Insuring your watch?...

[AshAP]

Originally Posted by tyler1980

I'm quite surprised how many people use them I have never even heard of them before. Ill look into them as well

Hiscox are recognised as the market leader, if you go to a broker they are likely to recommend them. If you've got artwork & jewellery etc to match your watch collection then there's only really Hiscox and maybe a couple of others who'll cover it.

I can recommend A Plan Private Clients in High Wycombe who are brokers for Hiscox.


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[CaveDweller]

Went through this recently – one watch at £3500, the other at £8000

No safe required, the £8k is insured for “at home” only – the £3.5K is insured on my wrist, anywhere, any time

No additional cost to add the under “contents insurance” – but both are required to have valuations (or receipt for purchase) – and new regs require that both watches are kept in good condition and full working order, and certified as such every three years

The “three year rule” doesn’t mean “serviced”, it just means a certified watch maker checks it over and says it’s OK (and gives you the paperwork to confirm that) – without that certification it all goes pear shaped

If no mention of the “three year rule” has been mentioned, question it with your insurer ……

[Sarosh]

So when you say the 8k watch is insured for at home use what does that mean? Your watch isn't covered if you're wearing it out of the house?

[AshAP]

Originally Posted by Sarosh

So when you say the 8k watch is insured for at home use what does that mean? Your watch isn't covered if you're wearing it out of the house?

It means the insurance is pointless.


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[CaveDweller]

Originally Posted by Sarosh

So when you say the 8k watch is insured for at home use what does that mean? Your watch isn't covered if you're wearing it out of the house?

It means that it's regarded as "house contents insurance" only - and no, it's not insured on my wrist

The £3.5 is my daily beater, and I wear it everywhere I go - whereas the £8k is more of a “dress watch”, and I’m very careful about where and when I’ll wear that one

The insurance I have for both watches suits me, and if I wanted to pay extra, I could have done so

Let’s just say you won’t catch me in MacDonalds with the gold one ……

[CaveDweller]

Originally Posted by AshAP

It means the insurance is pointless.

As the watch spends most (99.9%) of its time in the house, it's a simple precautionary measure, at no additional cost

[Sarosh]

Ahhh okay I see what you mean. None of mine are PM so I'll make sure I insure them all for home and away wear


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[P2725TMB]

Originally Posted by tyler1980

I'm quite surprised how many people use them I have never even heard of them before. Ill look into them as well

I might too. I'm with March, but its costing an arm and a leg now...

[roviw]

I asked a similar question about 6 months or so ago, a forum member on here pointed me in the direction of AXA home insurance, the top option they offer fits the bill for me.

Without going into too many details have a look at their website and all the conditions.
I read them through many times and compared them to my original insurer.
My premiums dropped from around £1300 a year to less than £300 a year for better cover.( This was buildings and contents )
I think the maximum item value was £15000 and they did not have to be itemised either !.

Funnily enough I have three vehicles insured with AXA already and had not thought about asking for a house and contents quote before, I had been with my previous insurer for maybe 30 years and through laziness had never bothered to search around.

Do take a look, I think the policy was the Homesafe cover or something like that.
I was so impressed we changed my Father's insurance as well to them.

[wb55]

Slight tangent but I have just bought a watch from a member here which I will want to insure and was wondering if there is a recommendation for an insurance valuation.

I went to Fraser Hart as they are a Rolex AD and their website says they do insurance valuations but once I got there was told the website is out of date and they no longer do valuations.

The reason given was that their valuations weren't good enough for insurance because you have to have a certain accreditation etc for the valuation to be worth anything?

[Sarosh]

Maybe Wempe on bond street or the Rolex boutique in the same place?

[StevieWatch]

I use TH March. I find them pretty decent

[tyler1980]

Originally Posted by wb55

Slight tangent but I have just bought a watch from a member here which I will want to insure and was wondering if there is a recommendation for an insurance valuation.

I went to Fraser Hart as they are a Rolex AD and their website says they do insurance valuations but once I got there was told the website is out of date and they no longer do valuations.

The reason given was that their valuations weren't good enough for insurance because you have to have a certain accreditation etc for the valuation to be worth anything?

TH march has a list of accredited valuers who are independent on their website (its a link). You are going to have to pay to have it done but its a smart thing to do especially if you have many watches and jewelry pieces. All my and my wife's stuff are in one overall valuation which itemizes and has photographs of each piece as well as replacement values.

Most insurance companies accept valuations from an AD as well though. I always get one when i buy a watch from my AD and submit that. The professional valuation usually isn't required (for Rolex specifically) but i like having it.

[tyler1980]

Originally Posted by AshAP

Hiscox are recognised as the market leader, if you go to a broker they are likely to recommend them. If you've got artwork & jewellery etc to match your watch collection then there's only really Hiscox and maybe a couple of others who'll cover it.

I can recommend A Plan Private Clients in High Wycombe who are brokers for Hiscox.


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yeah I'm not from the UK so every company when i moved here was a mystery to me and never heard of any of them. I just did some googling initially and found a few. Didn't notice them at the time though. If we ever get to stay here permanently Ill need new insurance so ill probably go with them, as my US policy won't extend coverage if I'm not returning most likely.

[AK797]

As been said, Hiscox, TH March, M and S and John Lewis. I think Direct Line may also do watch insurance.

