closing tag is in template navbar
timefactors watches



TZ-UK Fundraiser
Results 1 to 23 of 23

Thread: Insurance Recommendations Please

  1. #1
    Craftsman
    Join Date
    May 2018
    Location
    Maidstone
    Posts
    705

    Insurance Recommendations Please

    My watches are insured as specified items on my household policy but I'm hoping to add a bigger piece soon & wondered if anyone could suggest a reputable company that would cover me for wearing it inside the house & outside.
    Many thanks,

  2. #2
    Generally on the forum the consensus seems to be below 15k per item M&S, above 15k per item Hiscox. Sometimes NFU is also mentioned.

  3. #3
    Craftsman
    Join Date
    May 2018
    Location
    Maidstone
    Posts
    705
    Thanks, ideally I'll be arranging cover so that I'm covered the minute I leave the AD.

  4. #4
    Master
    Join Date
    Feb 2014
    Location
    England and Spain
    Posts
    3,943
    If you carry the watch out of the AD in its box, you will not be covered. You will only be covered if you actually wear the watch. Don't insure with anyone until you have read the schedule.

  5. #5
    Agreed, M&S works perfectly for me.

  6. #6
    Journeyman
    Join Date
    Aug 2012
    Location
    UK
    Posts
    153
    Axa for me.
    The website was very good for allowing you to increase the limits for jewellery/ watches without needing to specify every single item.

  7. #7
    Master
    Join Date
    Dec 2008
    Location
    Surrey, UK. OdiŠxere or somewhere in-between
    Posts
    8,306
    Blog Entries
    19
    AXA for me. Can adapt level. I have the max that covers an individual items to £15K each in or outside (all risks), total valuables to 30K. No need to specify items so can buy / sell at will.

  8. #8
    Quote Originally Posted by Mick P View Post
    If you carry the watch out of the AD in its box, you will not be covered. You will only be covered if you actually wear the watch.
    Hmmm, not sure about that?

    However, just to be clear, Iím not a watch insurance expert... but when I collected my last new purchase, I was most definitely covered for the watch I was wearing and the watch I had just bought, as long as neither were above £15k and I hadnít left them unattended.

  9. #9
    As a side note I always bring an old bay for life or backpack to the AD for watch collection day. Last thing you want to do is walk around down with one of their bags on display. You wouldn't walk around with £10k in a NatWest branded bag (let alone trust their handles). I always try to wear a low value watch if I collect or worst case wear both or put the lesser value one in the backpack.

  10. #10
    Craftsman
    Join Date
    May 2018
    Location
    Maidstone
    Posts
    705
    Quote Originally Posted by wileeeeeey View Post
    As a side note I always bring an old bay for life or backpack to the AD for watch collection day. Last thing you want to do is walk around down with one of their bags on display. You wouldn't walk around with £10k in a NatWest branded bag (let alone trust their handles). I always try to wear a low value watch if I collect or worst case wear both or put the lesser value one in the backpack.
    Definitely. I picked up my DJ41 from WoS in an old Berghaus daysack, wearing a CWC RN Diver. I plan to do the same when the time comes...

  11. #11
    Craftsman
    Join Date
    May 2019
    Location
    West Yorkshire
    Posts
    398

    Insurance Recommendations Please

    Quote Originally Posted by Speedy2254 View Post
    Definitely. I picked up my DJ41 from WoS in an old Berghaus daysack, wearing a CWC RN Diver. I plan to do the same when the time comes...
    Totally agree. Our local AD now offers a plain paper bag option instead of their fancy, logoíd up, ĎIím carrying several thousands of pounds around with meí, bags!

    On the original question, Iím not an expert but know someone who is. She arranges insurance for lots of clients with large watch collections, amongst other things. The best option seems to be a household insurance policy that can be tailored to cover all risks and values. They arenít cheap but you tend to get what you pay for in the insurance market.

    Allianz used to offer a really good product via their direct sales but I think theyíre only available through brokers nowadays. Although compare the market, etc have their place, as soon as you start to veer even slightly away from the standard options, it all goes to pot. A broker can help a lot. I know Iím biased in saying that, given what Iíve said above but I honestly believe itís worth asking someone who does this stuff day-in, day-out to help you when it comes to specialist insurance.


    Sent from my iPad using Tapatalk

  12. #12
    Master
    Join Date
    Feb 2014
    Location
    England and Spain
    Posts
    3,943
    Quote Originally Posted by Craizeehair View Post
    Hmmm, not sure about that?

    However, just to be clear, Iím not a watch insurance expert... but when I collected my last new purchase, I was most definitely covered for the watch I was wearing and the watch I had just bought, as long as neither were above £15k and I hadnít left them unattended.
    Nearly every UK based insurance company will only pay out if you are wearing the watch. The easy answer is to check your policy.

  13. #13
    Craftsman
    Join Date
    Jan 2018
    Location
    London
    Posts
    850
    Point to note, pretty sure M&S is underwritten by AXA.

