Insuring your watch?...

[Sarosh]

Hi Guys,

I understand that most home contents insurance policies in the UK will have a provision for any items that are under the value of £3500. In the instance that a watch would exceed this value what do you suggest?

Insure that individual watch separately? Or just declare it to the insurance company. Would you need to provide proof of the value to the insurance company?

If and when it's stored in a safe would the insurance still apply to it? Sorry for all the questions but just wanted some sound advice. I'll most likely wear the watch 5 out of the 7 days in a week so I know it'll be covered whilst it's on my wrist.

Thanks

[tyler1980]

Originally Posted by Sarosh

Hi Guys,

I understand that most home contents insurance policies in the UK will have a provision for any items that are under the value of £3500. In the instance that a watch would exceed this value what do you suggest?

Insure that individual watch separately? Or just declare it to the insurance company. Would you need to provide proof of the value to the insurance company?

If and when it's stored in a safe would the insurance still apply to it? Sorry for all the questions but just wanted some sound advice. I'll most likely wear the watch 5 out of the 7 days in a week so I know it'll be covered whilst it's on my wrist.

Thanks

UK insurance is different than US. Pay attention to the location of replies. I have watches insured in both countries.

Generally in the UK you need a proper valuation from a high street shop or accredited valuer.

If you have more than one watch they will require a safe, with a specific cash value rating and installed to manufacturers specifications (bolted to the wall or floor). Watches will only be insured for loss when on your wrist or in a safe. If insuring only one watch less than £10,000 you usually don't need a safe and loss cover isn't as restricted.

Read the fine print as there are lots more exclusions of coverage in the UK... Like it isn't insured if someone you let into your house steals your watch (nanny, workman, etc). There are others too but definitely read the coverage.

[Sarosh]

Hi Tyler thanks for chiming in, especially since you're in the UK, do you mind if I ask what you usually do in terms of insuring and storing your watches? Of the three I have now 1 is on my wrist and the other two locked away 'safe'ly lol.

[Shaky]

I have gone with marks and Spencer's insurance. Their top rated one covers you for any valuable item under £10k.
Unless I have missed something it covers all of my watches. I also paid extra for the same cover outside of the home.


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[tyler1980]

Originally Posted by Sarosh

Hi Tyler thanks for chiming in, especially since you're in the UK, do you mind if I ask what you usually do in terms of insuring and storing your watches? Of the three I have now 1 is on my wrist and the other two locked away 'safe'ly lol.

I only have one on a UK policy the rest are on a US policy. The main reason is UK insurance is more expensive. The second is you can't travel with more than one watch on a UK policy and have them be covered. For example if my high value watches have to be in a safe or on my wrist to be insured then it is logistically impossible to move them from one location to another or travel with them as i can only wear one at a time. So if my bag gets stolen at the airport i am out of luck.

I usually keep them in a safe, but its only "required" for the UK insurance, my US insurance company does not care where they are located.

I have separate policy for the watch and its not on a contents policy as i like to keep the watches separate from homeowners or a general policy.

I use TH March. There are probably other options but they are geared towards jewelry and watch insurance.

[RMC12]

Originally Posted by tyler1980

UK insurance is different than US. Pay attention to the location of replies. I have watches insured in both countries.

Generally in the UK you need a proper valuation from a high street shop or accredited valuer.

If you have more than one watch they will require a safe, with a specific cash value rating and installed to manufacturers specifications (bolted to the wall or floor). Watches will only be insured for loss when on your wrist or in a safe. If insuring only one watch less than £10,000 you usually don't need a safe and loss cover isn't as restricted.

Read the fine print as there are lots more exclusions of coverage in the UK... Like it isn't insured if someone you let into your house steals your watch (nanny, workman, etc). There are others too but definitely read the coverage.

I guess it depends who your insurance is with? I am not required to keep my watches in the safe (although I usually do) and each watch is itemised separately on the policy. Likewise I can travel with more than one watch.
Either a valuation from jeweller or receipt of purchase is sufficient to get insurance I believe.

