UK insurance

[Apuk]

Hi all,

I am expecting to be allocated my first AP soon and would like to figure out insurance options beforehand.

Do any members have experience with contents-only insurance in the UK? (London if it matters).

I have made some dummy quotes with Barclays and some comparison websites, but I am unsure about the reliability of those paying out without any issues in case of a claim.

To be clear I rent a flat and my main concern would be insuring the watch (£20k or more given current valuation levels) and in the future perhaps jewelry / engagement ring.

Apologies for somewhat basic questions but I would also like to understand (as far as the forum can advise)
- what happens when I get robbed on the street/outside the house
- what happens when the watch is stolen when outside the country on holidays?
- what happens if the watch is stolen while in a locker in the gym (does the specific type of lock or locker matter,...)
- what happens if the watch is stolen from my flat, while I am away (eg I travel but leave the watch at home - not locked in a safe just in a drawer).

Many thanks in advance,
Apuk

[armidoro1]

Hi there, I currently have insurance for this. I have it through barclays and its called personal items cover. So when you are out and about you will be covered if you are robbed (happened to me on a trip to South Africa) they paid out without any hassles. Well they didn't give me money, they have me a voucher from a watch shop to buy another one. You could take cash but then you wouldn't get the full amount back.
Hope this helps.

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[Apuk]

Originally Posted by armidoro1

Hi there, I currently have insurance for this. I have it through barclays and its called personal items cover. So when you are out and about you will be covered if you are robbed (happened to me on a trip to South Africa) they paid out without any hassles. Well they didn't give me money, they have me a voucher from a watch shop to buy another one. You could take cash but then you wouldn't get the full amount back.
Hope this helps.

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Thanks that’s really helpful. However the limit with Barclays seems to be £20,000 total for personal items. Or is this something they can amend if I call them?

[Apuk]

Thanks that’s very helpful.

How did you get around the £20k total personal items limit? Is this something I can amend by calling?

[Burlington]

Originally Posted by Apuk

Hi all,

I am expecting to be allocated my first AP soon and would like to figure out insurance options beforehand.

Do any members have experience with contents-only insurance in the UK? (London if it matters).

I have made some dummy quotes with Barclays and some comparison websites, but I am unsure about the reliability of those paying out without any issues in case of a claim.

To be clear I rent a flat and my main concern would be insuring the watch (£20k or more given current valuation levels) and in the future perhaps jewelry / engagement ring.

Apologies for somewhat basic questions but I would also like to understand (as far as the forum can advise)
- what happens when I get robbed on the street/outside the house (if you are robbed it’s insured)
- what happens when the watch is stolen when outside the country on holidays? (If robbed from your person insured. If stolen from a hotel room whilst not in a safe, not insured)
- what happens if the watch is stolen while in a locker in the gym (does the specific type of lock or locker matter,...) not insured
- what happens if the watch is stolen from my flat, while I am away (eg I travel but leave the watch at home - not locked in a safe just in a drawer). Not insured

Many thanks in advance,
Apuk

Check out hiscox too. They worked out cheapest for me with jewellery & watches built into the contents cover.

See notes above for specifics on the policy for items over 15k£

The rest is covered as per usual contents.

Just for 15k and up items it needs to on your person or in a safe to be insured. I think it also covers loss too (e.g. falls off wrist due to broken spring bar etc.) but should double check that.

They even threw in some cover for my storage locker too as I mentioned that when purchasing.

[ganiccus]

you need a separate insurance for your watches, a renter's insurance will not cover that especially if you get robbed outside your flat.

[armidoro1]

So my watches are insured as personal items and insured for more than 15k. Best thing is to call them and tell them all the watches you have and they will give you a quote. Its costs me £34 per month which is pretty decent. So you have to have it in a safe at home but I'm more worried about the issue when I'm out and about. So they will cover me for any of my watches outside of home. Hope this makes sense

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[Apuk]

Thanks all - a little annoying I will need to pay insurance and a proper safe but I guess it is what it is. Any recommendations for good safes for rented flats? Would be to put the watch, few items of jewelry some cash and passports.

Will check w/ Barclays and also hiscox - really appreciated all!

[conkers]

Hiscox are excellent and can cover almost anything as a specified item all risks on your contents cover. Used them for years when I was in London.

[AshAP]

I’ve only used Hiscox over the last 20 years and always recommend them to anyone who asks. In terms of safes the below may help determine the grade that you need and will help you with a google search.


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[MrEleven]

How would it work if say you had a hard to get watch like a patek aquanaut use that as a example because thats going to be my next watch i hope.
So what are they £15k roughly and impossible to get so grey prices can be upto double. So if you lose that watch and your insurance pays out. I’m guessing there handing you a voucher for £15k and that would be useless as your not getting another aquanaut with that or do they get you another watch ?

[nda]

Very difficult to get contents only for high value items if you don't have a safe.... As most safes need to be bolted into the wall, your landlord will have to agree to you doing some drilling and making good when you leave....

To answer MrEleven - you can ask for an 'agreed' value in the UK. I have and have had some classic cars that were worth considerably more than the original purchase price. Specialist insurance at an agreed value allows you to insure a car worth, for example, £200k against the price when new of a far lower amount, or the price you paid when you came to own it.

[Token74]

I recently took out a new home insurance policy, specifically designed for high net worth individuals (I don’t consider myself to be in that category, it’s surprising how low the threshold is for such things).

All my watches are insured at the value I stated, which was retail for some but grey market for most. I pay c.1% of those values.

Interestingly, I did have to provide details of my safe, but there is nothing in the policy (all small print checked) about actually keeping the watches in the safe.


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[ansharma]

Has anybody used Hiscox Collections Insurance? Any feedback on this policy type is greatly appreciated.

[WatchBrothersLondon]

So many factors go into watch insurance. My advice would be to go through a broker where you can express your specific needs. Let them do the work of finding the correct policy. Don’t expect it to be as easy as some people make out. All circumstances differ. Best of luck


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