesional valuation each year.

I simply need to declare number of (watches) price of most expensive (watch), called single item value in insurance speak, and agree the total limit of cover for the collection.

You can replace (watch) with (jewellery), (paintings) (objects) in the above. Any collection of value can be insured.

Naturally if you have a few Monets' then you are in a different league.

The watches are all covered all -risks.

However Hiscox are not cheap and I am talking to NFU mutual as well for next time I need to renew the policy.

[DigitalSeb]

I use Hiscox for home insurance as they cover collections without the need to submit an itemised profesional valuation each year.

I simply need to declare number of (watches) price of most expensive (watch), called single item value in insurance speak, and agree the total limit of cover for the collection.

You can replace (watch) with (jewellery), (paintings) (objects) in the above. Any collection of value can be insured.

Naturally if you have a few Monets' then you are in a different league.

The watches are all covered all -risks.

However Hiscox are not cheap and I am talking to NFU mutual as well for next time I need to renew the policy.

Thanks really go to know so slightly different approach compared to the others - I’ll send them a note to ask

Nice one

PS: I’ll have to see about those Monets now...



Thanks
S

[mycroft]

Much appreciated Martyn! I’ll check out the search function ;)

Will check out AXA as well!



Thanks
S

I have exactly the same policy as Martyn, and would highly recommend that approach as you don’t need individual valuations - pretty important if you have multiple watches.

Another alternative would be M&S - their highest level policy (can’t remember what it’s called) also doesn’t require individual valuations...

Simon

[DigitalSeb]

I have exactly the same policy as Martyn, and would highly recommend that approach as you don’t need individual valuations - pretty important if you have multiple watches.

Another alternative would be M&S - their highest level policy (can’t remember what it’s called) also doesn’t require individual valuations...

Simon

Thanks Simon I’ll check them out also! Great feedback



Thanks
S