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Thread: Best home insurance to cover watches?

  1. #1
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    Best home insurance to cover watches?

    Hi all,

    Looks like Legal & General don't want me any more, they don't want more than 6 watches on the policy and of course I can't sell any.......

    Can anyone suggest an insurance company that is OK with more than 6, but still quotes reasonable rates?

    Cheers, Guy

  2. #2
    Master Christian's Avatar
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    Went with AXA this year which worked out the cheapest with a decent high value item limit and accidental damage cover.

  3. #3
    Master
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    I spoke to Hiscox recently, apparently they no longer offer specialist insurance on watches.

    Iíve been using Assetsure for a few years and they do insure watches. Maybe a little expensive, but they donít need valuations and can insure collections.

    simon

  4. #4
    Master jukeboxs's Avatar
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    Quote Originally Posted by gladders View Post
    Iíve been using Assetsure for a few years and they do insure watches. Maybe a little expensive, but they donít need valuations and can insure collections.

    simon
    Simon, out of interest, roughly what % is your premium (of the insured replacement value) - e.g. around 1%, or 2%, or higher? I find we're more expensive in the UK (2%+) than other countries (e.g. 0.5% seems quite normal in the US). Thank you.

  5. #5
    Just on compare the market now. Turns out you can't use them if you have a watches with an individual value over £10k. Quite annoying.

  6. #6
    Master tiny73's Avatar
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    M&S home insurance covers up to £15K per item before declaration. Not expressing that very well, individual items up to £15k are covered before requiring to be detailed specifically on the policy. New customers get good premiums too.

  7. #7

    Best home insurance to cover watches?

    Quote Originally Posted by tiny73 View Post
    M&S home insurance covers up to £15K per item before declaration. Not expressing that very well, individual items up to £15k are covered before requiring to be detailed specifically on the policy. New customers get good premiums too.
    This^^

    I recently moved to them for this reason.
    Also found out that if you take the accidental damage cover, it can be used if I dropped a watch and it had to go off for service as a result.


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  8. #8
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    Looks like the M&S premium cover shows total valuables limit of £50k

  9. #9
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    Hi,

    Itís around 2.5%. Depending on your collection value, you may have to invest in a safe thatís got a proper rating.

    simon

    Quote Originally Posted by jukeboxs View Post
    Simon, out of interest, roughly what % is your premium (of the insured replacement value) - e.g. around 1%, or 2%, or higher? I find we're more expensive in the UK (2%+) than other countries (e.g. 0.5% seems quite normal in the US). Thank you.

  10. #10
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    Quote Originally Posted by gladders View Post
    I spoke to Hiscox recently, apparently they no longer offer specialist insurance on watches.

    Iíve been using Assetsure for a few years and they do insure watches. Maybe a little expensive, but they donít need valuations and can insure collections.

    simon
    Hiscox cover via home insurance including over 15k


    In all honestly the insurance market has not progressed with the times.


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  11. #11
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    Direct Line Select will cover pretty much anything but premium reflects it, need to itemise anything over £5k and have a valuation fir anything over £10k


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  12. #12
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    Quote Originally Posted by peterdo View Post
    Direct Line Select will cover pretty much anything but premium reflects it, need to itemise anything over £5k and have a valuation fir anything over £10k


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    When I spoke to them recently they offered walking around insurance too.

  13. #13
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    Thanks all, the M&S insurance sounds like it would fit me well as I have a few watches but nothing really pricey. Will give them a try.

  14. #14
    Master
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    M&S are great, but after 5 years of using them the premium had dramatically increased. And, they donít knock a penny off even if you leave.

  15. #15
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    NFU Mutual donít have a problem with my several watches on my home contents policy. You have to list items over £1500 and theyíll insure them, including outside the home.

    Theyíre probably not going to be the lowest cost, but very easy to do business with.

