closing tag is in template navbar
timefactors watches



TZ-UK Fundraiser
Page 1 of 2 12 LastLast
Results 1 to 50 of 64

Thread: Cost of ownership thoughts

  1. #1
    Grand Master learningtofly's Avatar
    Join Date
    Jul 2010
    Location
    Everywhere & nowhere, baby
    Posts
    33,993

    Cost of ownership thoughts

    I've just renewed my insurance for contents, and once again it's cost me the best part of £1500 for a year's cover as a consequence of my watches (yes, I've shopped around, and no - nobody will do it cheaper). In addition, I've previously had to install (and keep professionally maintained) an alarm and a safe. I now find, both amusingly and annoyingly, that any watches that are high enough in value to be declared have to undergo periodic and documented "clasp and/or fastening inspections".

    Given the substantial liability of servicing as well, I think I'm fast reaching the conclusion that the cost of ownership of a relatively valuable watch collection outweighs the benefits - unless, of course, you've been lucky enough to foster a relationship with "your AD" such that you can regularly get your hands on halo models to help balance the books (which I certainly can't). I think the next 12 months may see me bring the numbers/value down quite dramatically.
    Last edited by learningtofly; 25th June 2022 at 12:53.

  2. #2
    What is their criteria as to who does the periodic and documented "clasp and/or fastening inspections"?

    R
    Ignorance breeds Fear. Fear breeds Hatred. Hatred breeds Ignorance. Break the chain.

  3. #3
    Grand Master learningtofly's Avatar
    Join Date
    Jul 2010
    Location
    Everywhere & nowhere, baby
    Posts
    33,993
    Quote Originally Posted by ralphy View Post
    What is their criteria as to who does the periodic and documented "clasp and/or fastening inspections"?

    R
    On the phone it was along the lines of "authorised dealer or accredited jeweller" - I guess I'll need to read the small print on the policy document.

  4. #4
    Master mr noble's Avatar
    Join Date
    Mar 2009
    Location
    Cambs
    Posts
    4,232
    Does this mean you might sell that 5513?

  5. #5
    Master mr noble's Avatar
    Join Date
    Mar 2009
    Location
    Cambs
    Posts
    4,232
    On a serious note. Iím in the same boat. Had the renewal from NFU last week and itís £1450. I called to ask how much itíd reduce by if I took off my Daytona and Seadweller and amazingly it dropped by over £400.

    Itís a shame that the bad people (thieves and burglars) among our communities add such cost and take away the enjoyment for the good people.

  6. #6
    Mine's about £2,400 and I'm not even covered for everything.

    My advice to young folk these days is to only insure what you have to/genuinely can't afford to lose. That's usually just house (buildings) and car. It's a business and over a lifetime, you'll come out in front - probably.

  7. #7
    Grand Master learningtofly's Avatar
    Join Date
    Jul 2010
    Location
    Everywhere & nowhere, baby
    Posts
    33,993
    Quote Originally Posted by mr noble View Post
    Does this mean you might sell that 5513?
    That's weird. We're off for a late lunch shortly, and then an evening of Flamenco at Sadler's Wells, and I literally just put it on for the occasion!



    Quote Originally Posted by mr noble View Post
    On a serious note. I’m in the same boat. Had the renewal from NFU last week and it’s £1450. I called to ask how much it’d reduce by if I took off my Daytona and Seadweller and amazingly it dropped by over £400.

    It’s a shame that the bad people (thieves and burglars) among our communities add such cost and take away the enjoyment for the good people.
    Yeah, exactly, that.

  8. #8
    Grand Master ryanb741's Avatar
    Join Date
    Jun 2008
    Location
    London
    Posts
    14,888
    You could rent a deposit box from Metro and for around £25 a month and keep the collection bar what you wear at the current time there.

    That would keep costs down a lot

  9. #9
    Master
    Join Date
    Feb 2014
    Location
    England and Spain
    Posts
    6,463
    Quote Originally Posted by learningtofly View Post
    I've just renewed my insurance for contents, and once again it's cost me the best part of £1500 for a year's cover as a consequence of my watches (yes, I've shopped around, and no - nobody will do it cheaper). In addition, I've previously had to install (and keep professionally maintained) an alarm and a safe. I now find, both amusingly and annoyingly, that any watches that are high enough in value to be declared have to undergo periodic and documented "clasp and/or fastening inspections".

