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Old 16 January 2019, 06:25 AM   #61
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Old 17 January 2019, 04:50 AM   #62
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My house insurer wanted about £100 per watch
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Old 17 January 2019, 06:36 AM   #63
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Its worth noting that if you are insuring your watches with M&S household policy, they will only pay the value, not new for old, so you will need to obtain a valuation. This may not therefore cover the cost to buy a replacement. Some insurers will cover new for old, providing you can show evidence of the purchase.
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Old 17 January 2019, 07:16 AM   #64
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Out of curiosity what safes do you guys own/recommend. I am looking at options at the moment to safeguard watches and valuables and wanted recommendations. Each site has a different top 5 models and most have very low cash coverage levels (is this standard)
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Old 17 January 2019, 07:36 AM   #65
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Out of curiosity what safes do you guys own/recommend. I am looking at options at the moment to safeguard watches and valuables and wanted recommendations. Each site has a different top 5 models and most have very low cash coverage levels (is this standard)
I’ve got a Yale safe with a £2k cash value, which means insurers will cover valuables up to a value of £20000 in it. If however you have a large collection of high end watches plus jewellery then the kind of safe that would match the value of such a collection might be absolutely enormous or complex to install (e.g. into the wall or concreted under the floor) so impractical for many homes. As my collection has grown I haven’t felt the need to install ever more massive safes so I use an insurer who doesn’t specify the need for one. If the cash value of the safe is relevant to you in terms of insurance then it’ll be worth your while discussing this with your insurer before installing one.

My personal opinion is that any decent, professionally installed safe will prevent an opportunistic thief from getting your stuff. The vast majority of burglaries are over in less than 3 minutes so any old safe will protect a watch collection in that scenario. If on the other hand you are targeted by professional thieves, then they are probably getting their hands on your stuff regardless, either because they’ll target you and your family personally or stake you out and burgle you when they know they have time to crack whatever security you have. In this event the type of safe you have is irrelevant. Fortunately this type of crime is relatively pretty rare.
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Old 18 January 2019, 09:04 AM   #66
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In the case of limited/rare models (or most ss sports at the moment), do you insure for the rrp value or the premium price you would have to pay to get your hands on a replacement? How does this work with the insurers.
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Old 25 June 2021, 04:58 PM   #67
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In the case of limited/rare models (or most ss sports at the moment), do you insure for the rrp value or the premium price you would have to pay to get your hands on a replacement? How does this work with the insurers.
Exactly the question I was going to ask having read through this thread!
I’m finally picking up my long awaited BLNR next week from my AD and as most know it would cost around double the RRP if I needed to replace it should the worst happen.

Does anyone have experience or recommendations of insurance companies paying out on what the watch costs to replace rather than RRP?

FYI I also have a SS Sub (14060M) and TT Datejust 126303) that would also cost far more to replace now than what I initially purchased them for.

Look forward to reading your comments
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Old 25 June 2021, 07:29 PM   #68
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Added to my house insurance.
Valuable watches have to be specified
This caused a small increase in my premium but i am covered worldwide for any eventuality.
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Old 25 June 2021, 07:30 PM   #69
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In the case of limited/rare models (or most ss sports at the moment), do you insure for the rrp value or the premium price you would have to pay to get your hands on a replacement? How does this work with the insurers.
They are insured at Purchase price and my Policy requires them to reolace with new.= item the same or as similar as possible.
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Old 25 June 2021, 07:40 PM   #70
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I used an insurance broker, Stanhope Insurance, they found me an all inclusive buildings/contents policy that allowed me to list each watch separately. Each watch I add increases the premium, my Submariner 124060 took the premiums up by £11 for the year. The policy is with AXA.
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Old 25 June 2021, 07:59 PM   #71
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Its worth noting that if you are insuring your watches with M&S household policy, they will only pay the value, not new for old, so you will need to obtain a valuation. This may not therefore cover the cost to buy a replacement. Some insurers will cover new for old, providing you can show evidence of the purchase.
This is common, a new for old policy required me to have proof of purchase and would only insure watches that were less than 5 years old, then there was a premium that was some £450 above the combined buildings / contents policy.