  16. #16
    Grand Master MartynJC (UK)'s Avatar
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    I reply the same to all threads like this! AXA

  17. #17
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    Quote Originally Posted by Rodder View Post
    M&S are great, but after 5 years of using them the premium had dramatically increased. And, they donít knock a penny off even if you leave.
    Iím pretty sure M&S are underwritten by AXA.

    Annoying that the maximum combined value is £50k and they wonít increase it.

    Correct, they wonít reduce if you leave so I just start a new policy each year. one year the Mrs does it in her name and the next I do it in mine. Each year they put premium up and Iíve said to them before that if I do it online itís £xxx amount cheaper and can they just match it and they so nope, cancel your policy and start a new one 🤦*♂️

    I Try Hiscox every year as they have a higher total limit for valuables and for some reason they wonít insure where I live even though itís classed as a village with hardly any crime 🤷*♂️

  18. #18
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    Every time this topic comes up, the answer is always M&S. Very good policy.

  19. #19
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    M+S underwritten by AXA also answer the phone immediately and the person you are dealing with answers all your questions with detail. Insurance away from home rests nerves.

  20. #20
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    I used a broker to change my contents insurance and migrated from Aviva to Hiscox. The main change was watched. On the Aviva policy I had to disclose items in excess of £25k per item and had to provide a valuation. All items were covered in all circumstances all of the time. With Hiscox I had to agree an asset pool value that remained in a safe with £125k of cover limit out of the safe. This reduced by premium for around £750 per annum. Insurers do provide quite a bespoke service for individual circumstances but it is expensive. A comparison website will not, itís based upon an average. You see this particularly in buildings insurance as they use the number of bedrooms to assess the rebuild value automatically. With a bespoke policy they will send a surveyor to your house to specifically tailor a quote.


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  21. #21
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    I've been with M+S a few years now,had to claim for accidental damage on my seamaster when it flooded.
    Couldn't fault the process easy and smooth,I had to fight with Omega though as they wanted to charge me for a new bracelet when there was nothing wrong with old one so I just had the head serviced.

    They use Hallmark for all claims

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  22. #22
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    Before you take out the insurance, really scrutinise the contract for the get out conditions and if they use terms such as "at the sole discretion of the insurer", run a mile.

    Also check the valuation process if you are not required to provide a qualified valuation.

    I am going to self insure this year.

  23. #23
    AXA only cover up to £30k valuables and £15k per item. Change made in the last 5 years apparently but existing policies are allowed to continue if renewed. I'm guessing this is why you're still covered @MartynJC (UK)

    Does anyone have any suggestions for limits outside of this, please?

  24. #24
    NFU mutual need a bespoke high value quote for anything over 7.5k inside the home or 2k out of the home.

    Are all you NFU Mutual guys going through the high value quote process to insure a Planet Ocean or a Sub?!

  25. #25
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    I went through Adrian Flux, brokers, and got a policy with Tokio Marine for higher value items.

  26. #26
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    Quote Originally Posted by wileeeeeey View Post
    AXA only cover up to £30k valuables and £15k per item. Change made in the last 5 years apparently but existing policies are allowed to continue if renewed. I'm guessing this is why you're still covered @MartynJC (UK)

    Does anyone have any suggestions for limits outside of this, please?
    Iím in a similar situation to you - been with M&S for a while and they are very good and competitive. Up to 50k cover with 15k maximum per item away from the home. Iím now in a position where Iíve got a couple of watches quite a bit over 15k. Was paying around £450 a year.

    John Lewis wouldnít quote as I told them the value of my watches and also my total content last cover and they said it was too too heavy.

    Iíve been negotiating with Hiscox and they are around £2,100 at present though Iím trying to get them down. They openly admitted one my 1st call that they werenít cheap but they feel they offer an invaluable level of cover.

    If I canít get them down I may try a broker.

  27. #27
    Master Routers's Avatar
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    Have used M&S for a few years now but their prices have become very expensive.
    Maybe better for new policies?
    Looking around Direct Line looks much more reasonable (30% less) although as mentioned items over £5k need to be specified.