    Given the substantial liability of servicing as well, I think I'm fast reaching the conclusion that the cost of ownership of a relatively valuable watch collection outweighs the benefits - unless, of course, you've been lucky enough to foster a relationship with "your AD" such that you can regularly get your hands on halo models to help balance the books (which I certainly can't). I think the next 12 months may see me bring the numbers/value down quite dramatically.
    Wearing a single high value watch is easy, relatively cheap and simple. The moment you start collecting watches you have to start wearing them in rotation, have rules to follow on storage and everything becomes more complicated.

    So it's a case of buying just one watch and living with it or collecting several of the things with all the issues and costs that come with it.

    The choice is down to us.

  10. #10
    Master
    Join Date
    Aug 2007
    Location
    London
    Posts
    4,963
    This is why I've tried to keep any watch below £15k as my policy covers up to that amount for an individual watch. My most expensive one was quite a bit north of that RRP but I bought it new for that and have the receipt.

    However, on last renewal I did find the overall limits and cost is getting a bit too much and that is a factor in looking to (yet again) reduce my watches, as well as a desire to top up my pension and stop working.

    I've started the process and anticipate getting to nothing that requires more than standard cover and most likely I'll be at a point that I won't be bothered if they're insured or not.

    Potentially very liberating - until I start buying again...

  11. #11
    I always found NFU bespoke to be fairly relaxed, maybe Iím in for a shock this year

  12. #12
    Master Scrubnut's Avatar
    Join Date
    Mar 2012
    Location
    At large in the West Country, UK
    Posts
    2,608
    Quote Originally Posted by learningtofly View Post
    I think the next 12 months may see me bring the numbers/value down quite dramatically.
    I did that a while ago. When you add all the various insurance items up, on top of watches; dogs, paintings, bikes, guns etc. Itís a fortune and I got tired of it. Easiest way to reduce it is to moderate the watches.

    I had a quote from Hiscox a few years ago. Didnít know whether to laugh of cry!

  13. #13
    Master
    Join Date
    Nov 2011
    Location
    Berkshire
    Posts
    5,627
    Wow. I was annoyed when for the same policy Halifax increased if from £400 current year to £600 next year.

    Will be calling on Monday to ask what they are thinking. That is with 2 sports Rolex and an 8k engagement ring. Put the Rolex replacements at 10k each as would need to be grey.

    Time to shop around i think.

  14. #14
    Master jukeboxs's Avatar
    Join Date
    Apr 2009
    Location
    Scotland
    Posts
    4,116
    What's brought this about now, Tony? It sounds like your costs have been high for some time (i.e. this year not higher than last).

    I've saved a lot by self insuring and only servicing every 5-10 years, but then low risk where I live.

    Safety deposit sounds like one solution, especially if you're in London. Although not ideal.
    Last edited by jukeboxs; 25th June 2022 at 17:39.

  15. #15
    Grand Master wileeeeeey's Avatar
    Join Date
    Jan 2017
    Location
    N/A
    Posts
    14,167
    Quote Originally Posted by ryanb741 View Post
    You could rent a deposit box from Metro and for around £25 a month and keep the collection bar what you wear at the current time there.

    That would keep costs down a lot
    Unfortunately I was told this was not true for NFU. I was told it was possible but I would need to put a written request in to notify of the change each time and wait for them to reply confirming because I could swap out in metro.

    They want the worst case scenario insured. Everything in one go and your safe (or safes) need to be rated for the value of the entire collection.

  16. #16
    Grand Master learningtofly's Avatar
    Join Date
    Jul 2010
    Location
    Everywhere & nowhere, baby
    Posts
    33,993
    Quote Originally Posted by Jdh1 View Post
    Mine's about £2,400 and I'm not even covered for everything.

    My advice to young folk these days is to only insure what you have to/genuinely can't afford to lose. That's usually just house (buildings) and car. It's a business and over a lifetime, you'll come out in front - probably.
    Blimey, that makes mine look cheap!

