Reply With QuoteIs that £440 per month or annually? If it’s per month, you’d be better ‘self insuring’. Stick that money somewhere each month just in case. Assuming you don’t lose it, in 5 years, you’ll have tucked away £25k rather than having nothing.
Hello
I am expecting to take receipt of the new gold submariner date shortly.
As I'm 26 years old, I've found some insurers don't want to insure me at all, and those that do were quite expensive.
AssetSure want a whopping £2300 a year.
I've found another company, Anthony Wakefield and they've quoted me around £440. This seems reasonable. There's no excess.
This covers Europe and up to 60 days worldwide. I am covered for loss, accidental damage and theft while it's being worn or kept in an approved safe.
Does anyone have some recommendations or even any experience with Anthony Wakefield?
I know some people suggest to add it to contents, but I'd like insurance while wearing it out and about as well, and I travel a lot (although probably won't do so much at the moment given the current situation)
Thanks in advance,
Sam
Last edited by samrolex94; 22nd October 2020 at 17:54.
Is that £440 per month or annually? If it’s per month, you’d be better ‘self insuring’. Stick that money somewhere each month just in case. Assuming you don’t lose it, in 5 years, you’ll have tucked away £25k rather than having nothing.
Apologies -- I was looking at their monthly breakdown but switched it to yearly to simplify the comparison.
The £2300 with AssetSure is yearly
The £440 with Anthony Wakefield is also yearly.
I am wondering if anyone has experience or used Anthony Wakefield?
Thanks
Sam
They aren't mutually exclusive - many people have a watch on their home contents insurance but specify it as 'all risks' meaning that it's covered outside as you desire. You pay extra that way but far less than you're being quoted.Originally Posted by samrolex94
I would self insure. You are only covered for it when you wear it or when it's in an approved safe. You are not covered for theft and probably not for accidentally damage, so limited cover.
The chances of a 26 year old man being mugged are slim and you will have to keep upgrading your safe every few years and that ain't cheap.
They seem to cover theft, provided I don't do anything stupid
It is advisable to invest in a safe to keep your jewellery protected when it is not being worn. A safe will have a cash rating measured in Pounds Sterling and you can keep up to 10x this amount in valuables in the safe. For example, if you have a safe with a cash rating of £10k, you can keep up to £100k of jewellery or other valuables in it.
This policy will not cover theft or disappearance of jewellery and watches from your home unless they are kept permanently in a locked approved safe when not being worn.
If you are travelling, please be advised that your jewellery will not be covered if it is stolen from a hotel room safe as these are not usually built to the high standard required to resist attack. If you must remove your jewellery while staying in a hotel (to go to the beach), it should be kept in the Hotel’s main safe and a receipt should be obtained to prove that it has been deposited.
Similarly, your jewellery will not be covered if it is stolen from a locker such as that which you would find in a gym. Theft or disappearance of jewellery and watches from baggage is not covered.
For just over a pound a day, I think it makes sense.
Have you tried TH March? They were very good with me when I had a nice watch at a young age (albeit not as nice a watch as yours!)
What’s the value of the watch?
I have cover up to £15k per item whether it is in or out of the house, and covers worldwide travel etc.
It’s more than that, and you’re worried about £400-odd a year insurance, can you afford a gold Rolex?
Sent from my iPhone using Tapatalk
Sent from my iPhone using Tapatalk
The value of the watch is £29650 (rrp)
£440 doesn’t bother me and seems fair. I’m more interested if anyone’s dealt with this company. If you can’t afford to insure, you can’t afford to buy.
Alternatively, if you need to insure you can’t afford to buy.
That’s been the case for people buying houses with mortgages for all time....
Wait... no, it absolutely hasn’t, because that’s just daft.
For one watch, speak to your contents insurance company first.
I also found TH March very good when I had to make a claim in 2017.
I haven't used them but this is what Trust Pilot has to say , lots of reviews on the net
https://uk.trustpilot.com/review/anthonywakefield.com
Steve
Chucked it on contents. AW told me their underwriter no locker allows single item insurance for watches
By this comment, do you mean if you can’t afford to insure a watch then you can’t afford to buy it?
Sent from my iPhone using Tapatalk
Are they simply brokers? Who are the underwriters - that is the important entity.
I think so.
No one would insure me. Highworth insurance said they could, but they said they couldn't beat my contents pricing and I would be better off with the contents insurance.
Mark’s and spencer seem good. I have taken out contents insurance with them as my current home insurance provider won’t cover high value items with a reasonable premium.
M and S will cover up to £50,000 per claim and each item can be not worth more than £15k (appreciate your gold watch is double that so probably not that useful to you). They also cover for away from home too.