  28. #28
    Quote Originally Posted by Devonian View Post
    Iím in a similar situation to you - been with M&S for a while and they are very good and competitive. Up to 50k cover with 15k maximum per item away from the home. Iím now in a position where Iíve got a couple of watches quite a bit over 15k. Was paying around £450 a year.

    John Lewis wouldnít quote as I told them the value of my watches and also my total content last cover and they said it was too too heavy.

    Iíve been negotiating with Hiscox and they are around £2,100 at present though Iím trying to get them down. They openly admitted one my 1st call that they werenít cheap but they feel they offer an invaluable level of cover.

    If I canít get them down I may try a broker.
    Someone at NFU recommend that going through here which is my next call - https://insurance.biba.org.uk/find-insurance

    After this I'll try Hiscox and if all else fails I'll pull my pants down for TH March and just get regular buildings and contents cover via a comparison site or M&S. TH March looks like 2 or 2.5% of the total value from their web tool but I'd need to call them for a proper quite due to values.

    Who knew period features in a home would make insurance such a nightmare?

  29. #29
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    Quote Originally Posted by Rodder View Post
    M&S are great, but after 5 years of using them the premium had dramatically increased. And, they donít knock a penny off even if you leave.

    I just take a policy out as a new customer every year and do it through TopCashback.
    £50 voucher for new customer plus £50 cash back

    They have never quibbled it.

  30. #30
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    Quote Originally Posted by wileeeeeey View Post
    NFU mutual need a bespoke high value quote for anything over 7.5k inside the home or 2k out of the home.

    Are all you NFU Mutual guys going through the high value quote process to insure a Planet Ocean or a Sub?!
    Do you mean a bespoke policy? I simply list watches and jewellery with them, which is useful for keeping track of serial numbers etc. No visits or valuations needed.

    i had to use their claims department a couple of years ago and they were first class (not related to watches, fortunately)

  31. #31
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    I work in the Insurance industry, though nothing to do with home contents insurance I hasten to add. M&S seem decent enough to me, and AXA have a strong reputation. I would personally avoid Hiscox at the moment (including any policy underwritten by them). If you have higher sums insured and use a safe, it is worth considering an insurance broker who deals with high net worth individuals as they will have access to products not available via the web.

  32. #32
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    Quote Originally Posted by Muddy D View Post
    I work in the Insurance industry, though nothing to do with home contents insurance I hasten to add. M&S seem decent enough to me, and AXA have a strong reputation. I would personally avoid Hiscox at the moment (including any policy underwritten by them). If you have higher sums insured and use a safe, it is worth considering an insurance broker who deals with high net worth individuals as they will have access to products not available via the web.
    Why do you advise avoiding Hiscox at the moment? Their financial strength?

  33. #33
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    I had a quote from Hiscox, was £6k.....

    Ended up with Direct Line Select at £2.5k but that is for £220k of contents and £115k of valuables plus buildings cover

    Once youíre over £50k of valuables or £150k of contents, the availability of insurers really narrows


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  34. #34
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    Quote Originally Posted by Devonian View Post
    Why do you advise avoiding Hiscox at the moment? Their financial strength?
    They have taken a bit of a battering recently I terms of claims in recent years, resulting in them being more risk selective and their prices have increased although I have no concerns about their financial strength long term. The reason I would avoid them currently is due to their struggles, and more so since the lockdown as well, to adqueately service their customers. They've become harder to contact and get decisions from if you want something slightly different arranging. Long term they'll be fine, I just think they've struggled more than most with the lockdown.

  35. #35
    Grand Master MartynJC (UK)'s Avatar
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    Quote Originally Posted by peterdo View Post
    I had a quote from Hiscox, was £6k.....

