Watch insurance

[Craig74]

Hi everyone,
Hope you are all good. Until now, I have had a few watches on my home policy. My collection has grown, and I think I now need a policy for watches and jewellery specifically. Can anyone recommend any good companies that serve the UK market? Thanks!

[Wobbly]

Ripe insurance, although I’ve never had to claim.

I guess that would be the acid test.

[Craig74]

Thanks, I will have a look at them, appreciate that!

[gorky]

Definitely shop around. We just renewed here in Canada and when price shopping, we had some quotes that were triple what we are currently paying…

[Michael T]

I was at USAA for years. Moved to Jewelers Mutual about a year ago. Very smooth underwriting process.

[goldenboy80]

State Farm has worked out great for me. It was way cheaper than the other insurance companies I shopped. Also, after I buy a new watch, but before I get it appraised, they will still give you a window of time where the new watch is covered if you can get them an appraisal in a reasonable amount of time.

[hutch300]

I now prefer hodinkee over Jewlers Mutual

[Soultime]

Have a quick look on the search function.
There have been a few threads for UK insurance.

And ignore most of the posts from non UK based members, as they are mostly irrelevant in the UK.

[OrangeSport]

Why do you feel you need to move away from home insurance out of interest? Ours covers any unnamed watch up to £10k per piece. Any item over £10K needs individually listing.
Needs

[Cigars&Watches]

Originally Posted by gorky

Definitely shop around. We just renewed here in Canada and when price shopping, we had some quotes that were triple what we are currently paying…

Do you mind telling me who you use?

[Craig74]

Hi all, thanks so much for the suggestions. In reply to Orangesport, I recently acquired a Daytona in my modest collection, and when my wife contacted our insurer, they want it insured at market rather than retail value, as I cannot walk into a store and replace like for like. Never come across this before, so jut got me thinking……..

[OrangeSport]

Good point..

[www777]

What are the average rates? Is it like 3% of replacement value?

[ArtNouveau]

Originally Posted by www777

What are the average rates? Is it like 3% of replacement value?

I have never had any insurance on my watches before other than what my homeowner’s policy would cover…until last night.
This thread got me to looking and I ended up signing up with Hodinkee/Chubb last night. They allow you to get a quote on “declared value” so I insured my watches for market price not MSRP. Percentage wise my premium was about 1.2% of my declared value.

[nyc2la]

Originally Posted by hutch300

I now prefer hodinkee over Jewlers Mutual

Me too. The process to get a watch insured is much easier and quicker. The interface (App based) is a breeze. And the pricing is better.

I said goodbye to JM and hello to HODINKEE/Chubb.

[quakeroatmeal]

Same, Jewelers Mutual was a hassle. Hodinkee was quick and easy, although a pinch more expensive.

I am curious to see how good they are about claims, I have yet to hear about someone filing a claim with them.

Although Chubb is legendary when it comes to coverage, so I'd imagine they are quite good.

[hutch300]

Jewelers Mutual used to get a new watch on a policy fast. With my Daytona this year I had still not had coverage after two weeks. I canceled the request and had it on my Hodinkee policy in a flash. When my policy comes do in March I am moving the rest to Hodinkee.

[train-time]

I currently use Jewelers Mutual and considered changing to Hodinkee except I could not get the application process to work. Tried on-line uploading pictures to no avail and then tried their app to my phone and the same result. Can't get past the picture step and it won't let me go any further.

After a few tries I finally got to work having to take new pictures with their phone app.

It turns out that their quote for my SS Daytona is a better deal that JM as it has no deductible and appears easier to get coverage. JM wants me to use this Truepic app that has a GPS feature to take pictures of the watch at different angles, pictures of accompanying watch documentation, the appraisal, our security system panel, and the safe where it is stored. The GPS actually pinpoints my location, but this is all a royal PIA compared to better coverage from Hodinkee for about the same price with far less hassle.

[ronricks]

Originally Posted by hutch300

I now prefer hodinkee over Jewlers Mutual

Same. Moved my watches to Hodinkee.

[train-time]

Originally Posted by hutch300

Jewelers Mutual used to get a new watch on a policy fast. With my Daytona this year I had still not had coverage after two weeks. I canceled the request and had it on my Hodinkee policy in a flash. When my policy comes do in March I am moving the rest to Hodinkee.

I am going through the Daytona issue with JM right now and I can tell you they want way too much information and documentation using their True Pic app that it's time to switch to Hodinkee/Chubb. It took JM over a month to add my last piece that was simple, just a Speedmaster!

JM just sent me a 2-page questionnaire asking all kinds of questions and requiring documentation on our security system with copies of invoices, etc. Time to say goodbye to JM!