Having a policy that insured for market value was even more expensive with the watches and any jewellery having to be taken to an independent assessor for appraisal each year, that appraisal was at my expense, the premium above a standard buildings/contents with named items policy was staggering, oh and I had to have a safe installed.

Like most insurances in the UK the lack of regulation means that insurers can get away with charging what they like, I often wonder if these companies get together round a table or hold a video 'teams' call and decide what rates to apply.

My policy is due for renewal in September so I will be interested to see what the increase in premiums is for the next 12 months.
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Old 25 June 2021, 11:26 PM   #72
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I used an insurance broker, Stanhope Insurance, they found me an all inclusive buildings/contents policy that allowed me to list each watch separately. Each watch I add increases the premium, my Submariner 124060 took the premiums up by £11 for the year. The policy is with AXA.
I think broker is the way forward in the UK but I'm hesitant listing out my collection to a stranger.

I have a quote open with NFU but they have some requirements including a new alarm system (approx £1k) a new safe (£1.3k) and the policy is still £1.8k.

They're also not giving me a rigid answer re valuations and what accreditation etc is needed which isn't giving me much comfort in the event of a claim. They did spam my details out to a third party who value in the home for an extortionate fee.
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Old 25 June 2021, 11:52 PM   #73
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After contacting many most of which were hopeless and overpriced i rang Direct Line Select

They have been excellent thus far and understand our daft hobby and its nuances..no filling in masses of online questions just ring and speak to a knowledgeable human…they also roll in home etc if you wish….
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Old 25 June 2021, 11:54 PM   #74
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After contacting many most of which were hopeless and overpriced i rang Direct Line Select

They have been excellent thus far and understand our daft hobby and its nuances..no filling in masses of online questions just ring and speak to a knowledgeable human…they also roll in home etc if you wish….
Apologies for the invasive questions but is your collection above £30k and do you have at least one watch worth more than £15k?
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Old 26 June 2021, 01:32 AM   #75
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I am keeping an eye on this thread too.

Got an incoming due and had already struggled with current insurer (Aviva) at last renewal as values had passed the £30k mark.

Pretty sure I am going to need to look elsewhere when the new one lands.
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Old 26 June 2021, 04:23 AM   #76
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Apologies for the invasive questions but is your collection above £30k and do you have at least one watch worth more than £15k?
Yes and Yes
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Old 26 June 2021, 04:26 AM   #77
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After contacting many most of which were hopeless and overpriced i rang Direct Line Select

They have been excellent thus far and understand our daft hobby and its nuances..no filling in masses of online questions just ring and speak to a knowledgeable human…they also roll in home etc if you wish….
We were with Direct Line when we approached them for specific watch insurance and they threw a wobbly, couldn’t get their heads around that we wanted, they wanted us to take out separate policies away from our normal buildings/contents, the combined cost of the two policies was astronomical. Hence we headed off to a broker.
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Old 26 June 2021, 04:39 AM   #78
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Yes and Yes
Thank you
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Old 26 June 2021, 04:41 AM   #79
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We were with Direct Line when we approached them for specific watch insurance and they threw a wobbly, couldn’t get their heads around that we wanted, they wanted us to take out separate policies away from our normal buildings/contents, the combined cost of the two policies was astronomical. Hence we headed off to a broker.
Hmmm how odd perhaps you called the DL regular number ?

You need to contact “Direct Line Select Premier” which is a different dept specialising in daft people who collect daft priced watches and other daft stuff like artworks and Faberge eggs…no I haven’t…..

Had cover sorted within 2 hours of initial contact incredibly professional and appoint you a dedicated handler….and they are very familiar with current pricing trends…
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Old 26 June 2021, 06:17 AM   #80
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Hmmm how odd perhaps you called the DL regular number ?

You need to contact “Direct Line Select Premier” which is a different dept specialising in daft people who collect daft priced watches and other daft stuff like artworks and Faberge eggs…no I haven’t…..