    Quote Originally Posted by ryanb741 View Post
    You could rent a deposit box from Metro and for around £25 a month and keep the collection bar what you wear at the current time there.

    That would keep costs down a lot
    Yeah, but SDBs aren't without there [roblems. I also felt very dissociated from my watches last time I used one and ended up selling a load that I regretted later.

    Quote Originally Posted by Mick P View Post
    Wearing a single high value watch is easy, relatively cheap and simple. The moment you start collecting watches you have to start wearing them in rotation, have rules to follow on storage and everything becomes more complicated.

    So it's a case of buying just one watch and living with it or collecting several of the things with all the issues and costs that come with it.

    The choice is down to us.
    Well, yes - that's pretty much what I was saying.

    Quote Originally Posted by ASW1 View Post
    This is why I've tried to keep any watch below £15k as my policy covers up to that amount for an individual watch. My most expensive one was quite a bit north of that RRP but I bought it new for that and have the receipt.

    However, on last renewal I did find the overall limits and cost is getting a bit too much and that is a factor in looking to (yet again) reduce my watches, as well as a desire to top up my pension and stop working.

    I've started the process and anticipate getting to nothing that requires more than standard cover and most likely I'll be at a point that I won't be bothered if they're insured or not.

    Potentially very liberating - until I start buying again...
    Ot helps that I'm preoccupied with other things these days - easier to get out of the buying habit.

    Quote Originally Posted by Scrubnut View Post
    I did that a while ago. When you add all the various insurance items up, on top of watches; dogs, paintings, bikes, guns etc. Itís a fortune and I got tired of it. Easiest way to reduce it is to moderate the watches.

    I had a quote from Hiscox a few years ago. Didnít know whether to laugh of cry!
    Hiscox pricing is ridiculous. They quoted about £1800 last year, and a similar figure the year before.

    Quote Originally Posted by Mj2k View Post
    Wow. I was annoyed when for the same policy Halifax increased if from £400 current year to £600 next year.

    Will be calling on Monday to ask what they are thinking. That is with 2 sports Rolex and an 8k engagement ring. Put the Rolex replacements at 10k each as would need to be grey.

    Time to shop around i think.
    Percentage-wise that's nuts! Did they give you any kind of justification for the hike?

    Quote Originally Posted by jukeboxs View Post
    What's brought this about now, Tony? It sounds like your costs have been high for some time (i.e. this year not higher than last).

    I've saved a lot by self insuring and only servicing every 5-10 years, but then low risk where I live.

    Safety deposit sounds like one solution, especially if you're in London. Although not ideal.
    What annoyed me this year is that it went up yet again, like it has done every bloody year even though I've not claimed on contents insurance since 2006... it just felt like enough is enough! I could have been putting that money aside every year

  17. #17
    Master daveyw's Avatar
    Join Date
    Sep 2013
    Location
    London
    Posts
    1,937
    Iím with you on the cost of ownership, the worry of damage etc, insurance hassles with clasp inspections etc, itís not fun. Some watches have become assets and have to be protected.
    It does make you think about letting them go sometimesÖ

  18. #18
    Master M1011's Avatar
    Join Date
    Jun 2020
    Location
    London, England
    Posts
    2,303
    Sounds like a right hassle. "clasp and/or fastening inspections" suggests people must be putting in claims for watches dropping off their wrist? Odd, can't say I've ever seen or heard of a clasp/fastening failure, no doubt there will be examples but presumably they must be rare? Ultimately the insurance company can charge what they think is right, but when they start asking you to play silly games with clasp inspections it feels almost like they don't want your business anymore!

  19. #19
    Grand Master markrlondon's Avatar
    Join Date
    Feb 2009
    Location
    London, England
    Posts
    24,604
    Blog Entries
    26
    Quote Originally Posted by M1011 View Post
    it feels almost like they don't want your business anymore!
    It does rather sound like that, doesn't it.

  20. #20
    Journeyman DONGinsler's Avatar
    Join Date
    Jan 2021
    Location
    Toronto
    Posts
    212
    Safety deposit box

    Take out a couple to wear for a couple of weeks, back in box and take out 2 others.

