UK Insurance trouble.

[GolfPunk]

I picked up my White Gold GMT 116719 BLRO today to go with my White Gold Daytona 116509.

I phoned my insurer to add the BLRO, & they cancelled my cover!!

I tried AssetSure who simply cover watches, jewellery etc, they wouldn’t cover them due to the values.

As I have Private banking with NatWest, thankfully they have agreed to cover my home contents and buildings plus the watches etc for £120 per month.

The stipulation is i get written valuatuons on both watches.

Any suggestions for me to get these valuations done pleass?

My AD, Goldsmiths said they outsource now. 1st item is £60 then £50 for the next one....£110 seems too steep.

[haberdashery]

I got a valuation from a local indie jeweller for £35 in January - you could go down that route?

When I used to insure my watches separately to house insurance I used TH March. Not cheap but they were good to deal with.

This year I switched to M&S home insurance who give me up to £50k of watches oh my cover - so I cancelled TH March.

Might be worth looking into the above? Got a nice cash back with the M&S policy plus £100 of vouchers to use in store against my food shop (wasn’t even told about them, they just turned up!)

Hope you get it sorted soon anyway - that’s a lovely pair!

[phez]

Sorry to hear your troubles.

My AD provides valuations for free on purchase. When I got my WD DD40, the price went up a month or two later and they provided a new valuation.

Hiscox Insurance cover high value items and are very reasonable and don’t require valuations.

They cover house, contents and jewellery, only need to specify items over £15k so I have my DD40 and Rose Gold Daytona C specified.

[GolfPunk]

Originally Posted by phez

Sorry to hear your troubles.

My AD provides valuations for free on purchase. When I got my WD DD40, the price went up a month or two later and they provided a new valuation.

Hiscox Insurance cover high value items and are very reasonable and don’t require valuations.

They cover house, contents and jewellery, only need to specify items over £15k so I have my DD40 and Rose Gold Daytona C specified.

Hiscox gave me an estimate of £180 per month but then said they wouldn’t cover all my watches.

[GolfPunk]

Originally Posted by haberdashery

I got a valuation from a local indie jeweller for £35 in January - you could go down that route?

When I used to insure my watches separately to house insurance I used TH March. Not cheap but they were good to deal with.

This year I switched to M&S home insurance who give me up to £50k of watches oh my cover - so I cancelled TH March.

Might be worth looking into the above? Got a nice cash back with the M&S policy plus £100 of vouchers to use in store against my food shop (wasn’t even told about them, they just turned up!)

Hope you get it sorted soon anyway - that’s a lovely pair!

My 2 Rolex are valued at a combined £56000 and I have other watches as does my wife do their cover isn’t sufficient. Thanks though.

[SeaDweller50]

They’re both PM watches. What did you expect? Very reasonable imo.

[phez]

Originally Posted by GolfPunk

Hiscox gave me an estimate of £180 per month but then said they wouldn’t cover all my watches.

Sent you a pm

[themast]

Sorry for your troubles. I don't have specific advise besides suggesting going to other reputable jewelers to see how much they charge for the appraisal.

Actually I am surprised that your AD, who presumably sold you the watch, won't provide an appraisal for free. I would push them, after all you spent a good amount of money with them...

Originally Posted by GolfPunk

I phoned my insurer to add the BLRO, & they cancelled my cover!!
[/IMG]

Out of curiosity why did they cancel your policy!? I can understand that they did not want to take too much risk but why cancel the old coverage?

[116680]

Hiscox required a valuation for any individual piece over £25k but they offered a refund on the policy amount to cover the cost of valuations up to (I think) about £250. In the end the dealers I bought the relevant watches from provided insurance valuations for free so didn't need it, but thought it was an interesting feature.

[phez]

Originally Posted by 116680

Hiscox required a valuation for any individual piece over £25k but they offered a refund on the policy amount to cover the cost of valuations up to (I think) about £250. In the end the dealers I bought the relevant watches from provided insurance valuations for free so didn't need it, but thought it was an interesting feature.

Interesting. They didn’t ask for a valuation for my WG DD40 at £27650. I even offered one but they declined.

[SevenWays]

You spent how much on the watches and 110 pounds to insure them is too much?

[DavidUK]

Originally Posted by haberdashery

I got a valuation from a local indie jeweller for £35 in January - you could go down that route?

When I used to insure my watches separately to house insurance I used TH March. Not cheap but they were good to deal with.

This year I switched to M&S home insurance who give me up to £50k of watches oh my cover - so I cancelled TH March.

Might be worth looking into the above? Got a nice cash back with the M&S policy plus £100 of vouchers to use in store against my food shop (wasn’t even told about them, they just turned up!)

Hope you get it sorted soon anyway - that’s a lovely pair!

Is there no longer a £15,000 single article limit within the overall £50,000 total valuables limit?: https://bank.marksandspencer.com/pdf...icySummary.pdf

[SeaDweller50]

Originally Posted by SevenWays

You spent how much on the watches and 110 pounds to insure them is too much?

[DavidUK]

My £9,350 DJ41 was £230 to insure with T H March.

[GolfPunk]

Originally Posted by themast

Sorry for your troubles. I don't have specific advise besides suggesting going to other reputable jewelers to see how much they charge for the appraisal.

Actually I am surprised that your AD, who presumably sold you the watch, won't provide an appraisal for free. I would push them, after all you spent a good amount of money with them...



Out of curiosity why did they cancel your policy!? I can understand that they did not want to take too much risk but why cancel the old coverage?

Because they now know I have £75000 of watches in my house I presume??

[Onikage]

My insurance company told me my watches are 'high risk' items, refused to cover them from theft when wearing as I'm 'making myself a target' so I snapped and now I'm watch insurance free. Get a floor safe.