    Otherwise, nothing more to add to the above. We also have a fixed TOTAL limit of £25k or £30k in total for valuable items, so that is often a sticking point if you have a large collection or high value item.

  14. #14
    Craftsman
    Join Date
    Jun 2014
    Location
    London UK
    Posts
    772
    After purchasing a watch beyond the single item limit of my previous insurer, I changed my insurance to M&S which would cover it and set it to begin on the day I collected the watch from the dealer. I then wore no watch to collect (!) and wore the purchased watch on the way out with the box and documents in an old supermarket bag for life which seemed a sensible way to do things to me.

  15. #15
    Journeyman
    Join Date
    Oct 2012
    Location
    Bristol
    Posts
    82
    Quote Originally Posted by wileeeeeey View Post
    As a side note I always bring an old bay for life or backpack to the AD for watch collection day. Last thing you want to do is walk around down with one of their bags on display. You wouldn't walk around with £10k in a NatWest branded bag (let alone trust their handles). I always try to wear a low value watch if I collect or worst case wear both or put the lesser value one in the backpack.

    Glad this isn't just me being paranoid.

    Bought an engagement ring and the jewellers looked aghast as I decanted the fancy logo covered box's contents into my rucksack!

  16. #16
    Quote Originally Posted by Mick P View Post
    Nearly every UK based insurance company will only pay out if you are wearing the watch. The easy answer is to check your policy.
    You may be right about nearly every UK based insurance company, I donít know... but thatís not what you said. You seemed to have got your maybes, mights and possibles confused with your absolutely stone cold will nots?

    I think itís important that the OP gets some real life, fact based feedback as he requested, from policy holders if possible and two of what seem to be amongst the most popular choices here from what I can see (M&S and AXA), appear to cover up to 15k individual and 30k total out of the house, without stating you have to be wearing your watch on your wrist.

    Anyhoo, Iím not even sure why that sweeping statement of incorrect fact even struck a nerve with me?

    As you were...

    OP, Iím sure with some follow up from suggestions here you will find something to suit your needs. Iíd suggest calling whoever you want to try for peace of mind.

  17. #17
    Master DMC102's Avatar
    Join Date
    Apr 2015
    Location
    Berkshire
    Posts
    1,189
    Quote Originally Posted by Mick P View Post
    Nearly every UK based insurance company will only pay out if you are wearing the watch. The easy answer is to check your policy.
    This is an urban myth. The easiest way to confirm that this is an urban myth is to check your policy.

    If it's a standard household contents policy, then it'll probably cover the contents of your home against 'all risks', i.e. anything that isn't excluded. Cover for 'valuables' - jewellery, watches and so on - might be excluded or limited unless they're specified on the policy, but I don't think you'll find a condition that says your watch isn't covered unless you're wearing it.

    The key thing is that a contents policy covers just that - the contents of your home. Cover is usually excluded or at best extremely restricted for things that aren't in your home - especially valuables. Usually, you have to extend the policy to cover personal possessions / valuables away from the home, specifying how much cover you want. Typically this will extend the cover to include the items whilst they're 'with you' anywhere in the world.

    It's a mistake to assume that your household policy covers your watch whilst it's out of the home - whether on your wrist or not - even if you've specified it on the policy.

  18. #18
    Master
    Join Date
    Feb 2014
    Location
    England and Spain
    Posts
    3,943
    Quote Originally Posted by DMC102 View Post
    This is an urban myth. The easiest way to confirm that this is an urban myth is to check your policy.

    If it's a standard household contents policy, then it'll probably cover the contents of your home against 'all risks', i.e. anything that isn't excluded. Cover for 'valuables' - jewellery, watches and so on - might be excluded or limited unless they're specified on the policy, but I don't think you'll find a condition that says your watch isn't covered unless you're wearing it.

    The key thing is that a contents policy covers just that - the contents of your home. Cover is usually excluded or at best extremely restricted for things that aren't in your home - especially valuables. Usually, you have to extend the policy to cover personal possessions / valuables away from the home, specifying how much cover you want. Typically this will extend the cover to include the items whilst they're 'with you' anywhere in the world.

    It's a mistake to assume that your household policy covers your watch whilst it's out of the home - whether on your wrist or not - even if you've specified it on the policy.
    Again you need to read your policy in detail and familiarise yourself with the jargon.

    For the avoidance of doubt, I am talking about expensive jewellery that needs to be specified in the policy.

    The problem with expensive watches is that they make household insurance policies too risky because watches are small and easily lost and a target for thieves. To overcome this, insurers attach a few get out clauses.

    You are covered when wearing the watch, either on your wrist or in your pocket. If you carry it in a bag, you are not insured for a specified watch. So to take it to its ultimate conclusion. if you were carrying a man bag that contained a Rolex and an expensive fountain pen, you would not be paid for the watch but you would be paid for the pen because its not specified.

    I have 5 Rolex and my wife has 1 and they are all specified. I learn to live with the conditions of the policy and at least I know the exclusions.