    I have a small hidden safe, but as I only have 2 watches. I just keep them in the dresser and not declared for insurance

    Not even sure what my insurance covers. House for sure, acts of god (depends on god) and who knows what else

    DON

  21. #21
    Grand Master learningtofly's Avatar
    Join Date
    Jul 2010
    Location
    Everywhere & nowhere, baby
    Posts
    33,993
    Well, I've just done the maths using a Metro Bank SDP and it equates to:

    Standard contents insurance with Hiscox, which allows for unlimited cover but anything over £15k (say, a couple of watches) declared: £645

    Medium sized safe deposit box with Metro Bank (who appear to have availability 5 minutes walk from home): £360

    That means a £400 p.a. saving - not insignificant - in return for a fair bit of hassle when it comes to storing/retrieving/wearing my watches.

    Food for thought, but I'm not 100% convinced the answer isn't instead to just keep both individual and aggregated watch values below levels which incur penalty premiums. Anyway, I'll think about it for a few days and then make a decision on the combined approach described above!
    Last edited by learningtofly; 26th June 2022 at 06:31.

  22. #22
    Grand Master learningtofly's Avatar
    Join Date
    Jul 2010
    Location
    Everywhere & nowhere, baby
    Posts
    33,993
    Quote Originally Posted by M1011 View Post
    Sounds like a right hassle. "clasp and/or fastening inspections" suggests people must be putting in claims for watches dropping off their wrist? Odd, can't say I've ever seen or heard of a clasp/fastening failure, no doubt there will be examples but presumably they must be rare? Ultimately the insurance company can charge what they think is right, but when they start asking you to play silly games with clasp inspections it feels almost like they don't want your business anymore!
    Agreed, and actually it's clear that - when values rise to beyond average levels - most don't.

  23. #23
    Master Scrubnut's Avatar
    Join Date
    Mar 2012
    Location
    At large in the West Country, UK
    Posts
    2,608
    Quote Originally Posted by learningtofly View Post

    Food for thought, but I'm not 100% convinced the answer isn't instead to just keep both individual and aggregated watch values below levels which incur penalty premiums. Anyway, I'll think about it for a few days and then make a decision on the combined approach described above!
    This was the only realistic option for me as Iím on Dartmoor. I could do it Shawshank style of course. Biscuit tin, plastic bag and bury everything under a rock I suppose.

  24. #24
    Quote Originally Posted by M1011 View Post
    Sounds like a right hassle. "clasp and/or fastening inspections" suggests people must be putting in claims for watches dropping off their wrist? Odd, can't say I've ever seen or heard of a clasp/fastening failure, no doubt there will be examples but presumably they must be rare? Ultimately the insurance company can charge what they think is right, but when they start asking you to play silly games with clasp inspections it feels almost like they don't want your business anymore!
    Read on here of people claiming for watches just Ďlostí - not sure if fallen off wrist or misplaced. Then thereís people claiming for dropping them in the shower or whereverÖ

    If insurance only covered genuine theft/robbery not carelessness maybe premiums would be cheaper.

  25. #25
    Master murkeywaters's Avatar
    Join Date
    May 2013
    Location
    Near the sea
    Posts
    6,735
    Quote Originally Posted by Scrubnut View Post
    This was the only realistic option for me as Iím on Dartmoor. I could do it Shawshank style of course. Biscuit tin, plastic bag and bury everything under a rock I suppose.
    Lots of nice big rocks on Dartmoor so the choice is yours!

    I think when owning a collection of anything of value lots of equations need to be thought about and made -

    Area where you live
    How much you paid for the items v's their worth
    How many people know about your collection
    Whats the chances any thieves will get away with your collection.....

    The list goes on and will be very individual, you could say that if only close family know of your collection, you live in a very low risk area, are aware of where and when you wear your watches and have a approved fire safe then you can be more relaxed about a collection, I imagine many households have huge collections of valuable items that are not insured due to insurance prices but only the owners know and keep it very quiet.

    Yes, there is always that risk but life is not without risks, sometimes you just have to weigh up the facts and get on with life. That said, that is what insurance provides, the feeling of security should the worst happen.

