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Old 6 March 2021, 01:19 AM   #1
MaxLondon
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UK Watch insurance

Hello all ...
that time of the year when I need to renew my content insurance that also cover watches.
I am currently with Aviva - which is relatively competitive and covers my 2 watches (Patek + Royal Oak)...

Any news on the market ... any new good value competitor.

Checked AssetSure - remains really price...
TH...

Anything new in the last year dedicated to watches and perhaps not extorsionate?

Best
Massi
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Old 6 March 2021, 02:53 AM   #2
Partekular
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Have you seen this?

https://www.ons.gov.uk/peoplepopulat...bed/2017-09-07

Chances of being robbed very low, ditto burglary.

Is insurance really worth it?
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Old 6 March 2021, 05:02 AM   #3
Russell996
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Hello all ...
that time of the year when I need to renew my content insurance that also cover watches.
I am currently with Aviva - which is relatively competitive and covers my 2 watches (Patek + Royal Oak)...

Any news on the market ... any new good value competitor.

Checked AssetSure - remains really price...
TH...

Anything new in the last year dedicated to watches and perhaps not extorsionate?

Best
Massi
Recently renewed mine, premiums pretty constant with some amends to their terms.
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Old 7 March 2021, 04:53 AM   #4
Captainbob
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I used John Lewis high net worth insurance through Covea for years with good premiums. Moved to Directline Select with over 25% drop in premium last year. Both beat Aviva on cover for 4 Pateks.
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Old 7 March 2021, 10:11 AM   #5
Andybethel
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What kind of rates are you guys paying?


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Old 11 March 2021, 04:40 PM   #6
MaxLondon
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For a 60k worth of watches Aviva is 720...
Tried direct line and it's at 800.


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Old 11 March 2021, 07:46 PM   #7
Murcielagoboy2
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I've got a policy with Chubb. They cover my cars, the Pateks (circa £300k), my wifes "stuff" and the house under a single policy. From a watch point of view, they provide international cover and there are no restrictions (like having to store them o/n in a safe etc.) It's a good policy.

@Patekular - I won't even pick up a watch without having got confirmation from a broker that I'm covered. The current Mayor of London has turned the city in seething hell hole like 1970's/early 80's New York, where perpetrators of street crime are marauding around the place with total impunity. (He's a disgrace). Watches are being deliberately targeted - the whole place has become moody.

When you're insured and if someone waves a knife in front of your face, you can calmly take it off and hand it over because financially, it means nothing to you.
Why wouldn't you do it?
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Old 11 March 2021, 11:49 PM   #8
CV3HD
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I was in a similar position a couple of months ago. I used to have a standalone policy with TH but was untenable when adding another watch I ended up using a broker and now have a combined home/contents/jewellery policy with Confidas.

As above - no restrictions or endorsements other than providing copies of valuations every couple of years.
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Old 12 March 2021, 05:40 AM   #9
bonsai-man
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How much do you all pay per year. IME buying cover is the easy part, you only really know how good a policy is when you make a claim.
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Old 12 March 2021, 07:00 AM   #10
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I've got a policy with Chubb. They cover my cars, the Pateks (circa £300k), my wifes "stuff" and the house under a single policy. From a watch point of view, they provide international cover and there are no restrictions (like having to store them o/n in a safe etc.) It's a good policy.

@Patekular - I won't even pick up a watch without having got confirmation from a broker that I'm covered. The current Mayor of London has turned the city in seething hell hole like 1970's/early 80's New York, where perpetrators of street crime are marauding around the place with total impunity. (He's a disgrace). Watches are being deliberately targeted - the whole place has become moody.

When you're insured and if someone waves a knife in front of your face, you can calmly take it off and hand it over because financially, it means nothing to you.
Why wouldn't you do it?
Sounds like I need exactly the same deal you have, especially the not using a safe overnight clause as I simply can't trust the wife to put her things in the safe.

I would need a similar level of cover to your own, can I ask how much you paid? I have safe/cctv/alarm etc but due to realities of wife and young family I'd much rather the policy wasn't reliant on any of the security measures (other than CCTV) being in use at the time of any 'event'.

edit - looks like Chubb insure through brokers only. Can I ask which one you use?
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Old 12 March 2021, 08:19 AM   #11
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Sounds like I need exactly the same deal you have, especially the not using a safe overnight clause as I simply can't trust the wife to put her things in the safe.

I would need a similar level of cover to your own, can I ask how much you paid? I have safe/cctv/alarm etc but due to realities of wife and young family I'd much rather the policy wasn't reliant on any of the security measures (other than CCTV) being in use at the time of any 'event'.

edit - looks like Chubb insure through brokers only. Can I ask which one you use?
Contact Ben Stagg @ the brokers “RK Harrison” (also known as Howden). He’s a great guy and he’s been looking after me for a long time.