    Ended up with Direct Line Select at £2.5k but that is for £220k of contents and £115k of valuables plus buildings cover

    Once youíre over £50k of valuables or £150k of contents, the availability of insurers really narrows


    Sent from my iPhone using Tapatalk
    Goodness. It gets a bit philosophical- at what point do you stop getting your valuables insured? You could buy a half decent watch each year every year for between £2.5K and £6K / annum. I know my breakpoint.

  36. #36
    Quote Originally Posted by plw View Post
    Do you mean a bespoke policy? I simply list watches and jewellery with them, which is useful for keeping track of serial numbers etc. No visits or valuations needed.

    i had to use their claims department a couple of years ago and they were first class (not related to watches, fortunately)
    They wanted me to go through their high net worth route for insurance which was confusing as we're not high net worth people (at all), I just have some watches. In any event after speaking to them they said sash windows were a no go for them with valuables. We have a lot of security but the sash windows made them not interested. The quote was £1.9k before adding watches based on 50k contents. For context the AXA quote was about £650.
    Quote Originally Posted by peterdo View Post
    I had a quote from Hiscox, was £6k.....

    Ended up with Direct Line Select at £2.5k but that is for £220k of contents and £115k of valuables plus buildings cover

    Once youíre over £50k of valuables or £150k of contents, the availability of insurers really narrows


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    This is what I'm finding. The watches are making it a real headache. I'm going to try Direct Line and a request through BIBA later. I was going to try Hiscox but the comments above have put me off. Ultimately I might need to go through TH March and just get a regular policy for the house.
    Last edited by wileeeeeey; 27th April 2021 at 09:43.

  37. #37
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    Great topic

    I am currently on with sorting cover will try Direct Line...

    Question: when you declare value do you state market or MRRP ?...

    Example if you have a 116500LN would you list it at £ 10500 or market circa £ 25000?

    As would make massive difference on sums insured declaration.....

    Obviously you would have to ensure its covered to be replaced ďlike for likeĒ or paid at market value ?

    If you had 4 or 5 current ceramic pieces which were £ 50000 market could easily be £ 100k

    Would be interested to hear how others would fill in values for quote ....

  38. #38
    Craftsman Euan Begbie's Avatar
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    Marks and Spencer are good. No need to name individual items unless they are over 10k.


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  39. #39
    Master TKH's Avatar
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    Quote Originally Posted by Euan Begbie View Post
    Marks and Spencer are good. No need to name individual items unless they are over 10k.


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    assuming you bought new - list price or market ?

    so take a 126710 BLRO list £ 7750 ----- Market £ 14000 +

    would they pay you what you paid leaving you short to replace - or would they obtain you a new one ? (that would be interesting)..

    or would they say you did not declare its true 'value' at time of taking out policy ??

  40. #40
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    Quote Originally Posted by MartynJC (UK) View Post
    Goodness. It gets a bit philosophical- at what point do you stop getting your valuables insured? You could buy a half decent watch each year every year for between £2.5K and £6K / annum. I know my breakpoint.
    Unfortunately, having valuable possessions comes at a cost. The good thing is contents insurance is not legally enforceable so as a rule of thumb, I tend to work on the basis if you can't afford to replace something, insure it. If you can't afford to replace something which is theft attractive like a watch, and you can't afford to insure it, the dilemma is - you can't really afford it. I suppose it's a bit like buying a ferrari but not having the income each year to service, Mot and insure it. The biggest difference in this comparison is with the car, Mot / insurance / are all required legally. With the watch, if you don't insure it you are personally taking on the risk if stolen.

  41. #41
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    Quote Originally Posted by TKH View Post
    assuming you bought new - list price or market ?

    so take a 126710 BLRO list £ 7750 ----- Market £ 14000 +

    would they pay you what you paid leaving you short to replace - or would they obtain you a new one ? (that would be interesting)..

    or would they say you did not declare its true 'value' at time of taking out policy ??
    Most insurers would try and get away with paying you the list price unless you have a valuation from within the last 2 years. If you do get a valuation, take a photograph of it and email it to yourself in the event of something like a fire

  42. #42
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    Quote Originally Posted by Muddy D View Post
    Most insurers would try and get away with paying you the list price unless you have a valuation from within the last 2 years. If you do get a valuation, take a photograph of it and email it to yourself in the event of something like a fire
    With Direct Line, anything over £10k thatís not been purchased recently requires a valuation, depending on the watch you can get it done at RRP, but if itís something that has increased in value, I would always want to insure against st the replacement cost even if the premium is more.

