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6 March 2021, 01:19 AM | #1 |
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UK Watch insurance
Hello all ...
that time of the year when I need to renew my content insurance that also cover watches. I am currently with Aviva - which is relatively competitive and covers my 2 watches (Patek + Royal Oak)... Any news on the market ... any new good value competitor. Checked AssetSure - remains really price... TH... Anything new in the last year dedicated to watches and perhaps not extorsionate? Best Massi |
6 March 2021, 02:53 AM | #2 |
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Have you seen this?
https://www.ons.gov.uk/peoplepopulat...bed/2017-09-07 Chances of being robbed very low, ditto burglary. Is insurance really worth it? |
6 March 2021, 05:02 AM | #3 | |
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7 March 2021, 04:53 AM | #4 |
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I used John Lewis high net worth insurance through Covea for years with good premiums. Moved to Directline Select with over 25% drop in premium last year. Both beat Aviva on cover for 4 Pateks.
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7 March 2021, 10:11 AM | #5 |
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What kind of rates are you guys paying?
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11 March 2021, 04:40 PM | #6 |
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For a 60k worth of watches Aviva is 720...
Tried direct line and it's at 800. Sent from my SM-G973F using Tapatalk |
11 March 2021, 07:46 PM | #7 |
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I've got a policy with Chubb. They cover my cars, the Pateks (circa £300k), my wifes "stuff" and the house under a single policy. From a watch point of view, they provide international cover and there are no restrictions (like having to store them o/n in a safe etc.) It's a good policy.
@Patekular - I won't even pick up a watch without having got confirmation from a broker that I'm covered. The current Mayor of London has turned the city in seething hell hole like 1970's/early 80's New York, where perpetrators of street crime are marauding around the place with total impunity. (He's a disgrace). Watches are being deliberately targeted - the whole place has become moody. When you're insured and if someone waves a knife in front of your face, you can calmly take it off and hand it over because financially, it means nothing to you. Why wouldn't you do it? |
12 March 2021, 07:00 AM | #8 | |
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I would need a similar level of cover to your own, can I ask how much you paid? I have safe/cctv/alarm etc but due to realities of wife and young family I'd much rather the policy wasn't reliant on any of the security measures (other than CCTV) being in use at the time of any 'event'. edit - looks like Chubb insure through brokers only. Can I ask which one you use? |
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12 March 2021, 08:19 AM | #9 | |
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My pollicy is linked to my value of the reinstatement of my primary house, one rather special car in particular (no, not a Murcielago!), the watches, my wife’s jewellery etc and our overall contents so it wouldn’t really tell you anything about your likely premium cost if I told you mine. Hope you don’t mind. Ben previously brokered a policy for me with Zurich Private Clients which was contents/watches only. That was expensive but had great coverage too, so do ask him about them too. |
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13 March 2021, 04:11 AM | #10 | |
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22 March 2021, 08:44 PM | #11 |
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27 January 2022, 12:12 AM | #12 |
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Thanks Murcielagoboy2, I am now at Gallagher, if anyone would like to discuss watch insurance please message me directly.
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22 March 2021, 12:01 PM | #13 | |
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Don't let having insurance make you complacent, it won't replace your skull. I chose to cancel mine last year and make more sensible decisions about where I wear my watches. It's sad but I just don't fancy an attack, even if I was insured. |
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23 March 2021, 12:35 AM | #14 | |
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23 March 2021, 12:56 AM | #15 | |
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In over thirty years I've never been burgled and had a watch taken or damaged a watch beyond a small scratch. And now I take care where I wear them if I'm in a large city. In fact the only time I was robbed was on my insurance premiums I'm not arguing against taking insurance, I just made a personal decision to cancel mine. |
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23 March 2021, 01:03 AM | #16 | |
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11 March 2021, 11:49 PM | #17 |
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I was in a similar position a couple of months ago. I used to have a standalone policy with TH but was untenable when adding another watch I ended up using a broker and now have a combined home/contents/jewellery policy with Confidas.