[themast]

Originally Posted by GolfPunk

Because they now know I have £75000 of watches in my house I presume??

I see, that could make sense. In some way they thought your business was not worth the risk.

[haberdashery]

Originally Posted by DavidUK

Is there no longer a £15,000 single article limit within the overall £50,000 total valuables limit?: https://bank.marksandspencer.com/pdf...icySummary.pdf

Probably - all my watches are under that though (well, at retail anyway). It's not a clause I was aware of.

Apologies for the bad advice, OP!

[-Ally-]

It is common practice to cancel in such circumstances.

[rudestew]

Was it £110 for the insurance quote ? thats how i read it

[rudestew]

Originally Posted by Onikage

My insurance company told me my watches are 'high risk' items, refused to cover them from theft when wearing as I'm 'making myself a target' so I snapped and now I'm watch insurance free. Get a floor safe.

my insurance was cheaper if i DID wear the watch ?

[Onikage]

Originally Posted by rudestew

my insurance was cheaper if i DID wear the watch ?

Not for me. My response was along the lines of 'ok we'll leave them off house+contents and I'll wear them both eh.'

[Jay knowles]

With marks and Spencer’s as someone mentioned earlier, I think they also cover accidental damage.

[peterskinner]

Originally Posted by GolfPunk

My 2 Rolex are valued at a combined £56000 and I have other watches as does my wife do their cover isn’t sufficient. Thanks though.

You are probably wealthy enough to withstand the loss ; which is unlikely to happen anyway. Just live with the small risk, especially as the loss of essentially trivial luxury goods is hardly life-threatening. So what if you didn't have a gold Rolex or two.
If you can afford to replace things, don't insure them. The probabilities are always on the side of the insurance companies, not you. Own nice watches, but don't let them own you. And I speak as someone with several high-end gold watches, among others.
In the end, it's just 'stuff.'

[superdog]

50K in watches and the 110 cost for the evaluations is too much?

[hulkalicious]

Originally Posted by GolfPunk

I picked up my White Gold GMT 116719 BLRO today to go with my White Gold Daytona 116509.

I phoned my insurer to add the BLRO, & they cancelled my cover!!

I tried AssetSure who simply cover watches, jewellery etc, they wouldn’t cover them due to the values.

As I have Private banking with NatWest, thankfully they have agreed to cover my home contents and buildings plus the watches etc for £120 per month.

The stipulation is i get written valuatuons on both watches.

Any suggestions for me to get these valuations done pleass?

My AD, Goldsmiths said they outsource now. 1st item is £60 then £50 for the next one....£110 seems too steep.

Just add it on your home cover under valuables they dont care what its for

[tyler1980]

http://www.jewelleryvaluers.org/Find-a-valuer

This is the london list for example: http://www.jewelleryvaluers.org/uplo...e_areas_42.pdf

My valuer charged something like £70 for the first item and an additional £30 for subsequent items. He also came to my house to do it. Had my entire collection and wife's jewelry done at the same time.

Goldsmiths/Mappin&Webb/WoS all outsource valuations to a company they are affiliated with (SafeGuard i think) and you have to ship your watch to them and it takes weeks. Their instore valuation events are few and far between so its hard to get it done that way. I would much rather get it done in the same day and not leave my house. WoS wouldn't even give me a valuation when i bought a new watch from them in their store and said i had to ship my brand new watch to their partner company to get one done. Haven't bought a watch from them since.

Also i highly doubt you paid £56k for those two watches. If you insure them for used replacement value and not new replacement value you might have an easier time insuring them. Since you didn't pay retail anyway you will also cover all your actual losses in the event they are stolen. You are trying to insure most likely for a large spread in your favor in what you paid vs what the insurance is liable for in the event of a loss. Just a thought as that is part of the issue, the overall "value" the insurance company is on the hook for.

[DavidUK]

Originally Posted by hulkalicious

Just add it on your home cover under valuables they dont care what its for

Wrong advice. Read your policy conditions as to overall limit for valuables, and single item limits. You are unlikely to be covered for this type/value of watch under a "cover all" clause.

[Kosgad]

Originally Posted by DavidUK

My £9,350 DJ41 was £230 to insure with T H March.

Did you try Axa insurance. I took contents insurance from them which includes 25k cover for watches/ jewellery. Paid 170 for a year.

Sent from my SM-G920F using Tapatalk

[GolfPunk]

Originally Posted by tyler1980

http://www.jewelleryvaluers.org/Find-a-valuer

This is the london list for example: http://www.jewelleryvaluers.org/uplo...e_areas_42.pdf

My valuer charged something like £70 for the first item and an additional £30 for subsequent items. He also came to my house to do it. Had my entire collection and wife's jewelry done at the same time.

Goldsmiths/Mappin&Webb/WoS all outsource valuations to a company they are affiliated with (SafeGuard i think) and you have to ship your watch to them and it takes weeks. Their instore valuation events are few and far between so its hard to get it done that way. I would much rather get it done in the same day and not leave my house. WoS wouldn't even give me a valuation when i bought a new watch from them in their store and said i had to ship my brand new watch to their partner company to get one done. Haven't bought a watch from them since.

Also i highly doubt you paid £56k for those two watches. If you insure them for used replacement value and not new replacement value you might have an easier time insuring them. Since you didn't pay retail anyway you will also cover all your actual losses in the event they are stolen. You are trying to insure most likely for a large spread in your favor in what you paid vs what the insurance is liable for in the event of a loss. Just a thought as that is part of the issue, the overall "value" the insurance company is on the hook for.

You are 100% Correct but they need insuring new for old.