Insuring your watch?...

[imperio]

Originally Posted by 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?

Ask your insurer!


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[tyler1980]

Originally Posted by 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?

you are paying a premium based on a stated value at the time you submit it. If the price goes up they are not going to pay you more just because the replacement cost went up if you are not also paying more premium due to an updated valuation.

Update your valuations regularly.

[Sarosh]

Thanks for the advice guys

[DavidUK]

Originally Posted by 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?

No, not necessarily. If you insure it for £6,250 and it's really at £10,000 they'll give you 62.5% of £6,250.

See: https://en.wikipedia.org/wiki/Condition_of_average

[Sarosh]

Interesting!...

[imperio]

Originally Posted by tyler1980

you are paying a premium based on a stated value at the time you submit it. If the price goes up they are not going to pay you more just because the replacement cost went up if you are not also paying more premium due to an updated valuation.



Update your valuations regularly.

Not necessarily. Jewelers Mutual raises my appraised value 3% year on year u less I submit a revised appraisal. They do not raise my rates. It varies from company to company

At the end of the day since we're not insuring the OP, we should not be dishing advice out to him regarding his policy


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[sarjoo]

Generally where are people finding is a good place to get a valuation done, and is it costing a lot?

About a year or so ago, I got Goldsmiths to do a FREE one for me ON-SITE at the store. But now they seem to charge AND seem to send it off site to get it done.

Are there any reputable yet fairly priced valuation shops out there in the UK? Ones that can do stuff on site, on the spot?


Secondly, how does valuation of a discontinued (but not vintage) watch work, something like a pre-ceramic steel Daytona for example, or a lady datejust 26mm (which got superseded by 28mm)? Is it best to value such a watch at current RRP for the closest model match?

[moorery2001]

My watch is on a seperate policy, too many restrictions when you lump everything together.

[Lew_greene]

I'd feel more comfortable if it was on a separate plan IMO

[kepler22]

I spoke to my home and contents insurance company only yesterday. They do not require a valuation, so were happy to set the insurance amount being the replacement value. They would require proof of ownership and as I have all the box and papers not a problem. Saved the expense of an independent valuation. However one is a 1988 Date and the other a 2001 sub, present day models cost more than either would be worth should I decide to sell them. Had they been vintage models then different story.

[sarjoo]

So I messed about with a few Websites for home insurance quotes, inc hiscox and so forth.
The hiscox seems hands down the best one for home insurance WITH good coverage for watches or jewellery (without having to name and list) but is deffo pricier it seems.
Others seem worth a mention such as LV who were cheapest but with that u have to enter the named items but it had cover away from home etc

Don't know if hiscox would ask for valuations to be sent to them (as they don't ask u to list items unless over £15k each) but LV told me it isn't normally needed unless u make a claim so indicates u should probably have valuations done and stored away just in case.

[Sarosh]

Chaps, I apologise for reviving this thread. I have acquired a BLNR, but no incoming post yet as it's not with me till January next year (incoming then).

Currently resting in my father in laws safe! My question is in January I will be collecting it, should I insure it prior to me flying over? Incase god forbid something happens to it when I have it before I return to the UK?

Your help is much appreciated!

[Steve36Efc]

Originally Posted by 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.

Sarosh,

Have you tried Axa yet? I’ve been with them for the last couple of years and it fits my needs perfectly without the hassle of valuations or appraisals.
Worldwide cover included too.

[OldOak]

Evening. After posting similar I took advice from trusted people on here and went with Hiscox. All under £15k are ok as long as all contents aren’t over £500k I believe. Over £15k you have to stipulate what it is etc. I don’t think there is a keep it in safe caveat either.


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[Sarosh]

Hi Steve, still with John Lewis but as soon as my renewal comes up im looking into Hiscox, heard good stuff about them from coworkers too. Worldwide cover is good just need to also ensure they cover watches out of the safe but not on my wrist, if that makes sense.