Had cover sorted within 2 hours of initial contact incredibly professional and appoint you a dedicated handler….and they are very familiar with current pricing trends…
Okay, I will give them a try when our insurance is due for renewal later in the year, nothing ventured….
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Old 27 June 2021, 04:57 AM   #81
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Hmmm how odd perhaps you called the DL regular number ?

You need to contact “Direct Line Select Premier” which is a different dept specialising in daft people who collect daft priced watches and other daft stuff like artworks and Faberge eggs…no I haven’t…..

Had cover sorted within 2 hours of initial contact incredibly professional and appoint you a dedicated handler….and they are very familiar with current pricing trends…
Very interesting indeed!
I’ve just been quoted £480pa by John Lewis for contents, with three additional high value (over £3,000) items, (no date Sub, Wimbledon DJ and GMT II ‘Batgirl’) that also includes cover while I’m wearing them outside my home…but not accidental damage.
I thought it was reasonable but remain unsure if they would pay out on the purchase price, or market value.
As suggested, I think a call to DL is coming very soon…
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Old 27 June 2021, 05:04 AM   #82
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Very interesting indeed!

I’ve just been quoted £480pa by John Lewis for contents, with three additional high value (over £3,000) items, (no date Sub, Wimbledon DJ and GMT II ‘Batgirl’) that also includes cover while I’m wearing them outside my home…but not accidental damage.

I thought it was reasonable but remain unsure if they would pay out on the purchase price, or market value.

As suggested, I think a call to DL is coming very soon…
That sounds like a good quote to be honest. Personally I would want to quizz them on their policy re payout at RRP, direct replacement etc but that sounds pretty good to me.

I wanted to go with M&S but I think they tap out at £30k total watches and I'm due to get a YM42 shortly which is above the £15k single item limit anyway.

Going to give the special DL route a try next week.
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Old 27 June 2021, 05:33 AM   #83
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just renewed my home insurance with AXA, includes £30k away from the home (£15k max per item). Includes accidental damage, new for old, the lot.
Buildings and contents for £500 for the year.
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Old 27 June 2021, 06:10 AM   #84
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My M&S policy ascribes a £15k max to any one valuable item (includes watches) with the maximum total claim on all valuables being £50k. Of course they will pay out if items of higher value are otherwise insured, they just won't pay out on the otherwise insured items. Logical.

Just read the small print and speak to somebody at the insurance company/provider/underwriter if unsure. Don't ask the bloke down the pub or take third hand advise from strangers in internet forms.
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Old 27 June 2021, 06:27 AM   #85
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I’ve been round the block with this myself a few times.

In the end I came to realise the best policy and the cheapest is just buy a bloody good safe.

And I’m not talking about the type you can pick up in B&Q. Go to a safe specialist and any large collections keep in a bank vault.

Metro Bank are one of the few high street banks in the uk that offer safety deposit boxes still.
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Old 27 June 2021, 06:31 AM   #86
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I’ve been round the block with this myself a few times.

In the end I came to realise the best policy and the cheapest is just buy a bloody good safe.

And I’m not talking about the type you can pick up in B&Q. Go to a safe specialist and any large collections keep in a bank vault.

Metro Bank are one of the few high street banks in the uk that offer safety deposit boxes still.
Yep, mine are in a bank. I only have one out at a time. Currently the Sub ND 41.
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Old 11 March 2023, 04:19 AM   #87
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Service Requirement
It is a condition of cover that any watch valued £20,000 or above must be serviced in line with manufacturer's recommendations.

What is the manufacturer recommendations for a 2022 SKYD?
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Old 11 March 2023, 05:24 AM   #88
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Service Requirement
It is a condition of cover that any watch valued £20,000 or above must be serviced in line with manufacturer's recommendations.

What is the manufacturer recommendations for a 2022 SKYD?
10 years. found it sorry
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Old 11 March 2023, 08:57 AM   #89
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I’ve been round the block with this myself a few times.

In the end I came to realise the best policy and the cheapest is just buy a bloody good safe.

And I’m not talking about the type you can pick up in B&Q. Go to a safe specialist and any large collections keep in a bank vault.

Metro Bank are one of the few high street banks in the uk that offer safety deposit boxes still.
Do you have any recommendations?
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