  26. #26
    Grand Master wileeeeeey's Avatar
    Join Date
    Jan 2017
    Location
    N/A
    Posts
    14,167
    Quote Originally Posted by learningtofly View Post
    Well, I've just done the maths using a Metro Bank SDP and it equates to:

    Standard contents insurance with Hiscox, which allows for unlimited cover but anything over £15k (say, a couple of watches) declared: £645

    Medium sized safe deposit box with Metro Bank (who appear to have availability 5 minutes walk from home): £360

    That means a £400 p.a. saving - not insignificant - in return for a fair bit of hassle when it comes to storing/retrieving/wearing my watches.

    Food for thought, but I'm not 100% convinced the answer isn't instead to just keep both individual and aggregated watch values below levels which incur penalty premiums. Anyway, I'll think about it for a few days and then make a decision on the combined approach described above!
    It probably isnít as simple as that. The watches in Metro will likely be uninsured while worn.

    I had this explained to me by NFU while trying to keep costs down as I only have one Rolex out of the bank at one time. They still required two key things:

    1. The entire value of the watches insured regardless of whatís in Metro
    2. A safe (or safes) at home with a value rating meeting the total combined value of all watches, jewellery and high value belongings.

    They said the only way around this would be to only insure whatís outside of a safe deposit box would be to contact that each time before and after to amend the policy. Stick only the most expensive watch on the police so the values are fine and make sure I have written confirmation of insurance when rotating watches. This also likely meant only swapping watches during office hours which isnít ideal.

    I have the lot insured correctly and still in the bank anyway as thatís my preference but didnít save me a penny, costs me the same insurance plus the bank on top.

  27. #27
    Grand Master Passenger's Avatar
    Join Date
    Apr 2014
    Location
    Cartagena, Spain
    Posts
    18,376
    Isn't it a no brainer, IF/ when you've gotta start thinking about the cost of ownership, then you're likely in the wrong game...Additionally IF a 400 quid p.a. saving looks 'not insignificant' to you, then 'luxury' man jewellery probably shouldn't be your thing in a big way...Maybe I'm being too pragmatic, unemotional, about it though.
    Last edited by Passenger; 26th June 2022 at 11:32.

  28. #28
    Master
    Join Date
    Feb 2014
    Location
    England and Spain
    Posts
    6,463
    Quote Originally Posted by Passenger View Post
    Isn't it a no brainer, IF/ when you've gotta start thinking about the cost of ownership, then you're likely in the wrong game...Additionally IF a 400 quid p.a. saving looks 'not insignificant' to you, then 'luxury' man jewellery probably shouldn't be your thing in a big way...Maybe I'm being too pragmatic, unemotional, about it though.
    You are just being sensible. Too many people buy expensive widgets and then go into panic mode over the cost of maintenance and insurance. I know a guy who paid £95k for a shotgun and is now scared to use it as he saw another one get its stock scratched on barbed wire during a rough shoot.

    If you have to worry about the cost of looking after things the best thing is to do your nerves a favour and sell the thing.

  29. #29
    Grand Master Passenger's Avatar
    Join Date
    Apr 2014
    Location
    Cartagena, Spain
    Posts
    18,376
    Quote Originally Posted by Mick P View Post
    You are just being sensible. Too many people buy expensive widgets and then go into panic mode over the cost of maintenance and insurance. I know a guy who paid £95k for a shotgun and is now scared to use it as he saw another one get its stock scratched on barbed wire during a rough shoot.

    If you have to worry about the cost of looking after things the best thing is to do your nerves a favour and sell the thing.
    I think we've reached an accord on a subject Mick

  30. #30
    Master
    Join Date
    Mar 2015
    Location
    Glasgow
    Posts
    5,832
    Costs change though
    Costs which were once reasonable and able to be justified can become more significant when things like insurance premiums mushroom.
    Nothing wrong with taking stock at that point.
    A bit like people with gas guzzlers .There may be a tipping point where they feel the car is no longer justifiable.
    Nothing wrong with inviting musings on the subject I feel.