Sent from my iPhone using Tapatalk
Hi Sam. First congratulations on getting such a fine watch. Maybe you can share a picture or two when you have time. Seeing the quote from Anthony Wakefield broker seems a good deal. At 2% per annum seems worth it if you want to buy insurance. Heck that is less than my medical insurance! The company has good reviews on trusted pilot. As others say - it may be worth finding out who the underwriters are.
I don’t use them myself. I have mine covered all risks on my home and contents insurance (+ personal possessions outside home).
keep posting here and maybe say more about your watch and collections. Welcome aboard!Anthony Wakefield and they've quoted me around £440. This seems reasonable. There's no excess.
This covers Europe and up to 60 days worldwide. I am covered for loss, accidental damage and theft while it's being worn or kept in an approved safe
Martyn.
Last edited by MartynJC (UK); 3rd November 2020 at 22:44.
A possible word of caution to those that are self insuring. Certain insurance providers, M&S is one, will not quote to provide extra cover on items over the individual limit. If you ask for a quote for an item in excess of the £15k limit not only will they refuse to quote, they will also immediately cancel the entire policy. This happened to a former colleague who was forced to insure elsewhere.
What that means in the event of a claim would, I guess, be covered in the terms and conditions of the policy but it seems possible that a claim for other contents could be rejected if they investigate a police report after a burglary and see an over limit watch stolen, even if you were happy for that item to be uninsured. They could argue that the insurance policy would not have been offered at all if they had known that an item of that value was in the house.
Thanks Dan, that's helpful to me - as I'm with M&S HI, I have several Patek above the £15k limit (which I self insure) and my renewal is up in a few weeks.
Another word of caution for those that don't have specific valuable item cover on their contents insurance and effectively 'self insure'.....
In so far as I understand it......
Say I have a standard household contents policy with a £50 or £100k cover but I don't declare my £30k watch and I'm burgled and the watch is stolen.
Obviously I'm not covered for the watch but my insurers could take the position that they had been under-advised of the risk and refuse to pay any of the claim.
When insurers evaluate a premium it's based on many factors including an assessment of risk which would be based on the value of the contents, and in my opinion I would suggest that it's best to declare your watch/high value item to your insurer even if you don't want it actually covered.
Last edited by spuds; 4th November 2020 at 11:36.
Because of the increases in value (or at least replacement cost) of my Hulk, I raised this with my insurers, and this was their take:
1) the individual item limit was the limit. Value did not matter, I was just uninsured for the difference.
2) they did not require me to disclose any items, but refer to the above re limits.
3) again if total values exceeded total limit, simply capped in terms of payout.
I specifically asked if it jeopardised any claims if the total or individual limits were exceeded, and they said no.
However, the M&S policy is more flexible than most when it comes to valuables, and other insurers may deal with this differently.
They may also (if they discovered that a £30K watch was stored in the house) - invalidate the claim altogether on the basis that you had increased the risk of burglary to a level that they did not cover.
What!? That doesn’t make sense at all. Multi billion pound businesses insure their ventures. Doesn’t mean they can’t afford to run the business.
BW,
Chi Kai
Sent from my iPhone using Tapatalk
You phrased that so much better than me mate.....
I think mine is the same if I at least tell them I have the item, but total non-disclosure of valuables in the property would be an 'iffy' one in my personal opinion and not a risk that I personally take.
Hi Sam,
I used to be with TH March and swapped them out when they no longer covered watches if left in gym lockers! (I’m not that cool to wear my watch whilst doing pull-ups)
I’m with AssetSure now and been with them for 3 years and can’t complain at all.
I’ve got 3 watches - roughly £30k of value with them and I’m paying £1.5k/ year.
I’d challenge them on the price / negotiate with them - happy to give them a call for you if that could help?
Cheers
S
That seems very expensive. I use Marks & Spencer and only pay £400 a year for contents cover (includes away from home too). There is a cap on any one claim of £50,000 in total and a maximum of £15,000 claim per item.
Sent from my iPhone using Tapatalk
It is it a little more expensive than some of the other ones I’ve compared too - I do negotiate at ever renewal and they do price match which is good.
I had a incident with a watch this summer and they sorted everything out no trouble at all - I was very impressed by their service and how they handled everything!
When I was looking I had a specific criteria which they approved - gym, travelling abroad for work/pleasure (although this point feels redundant now doesn’t it?!) etc!
S
Hi
I’ve got this sorted now on contents.
AssetSure would insure me but it was very, very high.
Nice one glad you got that sorted in the end - hope you won’t need to use it!
S
Posting Permissions
