Insurance for new purchase

[Strathtay]

Hi,
Just bought a 116520 and I’d like to insure it. I have my Batman on my house insurance (which I have just renewed) but thought it may be easier in the short term to have my new watch on a stand alone policy.
I’ve been quoted £464 which j thought was a tad expensive??
What do others recommend and if it’s not too nosey what are you paying?
Thanks

[Simon_jrees]

There was another thread like this earlier, was it deleted?

[Denvertimeguy]

Home policy for sure! Those stand alone policies are a racket and they won’t even insure past a certain value!


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[Sg6067]

Wow that’s expensive. As I’m in the US I have no idea what is normal in the UK. However here I pay roughly $7 per thousand to insure watches and jewelry under my homeowners policy with a $500 deductible. So for your watch it would cost somewhere in the neighborhood of $120/year to insure it. You should shop around!

[vesnyder]

I went with an addendum to my home policy. That seems really expensive!

[dj-dulux]

Home insurance in UK likely best option. They will refer to underwriter so watch the special requirements, safe, alarm, etc...

Dupe....

[Ihatecheese]

On my John Lewis house insurance policy it's 5-10 extra a month per watch.

[thesharpe]

Definitely go with a home policy. Some are bespoke when adding high value items, but they always work out cheaper than taking individual item insurance.

I use A-Plan for all my insurance policies. Decent firm. Plus you can actually speak to someone and explain exactly what you want.

[synrrgy]

My watches are tied in with my home policy but I've heard that it may not be the best option in the event it gets stolen from your house since they will only cover a percentage of it. Now if it's lost or you get robbed, it may be another case. Now I think I need to do more research to see what works out the best in my situation.

[StillTrying]

I pay $7/month ($85/yr) here in the US for $10K with no deductible. Its an additional option with home insurance.

[ZeGerman11]

I have zero knowledge of UK home insurance policies, so this may be a stupid question, but why wouldn’t you just add it to your home policy? You state you just paid your annual premium so you’re looking for something else short-term. Are you not able to make changes to your policy within a certain amount of time after paying your annual premium?

I just send my insurance co. the appraisal, they approve and send a bill for any difference owed for the remainder of the year. Watch is specifically declared for the appraised value (otherwise my ins. would only cover I think $5,000), and it costs me an extra $60 or $70 annually (Sub 16610).

[iTreelex]

I don't insure my watches lol. It's such a bizarre thought to me.

[Sg6067]

Originally Posted by iTreelex

I don't insure my watches lol. It's such a bizarre thought to me.

I think it becomes more of a concern once you have a valuable collection. One or two low to mid price watches, sure don’t worry about it. Have a 5 or 6 figure collection? You start to worry and insure your watches.

[JerBear]

I added a "Personal Article Floater" to my home owners insurance. I think it was ~$140/yr and covers up to $10K USD

[Polarexplorerii]

Originally Posted by StillTrying

I pay $7/month ($85/yr) here in the US for $10K with no deductible. Its an additional option with home insurance.

Thats not bad, whats the name of the insurance company?

[nighthawk77]

Originally Posted by Strathtay

Hi,
Just bought a 116520 and I’d like to insure it. I have my Batman on my house insurance (which I have just renewed) but thought it may be easier in the short term to have my new watch on a stand alone policy.
I’ve been quoted £464 which j thought was a tad expensive??
What do others recommend and if it’s not too nosey what are you paying?
Thanks

When I picked up my most recent purchase the total value of my collection went over the threshold of my previous provider (Bradford and Bingley). After a little research I found M&S to be the best provider. Double checked with them and they don’t need anything itemising though I keep copies of my receipts/warranty cards etc saved electronically should I ever need them...

[bsh_watch]

I have a watch-specific policy through Jeweler's Mutual. I believe it cost be about ~350/year to insure 4 watches (Rolex modern and vintage, Omega, Blancpain).

I'd recommend it, and I'm a bit surprised about people saying to go with the rider on a home insurance policy. There have been several threads in the past about how it's better to go with a specific jewelry policy...I guess as long as you have it insured somehow the peace of mind will be there.

[doboy007]

Originally Posted by synrrgy

My watches are tied in with my home policy but I've heard that it may not be the best option in the event it gets stolen from your house since they will only cover a percentage of it. Now if it's lost or you get robbed, it may be another case. Now I think I need to do more research to see what works out the best in my situation.

I went with a separate policy/insurer because you want to make least amount of claims as possible against your home policy. You don't want your home policy going up because you accidentally damaged your watch.

[Batmanbln]

I live in NY. I have a brand new Hulk as well as a Batman and my first DJ from 2002. They are all under my home insurance, with a $0 deductible. I pay just under $500/year for all three watches. That may seem a bit pricey, but again I have no deductible and the watches are insured for any event, even if I happen to loose the watch - almost any and all scenarios are covered. Additionally, I think the yearly price is fair, considering I had the Hulk and Batman re appraised after purchasing them from my AD, considering the MSRP I paid vs. the current replacement prices are vastly different. The Batman is insured for $15K the Hulk is insured for $17,500 and my DJ for $9k. All in all it’s well worth the piece of mind - for just under $500/year to insure 3 watches at a value of $41,500 with no deductible, doesn’t bother me much

[Batmanbln]

Forgot to mention also..I’m using the same company for my renters insurance, but it is a separate “jewelry” policy

[doboy007]

Originally Posted by Batmanbln

I live in NY. I have a brand new Hulk as well as a Batman and my first DJ from 2002. They are all under my home insurance, with a $0 deductible. I pay just under $500/year for all three watches. That may seem a bit pricey, but again I have no deductible and the watches are insured for any event, even if I happen to loose the watch - almost any and all scenarios are covered. Additionally, I think the yearly price is fair, considering I had the Hulk and Batman re appraised after purchasing them from my AD, considering the MSRP I paid vs. the current replacement prices are vastly different. The Batman is insured for $15K the Hulk is insured for $17,500 and my DJ for $9k. All in all it’s well worth the piece of mind - for just under $500/year to insure 3 watches at a value of $41,500 with no deductible, doesn’t bother me much

You should check out other insurers. I get my 3 watches, ~$35000 total, covered for $210/yr with no deductible through State Farm. I’m sure insurance rate varies by region, but ~$500 seems steep.

[goldenpauls]

I think I mentioned a couple of years ago to a similar post that it's worth getting a quote from AXA as they do £100k total contents cover of which £30k can be valuables and a £15k article limit within the £30k. They don't specify any special conditions (safe etc) and don't ask for details or valuations.