  31. #31
    Grand Master markrlondon's Avatar
    Join Date
    Feb 2009
    Location
    London, England
    Posts
    24,604
    Blog Entries
    26
    Quote Originally Posted by Kingstepper View Post
    Read on here of people claiming for watches just ‘lost’ - not sure if fallen off wrist or misplaced. Then there’s people claiming for dropping them in the shower or wherever…

    If insurance only covered genuine theft/robbery not carelessness maybe premiums would be cheaper.
    Indeed, they do it with cars so why not watches. Different levels of insurance for difference cost/risk preferences. This would seemingly make a lot of sense and would allow insurers to cost out the risks (e.g. "oh, I just lost it" and "Oh, it just fell of my wrist") they really don't want to carry.

  32. #32
    Grand Master markrlondon's Avatar
    Join Date
    Feb 2009
    Location
    London, England
    Posts
    24,604
    Blog Entries
    26
    Quote Originally Posted by Mick P View Post
    I know a guy who paid £95k for a shotgun and is now scared to use it
    Gah!

    My "gah" is not so much at spending £95k on a shotgun as I could well imagine myself spending that much on a something like a shotgun (if I could) but, if I did, it wouldn't be to use. That would be something to be mounted on the wall and to be admired (and occasionally caressed while muttering "my beautifully crafted precious").

  33. #33
    Master Pitch3110's Avatar
    Join Date
    Nov 2010
    Location
    Suffolk
    Posts
    5,366
    Blog Entries
    1
    Similar boat here a couple of years ago Tony with spiralling insurance and requirements they requested.

    For the last two years I have had a safe deposit box which costs approximately £300 per year with added insurance cover.

    Content insurance at hove covers the two we wear out of the home.

    Paul.

  34. #34
    Grand Master learningtofly's Avatar
    Join Date
    Jul 2010
    Location
    Everywhere & nowhere, baby
    Posts
    33,993
    Quote Originally Posted by wileeeeeey View Post
    It probably isnít as simple as that. The watches in Metro will likely be uninsured while worn.

    I had this explained to me by NFU while trying to keep costs down as I only have one Rolex out of the bank at one time. They still required two key things:

    1. The entire value of the watches insured regardless of whatís in Metro
    2. A safe (or safes) at home with a value rating meeting the total combined value of all watches, jewellery and high value belongings.

    They said the only way around this would be to only insure whatís outside of a safe deposit box would be to contact that each time before and after to amend the policy. Stick only the most expensive watch on the police so the values are fine and make sure I have written confirmation of insurance when rotating watches. This also likely meant only swapping watches during office hours which isnít ideal.

    I have the lot insured correctly and still in the bank anyway as thatís my preference but didnít save me a penny, costs me the same insurance plus the bank on top.
    Thatís interesting. However, as long as the items that needed to be declared were declared I donít see how it would ever become in issue unless and until you had that conversation. (Iím not arguing whether that would present a moral dilemma or not, just stating that it would surely be the case.)

  35. #35
    Grand Master learningtofly's Avatar
    Join Date
    Jul 2010
    Location
    Everywhere & nowhere, baby
    Posts
    33,993
    Quote Originally Posted by Hood View Post
    Costs change though
    Costs which were once reasonable and able to be justified can become more significant when things like insurance premiums mushroom.
    Nothing wrong with taking stock at that point.
    A bit like people with gas guzzlers .There may be a tipping point where they feel the car is no longer justifiable.
    Nothing wrong with inviting musings on the subject I feel.
    Yes, precisely. No response was required.

    Quote Originally Posted by Pitch3110 View Post
    Similar boat here a couple of years ago Tony with spiralling insurance and requirements they requested.

    For the last two years I have had a safe deposit box which costs approximately £300 per year with added insurance cover.

    Content insurance at hove covers the two we wear out of the home.

    Paul.
    Added insurance through the bank, Paul?

  36. #36
    Master dickbrowne's Avatar
    Join Date
    Jun 2010
    Location
    Almost in the middle
    Posts
    2,514
    Iíve sold 9 vintage Rolex and Omega watches over the last 18 months or so. Given what your renewal is, my saving could almost add up to a decent mid-range Omega diver.

    I think Iím feeling some sellers regretÖ

  37. #37
    Craftsman aamaci's Avatar
    Join Date
    Oct 2018
    Location
    EK UK
    Posts
    325
    Another thought, what about looking into the cost saving of taking a high voluntary excess, say £1,000, or more, across the entire policy? Use the policy as a "major losses only" one. Are you likely to make claims under £1k or can you afford to pay these out of your resources? This would remove the attritional loss risk from the insurer, which would make the risk more attractive and should reduce the premium significantly.

