Insurance Woes! - UK

[Sam2710]

Hello all,

Yesterday I picked up my first ever 'real' watch (incoming later). It's a Tudor Black Bay 58.

I'm having real, real difficulty trying to find reasonably priced insurance quotes. I work in insurance so I am well aware of how the market works, and having searched on these forums it appears the general consensus is that you should be paying around 1% of the watch value per year.

So far, these are the prices I have been given:

Adding to contents insurance: £40 for the next 2.5 months until my policy ends (I assume this will be an additional £150+ for the whole year come renewal). This is with a ridiculous excess fee in the event of a claim.

Assetsure: I have a policy with them already for my wife's jewellery. They are quoting me £250 per year to cover the Black Bay 58.

THMarch: £90 per year. By far the best of the bunch, but still quite expensive? I also discussed the claims process with the sales rep, and was told that they never offer a cash settlement. If the watch is no longer in production and you make a claim you have to choose another watch (even if it isn't one you want). They do not pay out if the watch cannot be replaced.

High net worth insurance: £135 per year.

I don't understand how people are covering £30,000 worth of watches for a couple hundred per year. What am I doing wrong? Any suggestions about where to turn next?

Thank you.

[fsprow]

Although your circumstances may differ, I self-insure. My meaning is that while I have a significant watch collection, all stay in the safe except the one I am wearing. I’m willing to take the risk with that one watch versus the continued cost of insurance payments.

[Uggi]

I have a Hulk insured for £15k on my household insurance - it increased my premium by £48 for the year. That's with eSure.
Just try a search with Compare The Market - choose "High Value Items" and put in the watch. Then delete it to see the effect on premiums.

[peterskinner]

I know you work in the insurance market, so this will be difficult to accept; but why bother to insure? You know the risks are small, that’s how insurance companies make their profit. In the rare event that you lost it....just swallow and accept it. It’s just a luxury toy, nothing vital.
I realise this approach is unpopular, but I’ve avoided fees on this sort of stuff for nearly fifty years. Only insure things you genuinely need and cannot afford to replace. I learnt that from my father and believe it’s good advice.

[Sam2710]

Originally Posted by peterskinner

I know you work in the insurance market, so this will be difficult to accept; but why bother to insure? You know the risks are small, that’s how insurance companies make their profit. In the rare event that you lost it....just swallow and accept it. It’s just a luxury toy, nothing vital.
I realise this approach is unpopular, but I’ve avoided fees on this sort of stuff for nearly fifty years. Only insure things you genuinely need and cannot afford to replace. I learnt that from my father and believe it’s good advice.

Thanks for the insight - I don't disagree with that at all! It's something that I've been considering, especially since it will be on my wrist the majority of the time.

[JebM]

Insurance has its place.


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[Swiss Mad!]

Originally Posted by Uggi

I have a Hulk insured for £15k on my household insurance - it increased my premium by £48 for the year. That's with eSure.
Just try a search with Compare The Market - choose "High Value Items" and put in the watch. Then delete it to see the effect on premiums.

Just interested to know - due to the value, did the insurance company insist it was kept in a safe at all?

Thanks


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[Swiss Mad!]

There is a theory (or maybe it’s just urban legend) that some people have had more trouble I.e attempted or actual theft/burglary etc AFTER they made their insurance companies aware that they had a lot of high value items in the house than they ever did before.

The theory is that some unscrupulous sorts that work for insurance companies actually pass on info to the underworld element giving details of whose got what & where/addresses etc.

Obviously this is a serious thing & I’m not suggesting for one moment that this is a widespread practice within the insurance industry or everyone connected to insurance is bent - obviously not, but it has to be considered as a possibility.

There is definitely mileage in the old adage ‘Act poor, stay rich’

Just sayin’...


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[kepler22]

Some household insurance policies, e.g Aviva will insure valuables up to a limit of £50k within the policy without having to specify any items. This works out a lot cheaper than insuring the item separately


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[Dave455]

The cheapest way is usually to find a policy that has a reasonable individual item limit. £3000 isn’t hard to find, and that will cover the cost of a BB 58.

All you need to do is make sure that the total cover is adequate.

A decent broker should be able to sort something out for you without it costing the earth!

You then only need to list items above that figure, though in my experience even that isn’t horrendous if it’s part of a general house insurance policy.

If you insure any specific item it’s always more expensive, but that usually covers things like accidental damage and loss when not in the home. Personally, I insure what’s at home but don’t bother otherwise - you’re paying for the types who flash their possessions about, (even when in very poor countries) or lose their watch through carelessness!

[mattyb]

Weird, my DJ41 valued at market value was £20 to add to Esure home insurance for the year??