As above - no restrictions or endorsements other than providing copies of valuations every couple of years. |
12 March 2021, 05:40 AM | #18 |
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How much do you all pay per year. IME buying cover is the easy part, you only really know how good a policy is when you make a claim.
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22 March 2021, 05:59 AM | #19 |
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Do you guys know of a good valuer in london who will value my watches at market value, rather than retail value?
I’ll call Ben Stagg tomorrow. I’m not at the same league as you guys, but have £50 to £60k in watches (market value) I guess, and it would be awful to have this stolen :( |
23 March 2021, 10:09 PM | #20 | |
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16 April 2021, 08:37 AM | #21 | |
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Thank you so much!! |
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27 January 2022, 05:30 AM | #22 | |
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27 March 2021, 12:48 AM | #23 |
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David ...” In fact the only time I was robbed was on my insurance premiums ”
LOL I have come around to this way of thinking and have decided to’ self insure’ ie put away the insurance each year for the PP’s into a savings account. 1.5% of value PA for watches over £30k is pretty steep. UK premiums have sky rocketed as the insurers add on to one all a concealed penalty surcharge to cover payouts to those daft enough to buy houses on flood plains. The odds on a burglary are minuscule and street robbery even less. |
27 March 2021, 04:18 AM | #24 |
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13 April 2021, 10:38 PM | #25 |
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True, but one can lose a grand complication PP or two and replace them - or not - but losing everything the family owns and has collected over a lifetime is a mite different.
But you do make a good point, insurance is for peace of mind. Insurers insisting on Mickey Mouse safes does seem to be counter intuitive. Safes are like greed magnets to any potential thief who sees them an imagines immense wealth lies inside. Insuring watches under £50k is a vanishingly small cost if wrapped in household contents insurance but add a few 10Ks on each of several watches and it becomes disproportionately expensive. I can only assume that there must be a lot of insurance fraud and false claims behind the insurance risks. |
16 April 2021, 05:31 AM | #26 | |
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My friend has a solid PP collection - maybe 10 watches and some big complicated pieces in there. Anyway it’s all in the safe, and the safe weighs something ridiculous like 90kg and is mounted to a plate which is drilled into the floor and and another plate in the wall. Anyway, his house was broken into and they went for the safe and got absolutely nowhere. They could barely scratch the doors. My point being, they need not be Mickey Mouse... You are quite right about the cost of adding expensive (£50k plus) watches to the police making it pricey. But if you can link it house, cars, contents, wife’s jewellery etc, it’s just about digestible. I just wouldn’t feel comfortable stepping out wearing £X00,000 on my wrist without insurance. Peace of mind is everything. |
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16 April 2021, 09:14 PM | #27 | |
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Fair enough. I was referring go a small safe required for a small number of watches ... 10 is a mite different. However once thieves see a safe if you are in you will be forced to open it. If you are out you may well have whetted their appetite so expect them back... I agree about peace of mind. That’s basically what content insurance is. The chances of a burglary or a mugging is minimal but the latter is a problem if you wear a brand identifiable piece like a Rolex. My PPs are discrete and the 5320G could be a Timex! Last edited by Partekular; 16 April 2021 at 10:33 PM.. Reason: The second paragraph is in fact my reply not his quotation |
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27 March 2021, 05:24 AM | #28 | |
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Depends where you live and whether you ever take them out of the safe at all. I'm surprised by those who self insure. These things cost the same as cars! You can damage one just dropping on the floor or tripping over.. A good friend of mine self insures. He was on a moped and came off at low speed - his 5740 needed a new bracelet and a full repair - that was £26,000. As regards Muggings, I don't want a headache caused by a beating to be made far worse by realising that I've also lost £150,000 in the process. |
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8 April 2021, 06:46 PM | #29 | |
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Unless you're exceptionally unlucky then those sorts of events might happen every decade or so and it would have cost him that to insure it over that same period. |
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8 April 2021, 08:03 PM | #30 | |
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