    I was with LV and they required me to upgrade my alarm and buy a safe and keep certain items in there when not being worn...went to Direct Line, no requirement for a safe...

    As Martyn says, if you start to worry about the cost of insurance, you maybe need to think about the logic of expensive jewellery and watches. £2500 a year...if anything happened to one of my expensive watches or the wifeís ring, I would be gutted if no insurance...if the house burned down or was ransacked, I would be distraught.

    Thatís the thing about insurance, itís only value for money when you need to claim!!


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  43. #43
    Master Yorkshiremadmick's Avatar
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    I ďWasĒ with NFU, but just this January gone with AXA and saved nearly £200/yr


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  44. #44
    Craftsman Euan Begbie's Avatar
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    Quote Originally Posted by TKH View Post
    assuming you bought new - list price or market ?

    so take a 126710 BLRO list £ 7750 ----- Market £ 14000 +

    would they pay you what you paid leaving you short to replace - or would they obtain you a new one ? (that would be interesting)..

    or would they say you did not declare its true 'value' at time of taking out policy ??
    I currently donít have any watches over the ten k mark so havenít really given it much thought if Iím honest.


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  45. #45
    Master helidoc's Avatar
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    I use NFU mutual. I have about £30000 of watches at market value, and all of these over £2000 are specified on the policy. My wifes jewellery is also specified. They are at current market value, so a 16610, 16570, Speedy, Aerospace, BR03. The remaining ones are covered within non-specified valubles, and my personal cover away from home will cover anything I am wearing. My premium is just over £100 a month.


    Dave



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  46. #46
    Quote Originally Posted by helidoc View Post
    I use NFU mutual. I have about £30000 of watches at market value, and all of these over £2000 are specified on the policy. My wifes jewellery is also specified. They are at current market value, so a 16610, 16570, Speedy, Aerospace, BR03. The remaining ones are covered within non-specified valubles, and my personal cover away from home will cover anything I am wearing. My premium is just over £100 a month.


    Dave



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    For market value on the Rolex have you simply insured a watch you bought at £5k for £10k etc or have you had the items officially valued and NFU agree to either pay out the market value or source you an identical model?

    Only checking as it would be one thing insuring a ceramic Daytona for £20k but another thing entirely claiming for it when the list price is approx £10k and in the case of a Daytona it's still in production.

  47. #47
    Master helidoc's Avatar
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    Best home insurance to cover watches?

    The 16570 was valued by Haywood Milton professionally about 2 years ago, although I ought to update it. Itís value now is too low. Iíve valued the 16610 at what I think itís value is, although I would hate to try and replace like for like in the current market, as itís a great example.

    I think I need a proper safe for the house, and to be aware on occasions out of the house!

    Dave


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    Last edited by helidoc; 27th April 2021 at 13:22.

  48. #48
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    Im with admiral and i have a £10k cap on individual high value items

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  49. #49
    Master jukeboxs's Avatar
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    I self insure - I decided against paying £3k+ pa. I then just have to be careful where I insure the rest of my contents, as some preclude dwellings with uninsured high-value items.

  50. #50
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    Quote Originally Posted by Euan Begbie View Post
    Marks and Spencer are good. No need to name individual items unless they are over 10k.


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    When I spoke with M&S (Iíve been with them for a number of years), I was informed that the valuables limit on my policy is 15k per item, 50k aggregate. However, the 15k was a cap, no need to inform them apparently.

    Keeps things simple I guess.

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