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Old 8 April 2021, 09:50 PM   #31
Russell996
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edited...I'll wait for clarification, but <£500 a year for insurance on a $200k watch sounds like fantasy.
Well to start it’s not insured at $200k, it is insured at the list price I paid. Secondly I am telling what I pay, I understand you have are trying to justify self insuring but there is no point not being realistic about the actual costs of insurance.
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Old 8 April 2021, 09:52 PM   #32
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TH March quoted me well over £2k pa for a 5712, so over 10 years that's a lot of money. I can't see a 5740 being £500 pa, or less if we factor in inflation to reach £5k in ten years time
I assume TH March policy is a watch policy, you will pay massively over the odds for such a policy in the UK.
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Old 8 April 2021, 10:57 PM   #33
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Well to start it’s not insured at $200k, it is insured at the list price I paid. Secondly I am telling what I pay, I understand you have are trying to justify self insuring but there is no point not being realistic about the actual costs of insurance.
Edited to make it sound less confrontational....I'm not trying to justify it, I'm not trying to win an argument, if I could get watch insurance at 0.5% of the value of my collection for replacement in the event of theft, accidental damage or robbery then I'd sign up happily, but that's not a figure I have ever been capable of even getting close to in quotes.

If I could get insurance at that price point then I'd take it no question.
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Old 8 April 2021, 11:15 PM   #34
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Edited to make it sound less confrontational....I'm not trying to justify it, I'm not trying to win an argument, if I could get watch insurance at 0.5% of the value of my collection for replacement in the event of theft, accidental damage or robbery then I'd sign up happily, but that's not a figure I have ever been capable of even getting close to in quotes.

If I could get insurance at that price point then I'd take it no question.
Happy to share my broker on a PM if interested?
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Old 8 April 2021, 11:19 PM   #35
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Happy to share my broker on a PM if interested?
Sure, thanks.
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Old 9 April 2021, 07:58 AM   #36
MCMartiny
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Happy to share my broker on a PM if interested?
I would be interested as well as my current insurance is materially more expensive as a % of value insured.
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Old 13 April 2021, 10:38 PM   #37
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House fire is even less likely.
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.
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Old 16 April 2021, 04:46 AM   #38
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I have hunted down the cheapest UK all risk house contents insurers who also include identified (50k+) watches. It is the NFU. They are a mutual and hold 70% of high net worth home insurance policies on the market. They are a charity and do not make a profit. Excess income above 2% is returned to policy holders.

I suggest you try them.
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Old 16 April 2021, 05:31 AM   #39
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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.
I don’t agree with your point about safes. They can be very useful.
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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Old 16 April 2021, 08:37 AM   #40
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I have recently used Ash at Prestige Valuations who are based in Hatton Garden, although they provided an online valuation based on current market value. This was accepted by my insurer (Confidas) with no issues. Very reasonable at £60 per valuation and 2-3 day turnaround time.

Thank you so much!!
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Old 16 April 2021, 09:14 PM   #41
Partekular
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I don’t agree with your point about safes.

I just wouldn’t feel comfortable stepping out wearing £X00,000 on my wrist without insurance. Peace of mind is everything.


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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Old 16 April 2021, 09:58 PM   #42
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M&S are very competitive if your watch collection is no more than 50k and 15k max per watch.

Problem I’m having now on renewal is watches worth more than 15k and insurance companies saying my watch collection is worth too much compared to my overall value of contents insurance.
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Old 27 January 2022, 12:12 AM   #43
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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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Old 27 January 2022, 05:30 AM   #44
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Originally Posted by CV3HD View Post
I have recently used Ash at Prestige Valuations who are based in Hatton Garden, although they provided an online valuation based on current market value. This was accepted by my insurer (Confidas) with no issues. Very reasonable at £60 per valuation and 2-3 day turnaround time.
I can second that. I have used them twice in 5-6 years and good service/reliable.
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Old 27 January 2022, 08:51 AM   #45
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.3 percents of all adults per year sounds like a lot of robbery to me!
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Old 7 January 2024, 09:15 AM   #46
RolexLoverBoy
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Hi

Wondering in 2024 if anyone has any new and updated views on UK insurers that'll cover contents + valuables in excess of £50k? Planning to call Direct Line Select and Aviva but hoping to save some time.

I'm looking at my UK insurance again as my current contents policy expiring in June doesn't cover over total £50k of valuable items. Doesn't make sense to have separate top up policies with Assetsure/THM in the meantime which is what I currently had to do - I'd rather cancel and find a more suitable policy.

Thanks!
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Old 7 January 2024, 11:31 AM   #47
kingofthehill
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Hi

Wondering in 2024 if anyone has any new and updated views on UK insurers that'll cover contents + valuables in excess of £50k? Planning to call Direct Line Select and Aviva but hoping to save some time.

I'm looking at my UK insurance again as my current contents policy expiring in June doesn't cover over total £50k of valuable items. Doesn't make sense to have separate top up policies with Assetsure/THM in the meantime which is what I currently had to do - I'd rather cancel and find a more suitable policy.

Thanks!
I can recommend speaking with insurance broker Nowell & Richards.

https://www.nowellandrichards.co.uk/
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Old 9 January 2024, 12:21 AM   #48
Partekular
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UK - I used to use an insurance broker before I discovered the NFU for house, contents and specified watch insurance. They are the cheapest and most user friendly I have found and of course there is no broker slice added on top nor a restricted insurer connection which has caught me out in the past. My old broker did not mention NFU’s existence. I saw why when I went direct to them and got a large reduction in my cover costs.

Give them a try?
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Old 13 March 2024, 11:21 AM   #49
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UK - I used to use an insurance broker before I discovered the NFU for house, contents and specified watch insurance. They are the cheapest and most user friendly I have found and of course there is no broker slice added on top nor a restricted insurer connection which has caught me out in the past. My old broker did not mention NFU’s existence. I saw why when I went direct to them and got a large reduction in my cover costs.

Give them a try?
NFU Mutual proved to be notably cheaper than the renewal quotes arranged by the insurance broker that I had previously been using. The contact that arranged the policy was thorough, efficient and helpful - I am happy to introduce her to any TRF members that would find it useful.

Thank you for the recommendation, @Partekular.
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Old 13 March 2024, 09:17 PM   #50
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Just wondering if anyone has made a claim or knows of someone who has for a mugging? If you just hand your watch over and there is no CCTV then is your word enough proof? I would have thought Insurers would need some hard evidence?
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Old 13 March 2024, 09:33 PM   #51
Russell996
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Just wondering if anyone has made a claim or knows of someone who has for a mugging? If you just hand your watch over and there is no CCTV then is your word enough proof? I would have thought Insurers would need some hard evidence?
Your word is enough, just like it is if you simply lose the watch, you will need to file a police report and get a crime number.
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Old 21 March 2024, 10:43 PM   #52
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M&S are very competitive if your watch collection is no more than 50k and 15k max per watch.

Problem I’m having now on renewal is watches worth more than 15k and insurance companies saying my watch collection is worth too much compared to my overall value of contents insurance.
That's the problem I had when Aviva basically said they wouldn't insure me any longer ... obviously I need a bigger house

I tried a few places and NFU were the best option for me - Chubb were good but expensive.

The other thing I do is never keep more than the rated safe value in the house with the rest of the collection kept in a safety deposit box - this seemed to keep the insurer a lot happier.
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