[AshAP]

Originally Posted by tyler1980

yeah I'm not from the UK so every company when i moved here was a mystery to me and never heard of any of them. I just did some googling initially and found a few. Didn't notice them at the time though. If we ever get to stay here permanently Ill need new insurance so ill probably go with them, as my US policy won't extend coverage if I'm not returning most likely.

Seems like you're doing well relying on Google. If you're happy where you are then I'd stay there but if the current insurer starts sounding worried about the sums insured then I definitely recommend Hiscox.


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[johnoha]

Hiscox no good for me as my main home in the UK is also a pub and hotel.... I also need a policy that allows for long term overseas business trips as I work in SE Asia. Any advice would be greatly appreciated.

[bp1000]

About to get a new safe

Any recommendations?

[phez]

Originally Posted by Sarosh

Hi Guys,

I understand that most home contents insurance policies in the UK will have a provision for any items that are under the value of £3500. In the instance that a watch would exceed this value what do you suggest?

Insure that individual watch separately? Or just declare it to the insurance company. Would you need to provide proof of the value to the insurance company?

If and when it's stored in a safe would the insurance still apply to it? Sorry for all the questions but just wanted some sound advice. I'll most likely wear the watch 5 out of the 7 days in a week so I know it'll be covered whilst it's on my wrist.

Thanks

I moved my house and contents insurance to Hiscox, they only require you to specify goods over £15,000.

They require my DD40 and Daytona C to be in a safe they approve if not being worn.

No proof of valuation was required, but my AD always provides me with one automatically.

Hope this helps.

I did try TH March for just the watches but their premium was over £2000.00

[phez]

Originally Posted by bp1000

About to get a new safe

Any recommendations?

Depends what value goods you need to hold in it. Burton do a good range so long as you steer away from the electronic locks.

Their safes are rated for both cash contents and goods. Goods value typically being 10x the cash value.

[DavidUK]

Sarosh, John Lewis PREMIER cover (I have it) allows specified valuables up to £40,000 in total. No need for a safe so long as the watches are on your bedside table at night. If not worn when out, a watch has to be in a safe but there's no insurance rating needed.

I installed a safe recently as my displaced DJ would not be worn when I got my Sub, so I know all of the above and spoke to JL several times.

Also, because I'm now above the £40k limit, I insured my new DJ41 separately with T.H.March. They are the BEST, competitive, and even my AD insures their stock with this firm. Around £200/annum for a £9,350 value watch.

Both JL and March need valuations for jewellery and watches. Hope that helps?

I can recommend a good electronic safe (with emergency key to be held off premises) if you message me. Around £70 delivered. Cash £1,000, Valuables £10,000.

[Sarosh]

Hey David,

Thanks for chiming in with this John Lewis suggestion, infact another colleague of mine at work who is also into his watches said the same thing, however he didn't mention that John Lewis allow you to keep the watches out of the safe.

Would they need to somehow verify the type of safe I have? I know it's 2k cash and 20k valuables.

[wb55]

I recently insured home and contents through Admiral Gold. Nothing under £10k needs a valuation and they didn't mention anything about a safe although I have mine in a fairly good spec safe when not worn anyway.

Marks and Spencer was 50% extra. Very good price with Admiral through a comparison site. Out of home protection inc worldwide. I didn't opt for accidental damage as hopefully I will never damage my watch to the point of a total loss.

[Sarosh]

I never considered out of home (on holiday) protection.......is that standard with most?

[DavidUK]

Originally Posted by Sarosh

I never considered out of home (on holiday) protection.......is that standard with most?

John Lewis Premier is Worldwide up to £40k for specified valuables.

I recall they weren't fussed about the safe rating. My £1k cash and £10k valuables was sufficient anyhow as the contents would be less than this. Best to call them yourself about this. They do sometimes give differing info so make sure you query anything odd, and record the date, time, and person's name.

If you get someone who has to keep going to ask, ask to speak to a manager.
Best to be persistent and get the correct answer.

When you have your policy documents, immediately DOUBLE CHECK the small print for personal possessions and question anything you're not sure about once again over the phone.

[Sarosh]

lol I'm pretty meticulous about such things as it is. I always read the fine print! Been burned before! Haha.

I'm already with John Lewis so I might give them a call on Monday and see what's what.

[Desibaba]

I have Liberty Mutual here in florida and pay about $30 a month for $24,500 worth of watches. Yes, its more than Jewelers Mutual but if one of my watches is lost or stolen I will get a CHECK for the appraised amount without a deductible instead of a similar watch at the Jeweler. For example my 2002 16613 Sub Bluesy has an written "Appraised" value of $10,850. I will never get a similar amount trying to sell it privately but if the watch is stolen or lost I get $10,850 CASH. Im not a fan of companies that will force you to work with a jeweler to get a "Similar" watch. I want my cash so I can buy something else if I choose to do so and for that I will pay a slightly higher insurance premium.

[DavidUK]

Also, as watch RRPs rise you need to get a new valuation each time this happens and advise the insurer otherwise you could be under insured and they'll only pay a percentage.

[DavidUK]

Originally Posted by Sarosh

lol I'm pretty meticulous about such things as it is. I always read the fine print! Been burned before! Haha.

I'm already with John Lewis so I might give them a call on Monday and see what's what.

Couldn't find anything better for my own purposes.

[Sarosh]

So example, I'm getting a SubC date, now as these watches will rise in price etc etc the valuation will also increase, so if I don't inform the insurer and then something happens they will just give me the cash amount of the most recent records they have?