  19. #19
    Master DMC102's Avatar
    Join Date
    Apr 2015
    Location
    Berkshire
    Posts
    1,189
    Quote Originally Posted by Mick P View Post
    Again you need to read your policy in detail and familiarise yourself with the jargon.

    For the avoidance of doubt, I am talking about expensive jewellery that needs to be specified in the policy.

    The problem with expensive watches is that they make household insurance policies too risky because watches are small and easily lost and a target for thieves. To overcome this, insurers attach a few get out clauses.

    You are covered when wearing the watch, either on your wrist or in your pocket. If you carry it in a bag, you are not insured for a specified watch. So to take it to its ultimate conclusion. if you were carrying a man bag that contained a Rolex and an expensive fountain pen, you would not be paid for the watch but you would be paid for the pen because its not specified.

    I have 5 Rolex and my wife has 1 and they are all specified. I learn to live with the conditions of the policy and at least I know the exclusions.
    As someone who spent 20 years in the insurance industry, I read my policies very carefully, and I'm pretty familiar with the 'jargon'.

    On most ordinary home insurance policies, 'valuables' such as watches are generally covered as standard, subject to an overall limit and a single-item limit. They usually need to be declared and specified on the policy individually if their value exceeds the single-item limit, if you want the insurer to pay more than that limit in the event of a claim. Typically this increases the premium.

    However, it's important to realise that just because it's specified this way - to avoid it falling foul of the single-item limit - it doesn't follow that an item's covered when it's outside the home, whether you happen to be wearing it or not. Check your policy - the standard cover provided is almost always along the lines of "loss or damage to contents at the home...".

    It's usually necessary to extend the cover to protect things that are away from the home - typically the policy definition of such extended cover will come under a heading like "Contents away from home section" where it will say something like "This section only applies when shown on your Schedule". In other words, it only applies when you have specifically requested and paid for it and (probably) declared either the particular items you want covered away from the home, or how much cover you want, or both. So check your schedule.

    This extended cover will usually be along the lines of "loss or damage to your contents when they are temporarily away from your home anywhere in the world". There are generally exclusions to this, but I haven't seen one that mentions watches that aren't being worn. My own policy (M&S, from which incidentally the above clauses are quoted) provides cover under this section even for valuables stolen from an unattended car, so long as they were out of sight.

    The point is that just because you tell your insurers that you have five expensive watches and they're specified on the policy, it doesn't necessarily mean that they're covered outside your home. For this, you have to specifically request - and pay for - extended cover for contents away from home. If you do, it's very unlikely that you'll find an exclusion or condition that says you have to be wearing the item for it to be covered.

    Finally, don't confuse this with the cover provided for "Contents temporarily removed from the home" which is something quite different and very precisely defined.

    I normally CBA to argue the toss with armchair experts on here, but I think this is important - I wonder how many people are walking around with thousands of quid strapped to their wrists believing they're insured when they're not.

  20. #20
    Craftsman
    Join Date
    May 2018
    Location
    Maidstone
    Posts
    705
    Thanks to everyone for their replies, all most informative.
    I'm hoping to get my dream piece & want to be sure I'm covered to wear it every day, at home & at large from the moment I leave the AD.
    I'll be looking at the companies recommended & see which ones can meet what I need.

  21. #21
    Master
    Join Date
    Dec 2008
    Location
    Surrey, UK. OdiŠxere or somewhere in-between
    Posts
    8,306
    Blog Entries
    19
    To help the OP:

    I have Axa HomeSafe Insurance for buildings / contents and personal possessions cover away from home

    For personal possessions cover away from home (this includes valuables / watches) up to £15000 for any one item and up to £30000 total - no need to specify the item and it/they is/are insured, as long as in the possession of the insured (and in other places like a locked car etc - see policy for details) - no mention of being on a wrist.

    In any case - as mentioned - do check with the insurance company if in any doubt.

  22. #22
    NFU very reputable and excellent cover. My watches are insured in and out of the house plus also covered when abroad on holiday.

    Sent from my SM-G950F using Tapatalk

  23. #23
    Craftsman
    Join Date
    Jan 2018
    Location
    London
    Posts
    850
    Quote Originally Posted by MartynJC (UK) View Post
    To help the OP:

    I have Axa HomeSafe Insurance for buildings / contents and personal possessions cover away from home

    For personal possessions cover away from home (this includes valuables / watches) up to £15000 for any one item and up to £30000 total - no need to specify the item and it/they is/are insured, as long as in the possession of the insured (and in other places like a locked car etc - see policy for details) - no mention of being on a wrist.

    In any case - as mentioned - do check with the insurance company if in any doubt.
    I am thinking of changing insurer soon so interested to hear further about this.

    If you have a collection of 32k worth of watches for example and one watch is stolen assume that is covered...I guess as long as you do not have more than 30k worth stolen at one time you are fine? So in theory you could have any amount of watches, just that only 30k would be covered in any one claim?

    Given you don't need to specify the watches, assume this is how it works?

    Sent from my SM-N950F using Tapatalk

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Do Not Sell My Personal Information