UK Precious Metal Rolex Insurance

[diver2012]

I'm possibly getting a DD40 and have discovered the normal companies that do my buildings and contents insurance won't insure individual items worth over £15k or so.

Can anyone recommend an insurer that will insure just this watch...and give an idea of what it will cost?

I'm in the UK.

[al1786]

TH March have been mentioned.

https://www.thmarch.co.uk


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[Mercmanr]

I use highworth insurance in Bournemouth, I found they were the least expensive, won’t say cheap!

[Soultime]

I have insured my BLNR separately from my other watches with Ripe.

[jamesbondOO7]

I decided not to do it. These insurances are crazily expensive for a low risk. If I get mugged, I’ll worry more about my health insurance anyway.

[Harry-57]

I use Ripe for watches that my home insurance will not cover.

[Flyer737]

Just had a look at Ripe. Could be a useful addition to the home insurance. Finding my normal home insurance simply don’t understand the market enough and stipulate ridiculous endorsements now like having the watches inspected on an annual basis at my cost…..

[Mr Ben]

My AD recommended TH March as well - I’ve tried them and a few other places and struggling to get anything less than 3% or 4% of the value of each watch as an annual premium. It just shouldn’t cost more to insure a watch than a car!

Interested if anyone can do a lot better. For now, I’m self insured.

[Ceb]

I've done a lot of digging on this subject. Even specialist companies in the UK shy away from any single watch worth over £15-£20K that you intend to wear. If you are maxed out on your current home insurance, the likelihood is that you'll have to move your entire Building/Contents insurance to the specialist at a much higher premium along with more rigorous and expensive security requirements.

If anyone has a different experience I would also be interested.

[Smurf_75]

Give First Point a shout

[thesharkfactor]

My quote was around £50 per month just for my BLRO

[boring_sandwich]

I would Assetsure as I found them very competitive.

[diver2012]

Originally Posted by thesharkfactor

My quote was around £50 per month just for my BLRO

My other watches have caused no issues...GMT...Speedy...wife's DJ...but it's as soon as they individually go over £20k an item no one wants to touch them.

Just spoke to one insurer...£700 for a year for a £32.5k DD40...

Edit...a second one was £1000.

It's looking like self insuring is the way forward and being sensible where worn.

[diver2012]

Originally Posted by Flyer737

Just had a look at Ripe. Could be a useful addition to the home insurance. Finding my normal home insurance simply don’t understand the market enough and stipulate ridiculous endorsements now like having the watches inspected on an annual basis at my cost…..

Maximum value £20k per item though...

[Mr Ben]

This won’t help with anything particularly high value but I just had a play around with the suggestions so far assuming one watch at £10k. Ripe gave the cheapest watch only policy although some declined to quote me for different reasons.

It seems ridiculous but - if I I get a new home insurance quote from comparison sites, my home insurance quote for buildings, contents and the watch together in total is cheaper than any of the specialists will insure the watch as a standalone item. And I can pick from a long list of pretty standard insurance companies that offer that.

[Joe_Row]

I use TH March - My annual premium is £734 based on 4 watches valued at a total of £33,000

[lee fowler]

Originally Posted by Ceb

I've done a lot of digging on this subject. Even specialist companies in the UK shy away from any single watch worth over £15-£20K that you intend to wear. If you are maxed out on your current home insurance, the likelihood is that you'll have to move your entire Building/Contents insurance to the specialist at a much higher premium along with more rigorous and expensive security requirements.

If anyone has a different experience I would also be interested.

I have found the same and would also be interested!

[WILLIWALKER]

Crazy high price !

[Goose 104]

My suggestion is to store watches in the bank safety deposit box and only a limited watches at home that home insurance will cover.

[diver2012]

Originally Posted by Joe_Row

I use TH March - My annual premium is £734 based on 4 watches valued at a total of £33,000

I'd personally self insure rather than pay that. Especially as you can only wear one at a time and leave the others in a safe at home.

But we are all different, I am probably one of the least risk averse people I know.

[24LeMansFan]

I insure through Hiscox. As other said - not cheap - but they're not phased by high-value contents. Very easy to work with, though no negotiation on price. Very take it or leave it...

[Calatrava r]

The replies are very interesting and insurance on watches is rather expensive in the UK. Premiums are generally set to the lowest amount that covers the losses paid by the carrier and allows them to make a reasonable profit. It would be interesting to research the claims histories of companies insuring in the UK, if such information is a matter of public record, and compare to other places in the world. Self-insuring there may not be wise.

[Hendrikus]

I have this debate with myself every year. I insure my fairly large collection via specialist home insurers, but the premium is huge and the security requirements were aggressive. I nearly went the self-insured route last year and I may do so next year.....

I do not think any of the standalone policies (Ripe, March) work for large collections and there seems to be a gap in the UK market for a product such as Hodinkee are offering.

[diver2012]

Originally Posted by 24LeMansFan

I insure through Hiscox. As other said - not cheap - but they're not phased by high-value contents. Very easy to work with, though no negotiation on price. Very take it or leave it...

If I had a larger collection I'd probably use them for home and contents insurance...but as it stands my home insurance and contents (covering all other jewelry and watches) is only about £400.

I'm guessing with Hiscox and a DD40 on it's going to be nearer £2k.

I think I'm convincing myself to self insure tbh. I live in a quiet nice area and just won't wear it if I go to London or somewhere busy. I'll mainly wear it at home tbh!

[GGGMT]

Originally Posted by diver2012

I'd personally self insure rather than pay that. Especially as you can only wear one at a time and leave the others in a safe at home.

But we are all different, I am probably one of the least risk averse people I know.

By “self insure,” you mean no insurance, right? I.e., just take the risk?


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[diver2012]

Originally Posted by GGGMT

By “self insure,” you mean no insurance, right? I.e., just take the risk?


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[GW44]

Originally Posted by Flyer737

Just had a look at Ripe. Could be a useful addition to the home insurance. Finding my normal home insurance simply don’t understand the market enough and stipulate ridiculous endorsements now like having the watches inspected on an annual basis at my cost…..

I just had a look at Ripe and they aren't any good for any precious metal Rolex as their cover is pretty limited;

The minimum individual item value for this policy is £1,000, the maximum value for each is £20,000. The maximum combined value is £30,000. The minimum value for each watch under this policy is £1,000, the maximum value for each watch under this policy is £20,000.

Probably ok for Steel (or TT) but not PM.

[gnardex]

I'd self insure only if I had a good home safe.
Those cemented into the wall.
Otherwise as already said, in the bank safety deposit, and periodically rotate them

[GMT Aviator]

The bank won’t insure the contents of a deposit in their safety deposit boxes, so if the bank gets turned over, so do you.

[Greenwood_]

I have my BLRO insured for market value by TH March for under 2% p.a.