    Maybe worth investigating...my entire buildings and contents cover with M&S is about £380 with £1k excess (although my watch collection will be significantly less value than yours OP).

    A

  38. #38
    Master
    Join Date
    Oct 2012
    Location
    Hertfordshire
    Posts
    2,551
    Blog Entries
    1
    I've never insured my watches - admittedly they only nudged into a total of five figures at most but they were paid for and if I lost them it would be a shame (although that would provide an excuse to buy something new...) but it wouldn't really impact on life overall

    Sent from my moto g31(w) using Tapatalk

  39. #39
    Grand Master learningtofly's Avatar
    Join Date
    Jul 2010
    Location
    Everywhere & nowhere, baby
    Posts
    33,993
    Quote Originally Posted by aamaci View Post
    Another thought, what about looking into the cost saving of taking a high voluntary excess, say £1,000, or more, across the entire policy? Use the policy as a "major losses only" one. Are you likely to make claims under £1k or can you afford to pay these out of your resources? This would remove the attritional loss risk from the insurer, which would make the risk more attractive and should reduce the premium significantly.

    Maybe worth investigating...my entire buildings and contents cover with M&S is about £380 with £1k excess (although my watch collection will be significantly less value than yours OP).

    A
    Thatís not a bad shout, actually. Iíll give them a call tomorrow and check what that does to the premium.

  40. #40
    Master Pitch3110's Avatar
    Join Date
    Nov 2010
    Location
    Suffolk
    Posts
    5,366
    Blog Entries
    1
    Quote Originally Posted by learningtofly View Post
    Yes, precisely. No response was required.


    Added insurance through the bank, Paul?
    The box is with a jeweller Tony no banks near us vaults anymore. The insurance is just an added layer, I think the box is only covered up to £50k.

    Paul

  41. #41
    Master helidoc's Avatar
    Join Date
    Mar 2010
    Location
    Liverpool
    Posts
    2,821

    Cost of ownership thoughts

    Iím with NFU mutual, most watches are covered within the valuables limit, but the most expensive watches (Rolex & Omega) are named specifically.

    I asked about a safe, although it wouldnít reduce my £105 per month premium). I do have to have a professionally maintained alarm, but we have an ADT contract.

    I donít think that Iím paying that much extra for names items, which are all watches plus some of wifeyís jewellery.

    Whether they would replace at market value if stolen is another matter!

    Iíll probably get a safe regardless

    Dave


    Sent from my iPhone using Tapatalk

  42. #42
    Craftsman
    Join Date
    Sep 2016
    Location
    Birmingham, UK
    Posts
    361
    I went through this late last year. NFU were by far the cheapest using bespoke. They insisted on upgrading the safe and then we agreed watches were placed in an asset pool and 2 were covered outside of the safe when wearing. They defined the requirement for an alarm but it made no difference to the premium if it was maintained or monitored. Watches above £22k had to be listed individually. Only replacement value at RRP was covered.
    I shopped around loads of bespoke policies and this was the lowest by £750 per annum.
    I also learned that changing your insurer annually adversely affected premiums quoted but Iím unsure why or how true that was.
    My previous experience over the past few years is that the premium increase c.20% year on year which is making the whole watch collecting hobby pretty unviable to me.
    At some point I will divest and reduce the watches down. The hobby is pretty spoiled for me now, you cannot buy a watch you want, the cost of insurance is horrendous, the time invested in seeking insurance is too demanding and the risk of mugging is increasing.



    Sent from my iPad using TZ-UK mobile app

  43. #43
    Grand Master learningtofly's Avatar
    Join Date
    Jul 2010
    Location
    Everywhere & nowhere, baby
    Posts
    33,993
    Quote Originally Posted by qaz4169 View Post
    ...At some point I will divest and reduce the watches down. The hobby is pretty spoiled for me now, you cannot buy a watch you want, the cost of insurance is horrendous, the time invested in seeking insurance is too demanding and the risk of mugging is increasing.