My pollicy is linked to my value of the reinstatement of my primary house, one rather special car in particular (no, not a Murcielago!), the watches, my wife’s jewellery etc and our overall contents so it wouldn’t really tell you anything about your likely premium cost if I told you mine. Hope you don’t mind.

Ben previously brokered a policy for me with Zurich Private Clients which was contents/watches only. That was expensive but had great coverage too, so do ask him about them too.
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Old 13 March 2021, 04:11 AM   #12
Ubiquitous1984
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Contact Ben Stagg @ the brokers “RK Harrison” (also known as Howden). He’s a great guy and he’s been looking after me for a long time.

My pollicy is linked to my value of the reinstatement of my primary house, one rather special car in particular (no, not a Murcielago!), the watches, my wife’s jewellery etc and our overall contents so it wouldn’t really tell you anything about your likely premium cost if I told you mine. Hope you don’t mind.

Ben previously brokered a policy for me with Zurich Private Clients which was contents/watches only. That was expensive but had great coverage too, so do ask him about them too.
You've been very helpful, thank you for the lead. I'll be onto him on Monday.
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Old 22 March 2021, 05:59 AM   #13
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Do you guys know of a good valuer in london who will value my watches at market value, rather than retail value?

I’ll call Ben Stagg tomorrow. I’m not at the same league as you guys, but have £50 to £60k in watches (market value) I guess, and it would be awful to have this stolen :(
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Old 22 March 2021, 12:01 PM   #14
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@Patekular - I won't even pick up a watch without having got confirmation from a broker that I'm covered. The current Mayor of London has turned the city in seething hell hole like 1970's/early 80's New York, where perpetrators of street crime are marauding around the place with total impunity. (He's a disgrace). Watches are being deliberately targeted - the whole place has become moody.

When you're insured and if someone waves a knife in front of your face, you can calmly take it off and hand it over because financially, it means nothing to you.
Why wouldn't you do it?
Insurance is all well and good but I spoke with someone who was mugged and times have changed, these days they don't threaten you and give you the chance to hand your watch/wallet over - several of them rush you and beat you horribly first, then take your watch/wallet.

Don't let having insurance make you complacent, it won't replace your skull.

I chose to cancel mine last year and make more sensible decisions about where I wear my watches. It's sad but I just don't fancy an attack, even if I was insured.
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Old 22 March 2021, 08:44 PM   #15
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If it's a Bristol 411, I'll be right over for that chauffeur/bodyguard position.
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one rather special car in particular (no, not a Murcielago!),
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Old 23 March 2021, 12:35 AM   #16
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Insurance is all well and good but I spoke with someone who was mugged and times have changed, these days they don't threaten you and give you the chance to hand your watch/wallet over - several of them rush you and beat you horribly first, then take your watch/wallet.

Don't let having insurance make you complacent, it won't replace your skull.

I chose to cancel mine last year and make more sensible decisions about where I wear my watches. It's sad but I just don't fancy an attack, even if I was insured.
I would be surprised if most people are insuring with mugging as their main reason, I am insuring my watches with the expectation that if needed it will be to cover damage during wearing, loss from my wrist during wearing, loss in transit, theft whilst out of the home where the piece is removed (hotel or gym etc) and finally theft from my home - possibility of theft from my wrist is ever present but probably the least likely of the events covered by my insurance. In your scenario it sounds like the thieves don't know and indeed don't care if you are wearing an expensive piece.
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Old 23 March 2021, 12:56 AM   #17
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I would be surprised if most people are insuring with mugging as their main reason, I am insuring my watches with the expectation that if needed it will be to cover damage during wearing, loss from my wrist during wearing, loss in transit, theft whilst out of the home where the piece is removed (hotel or gym etc) and finally theft from my home - possibility of theft from my wrist is ever present but probably the least likely of the events covered by my insurance. In your scenario it sounds like the thieves don't know and indeed don't care if you are wearing an expensive piece.
I simply did a risk vs cost assessment.

In over thirty years I've never been burgled and had a watch taken or damaged a watch beyond a small scratch. And now I take care where I wear them if I'm in a large city.

In fact the only time I was robbed was on my insurance premiums

I'm not arguing against taking insurance, I just made a personal decision to cancel mine.
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Old 23 March 2021, 01:03 AM   #18
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I simply did a risk vs cost assessment.

In over thirty years I've never been burgled and had a watch taken or damaged a watch beyond a small scratch. And now I take care where I wear them if I'm in a large city.

In fact the only time I was robbed was on my insurance premiums

I'm not arguing against taking insurance, I just made a personal decision to cancel mine.
Understood. There is always a good argument for self insurance and people must weigh-up the pros and cons.
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Old 23 March 2021, 10:09 PM   #19
CV3HD
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Do you guys know of a good valuer in london who will value my watches at market value, rather than retail value?