    Sent from my iPad using TZ-UK mobile app
    Yeah, I hear you!

  44. #44
    Master
    Join Date
    Feb 2014
    Location
    England and Spain
    Posts
    6,463
    Quote Originally Posted by qaz4169 View Post
    I went through this late last year. NFU were by far the cheapest using bespoke. They insisted on upgrading the safe and then we agreed watches were placed in an asset pool and 2 were covered outside of the safe when wearing. They defined the requirement for an alarm but it made no difference to the premium if it was maintained or monitored. Watches above £22k had to be listed individually. Only replacement value at RRP was covered.
    I shopped around loads of bespoke policies and this was the lowest by £750 per annum.
    I also learned that changing your insurer annually adversely affected premiums quoted but Iím unsure why or how true that was.
    My previous experience over the past few years is that the premium increase c.20% year on year which is making the whole watch collecting hobby pretty unviable to me.
    At some point I will divest and reduce the watches down. The hobby is pretty spoiled for me now, you cannot buy a watch you want, the cost of insurance is horrendous, the time invested in seeking insurance is too demanding and the risk of mugging is increasing.

    Sent from my iPad using TZ-UK mobile app
    I think the demographics of high end watches is beginning to change. The number of people with say a dozen Rolex will reduce due to the hassle of insurance and servicing and those who do own these watches will limit them them to two or three and will leave it at that.

    To be honest, three watches is really enough for anyone.

  45. #45
    Grand Master learningtofly's Avatar
    Join Date
    Jul 2010
    Location
    Everywhere & nowhere, baby
    Posts
    33,993
    Quote Originally Posted by Mick P View Post
    I think the demographics of high end watches is beginning to change. The number of people with say a dozen Rolex will reduce due to the hassle of insurance and servicing and those who do own these watches will limit them them to two or three and will leave it at that.

    To be honest, three watches is really enough for anyone.
    I'm almost with you on this, Mick. I'm seriously thinking of reducing to 5 watches pretty much straight away, and including in those moved on my two higher value watches that need to be declared. I reckon that'll save me a shedload of hassle in addition to about £800-900 per annum in insurance costs. I have a week or two to make a decision before my new as-is premium kicks in.

  46. #46
    Master
    Join Date
    Feb 2014
    Location
    England and Spain
    Posts
    6,463
    Quote Originally Posted by learningtofly View Post
    I'm almost with you on this, Mick. I'm seriously thinking of reducing to 5 watches pretty much straight away, and including in those moved on my two higher value watches that need to be declared. I reckon that'll save me a shedload of hassle in addition to about £800-900 per annum in insurance costs. I have a week or two to make a decision before my new as-is premium kicks in.
    I would be inclined to sell just one until the price uncertainty is past history. Then just sell them as each model hits its own price peak.

  47. #47
    Grand Master markrlondon's Avatar
    Join Date
    Feb 2009
    Location
    London, England
    Posts
    24,604
    Blog Entries
    26
    Quote Originally Posted by Mick P View Post
    Then just sell them as each model hits its own price peak.
    Hasn't this already happened?

  48. #48
    Master
    Join Date
    Feb 2014
    Location
    England and Spain
    Posts
    6,463
    Quote Originally Posted by markrlondon View Post
    Hasn't this already happened?
    You need a crystal ball to answer that. I think that Rolex are likely to slowly climb in price as the years roll by. There will be stalls and dips but in the long term they are a good bet.

    It is usually best to do these things slowly so if you do want to dispose just take your time.

  49. #49
    One of the reasons I sold the 5711. I wasnít prepared to pay the annual additional premium for it, and I would have been upset if I had lost it - soÖ

    For most individual watches I donít mind if they are insured or not, but as a whole or for watches over a certain value then I feel a little differently.

    M&S used to be the best option for me, but they stopped covering my post code area.

    Im sure Iíll have another sell off to come down to an overall limit, and most under a non-specified item limit of £15k.
    It's just a matter of time...

  50. #50
    Master jukeboxs's Avatar
    Join Date
    Apr 2009
    Location
    Scotland
    Posts
    4,116
    ^ The 5711 would have helped with the farm / mortgage payments! What about the 5167 Scott, that must also be outwith normal insurance limits?

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