I’ll call Ben Stagg tomorrow. I’m not at the same league as you guys, but have £50 to £60k in watches (market value) I guess, and it would be awful to have this stolen :(
I have recently used Ash at Prestige Valuations who are based in Hatton Garden, although they provided an online valuation based on current market value. This was accepted by my insurer (Confidas) with no issues. Very reasonable at £60 per valuation and 2-3 day turnaround time.
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Old 27 March 2021, 12:48 AM   #20
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David ...” In fact the only time I was robbed was on my insurance premiums ”

LOL

I have come around to this way of thinking and have decided to’ self insure’ ie put away the insurance each year for the PP’s into a savings account. 1.5% of value PA for watches over £30k is pretty steep. UK premiums have sky rocketed as the insurers add on to one all a concealed penalty surcharge to cover payouts to those daft enough to buy houses on flood plains.

The odds on a burglary are minuscule and street robbery even less.
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Old 27 March 2021, 04:18 AM   #21
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The odds on a burglary are minuscule and street robbery even less.
House fire is even less likely.
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Old 27 March 2021, 05:24 AM   #22
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David ...” In fact the only time I was robbed was on my insurance premiums ”

LOL

I have come around to this way of thinking and have decided to’ self insure’ ie put away the insurance each year for the PP’s into a savings account. 1.5% of value PA for watches over £30k is pretty steep. UK premiums have sky rocketed as the insurers add on to one all a concealed penalty surcharge to cover payouts to those daft enough to buy houses on flood plains.

The odds on a burglary are minuscule and street robbery even less.

Depends where you live and whether you ever take them out of the safe at all.

I'm surprised by those who self insure. These things cost the same as cars! You can damage one just dropping on the floor or tripping over..
A good friend of mine self insures. He was on a moped and came off at low speed - his 5740 needed a new bracelet and a full repair - that was £26,000.

As regards Muggings, I don't want a headache caused by a beating to be made far worse by realising that I've also lost £150,000 in the process.
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Old 8 April 2021, 04:34 PM   #23
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Daft question- do you get your watches insured for the rrp or what it would cost to replace them on secondary market - if I lost or had 5712 stolen it would be near on impossible to get it from AD - I’m assuming it would be the rrp and I would need to get back in line to get a new one ?

Cheers for replies in advance
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Old 8 April 2021, 04:45 PM   #24
Murcielagoboy2
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Daft question- do you get your watches insured for the rrp or what it would cost to replace them on secondary market - if I lost or had 5712 stolen it would be near on impossible to get it from AD - I’m assuming it would be the rrp and I would need to get back in line to get a new one ?

Cheers for replies in advance
Replacement cost on secondary market. This can sometimes require a valuation of course.
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Old 8 April 2021, 06:46 PM   #25
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A good friend of mine self insures. He was on a moped and came off at low speed - his 5740 needed a new bracelet and a full repair - that was £26,000.
Sounds like he got a bargain, a new bracelet and full repair is basically a new watch, which means he got a new 5740 for £26k.

Unless you're exceptionally unlucky then those sorts of events might happen every decade or so and it would have cost him that to insure it over that same period.
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Old 8 April 2021, 08:03 PM   #26
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Sounds like he got a bargain, a new bracelet and full repair is basically a new watch, which means he got a new 5740 for £26k.

Unless you're exceptionally unlucky then those sorts of events might happen every decade or so and it would have cost him that to insure it over that same period.
10 years insurance on a 5740G should be under £5000 not £25K.
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Old 8 April 2021, 08:12 PM   #27
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10 years insurance on a 5740G should be under £5000 not £25K.
Less than £500 a year? I'm sure I remember premiums being a lot higher on the last quote I got.
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Old 8 April 2021, 08:25 PM   #28
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Less than £500 a year? I'm sure I remember premiums being a lot higher on the last quote I got.
I pay just under 0.5% on my collection, obviously can’t comment on what prices others have received and of course circumstances differ with regards to location and security. Some pieces are insured at list and some at market price depending on the likelihood of a replacement via my AD’s. Policy also allows for up to a 200% rise in value since the last appraisal/price increase which can be important in the current market.
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Old 8 April 2021, 08:36 PM   #29
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I pay just under 0.5% on my collection, obviously can’t comment on what prices others have received and of course circumstances differ with regards to location and security. Some pieces are insured at list and some at market price depending on the likelihood of a replacement via my AD’s. Policy also allows for up to a 200% rise in value since the last appraisal/price increase which can be important in the current market.

edited...I'll wait for clarification, but <£500 a year for insurance on a $200k watch sounds like fantasy.
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Old 8 April 2021, 09:21 PM   #30
Swearengen
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TH March quoted me well over £2k pa for a 5712, so over 10 years that's a lot of money. I can't see a 5740 being £500 pa, or less if we factor in inflation to reach £5k in ten years time


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10 years insurance on a 5740G should be under £5000 not £25K.
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