[tyler1980]

Originally Posted by RMC12

I guess it depends who your insurance is with? I am not required to keep my watches in the safe (although I usually do) and each watch is itemised separately on the policy. Likewise I can travel with more than one watch.
Either a valuation from jeweller or receipt of purchase is sufficient to get insurance I believe.

not sure. I got quotes from 3 companies and they all said i needed a safe. In general though UK is more difficult than the US. The valuation part is correct. In the states though an internet dealers receipt usually works as a valuation, not in the UK. As long as its from a jeweler with a physical store you are usually ok. With Rolex they are fine with a receipt but other brands they want a valuation. This is my policy:

[Sarosh]

I am currently with John Lewis home insurance. Currently the only item of value which is insured on its own is the wife's engagement ring. Otherwise my other three watches are all insured within the 'single article being less than 3500 in value'. I will end up storing them all in a safe and wear the Sub, but I will have to call them up and ask them what their conditions are etc. And yes Tyler you're right insurance in the UK is a rip off. I have home insurance in Hong Kong on much more valuable items and at a fraction of the cost.

Also when you guys store your watches in their homes away from your wrist do you keep them on a watch winder? I'm looking to deffo get one for my watch with has a calender complication but then I'd rather get a winder that can hold more than one watch.....

[pblondon]

My insurance is with Hiscox, you need to specify an overall valuables limit to include your watches.

Watches under 15K don't need to be itemised or kept in a safe and have worldwide cover.

Over 15K need to be itemised and are then only covered when on your wrist, carried by you personally or in a safe.

Its crucial the limit you specify is high enough to cover everything, too low and it can invalidate a claim for just one watch.

[tyler1980]

Originally Posted by Sarosh

I And yes Tyler you're right insurance in the UK is a rip off. I have home insurance in Hong Kong on much more valuable items and at a fraction of the cost.
.

Yep... in London its even worse than the rest of the UK. I keep saying when I'm up for renewal again I'm moving the one watch off the UK policy. I probably will this year.

[tyler1980]

Originally Posted by pblondon

My insurance is with Hiscox, you need to specify an overall valuables limit to include your watches.

Watches under 15K don't need to be itemised or kept in a safe and have worldwide cover.

Over 15K need to be itemised and are then only covered when on your wrist, carried by you personally or in a safe.

Its crucial the limit you specify is high enough to cover everything, too low and it can invalidate a claim for just one watch.

just curious who underwrites the insurance? its usually a different company than who your insurance company is, so the 15k threshold is new to me and i like that better. Most underwriters use 10K.

[pblondon]

As far as I know they do.

Details are here, https://www.hiscox.co.uk/home-insura...lery-insurance.

[Sarosh]

So do you use Hiscox just for insuring your watches or do you use them for your entire home contents and if it is for your home contents you're saying that they don't require you to state each watch model and value/proof of value?

[pblondon]

Entire contents.

Every time I buy a watch I just call them to increase my valuables cover limit (which increases the overall premium).

They only want to itemise items above 15K and then its just the name - no proof needed.

[tyler1980]

Originally Posted by pblondon

As far as I know they do.

Details are here, https://www.hiscox.co.uk/home-insura...lery-insurance.

thanks. Ill look into that. Generally i prefer a separate policy. So maybe the rules are more relaxed on a homeowners plan that you add watches to. I just get nervous of them canceling the home cover if i have to make a claim. As they do that all the time in the US so i have been hesitant to go that route.

That also explains my exclusions vs yours as i only have a policy for the watch so a loss would have them pay out 100% of the value of the policy where as a homeowners claim for the same watch would only pay out a fraction of the overall value of what i have insured (house, contents, etc). So its more of a hedge for the insurance company so they probably are not as strict.

[RMC12]

Originally Posted by tyler1980

not sure. I got quotes from 3 companies and they all said i needed a safe. In general though UK is more difficult than the US. The valuation part is correct. In the states though an internet dealers receipt usually works as a valuation, not in the UK. As long as its from a jeweler with a physical store you are usually ok. With Rolex they are fine with a receipt but other brands they want a valuation. This is my policy:

I have just rechecked my policy to be sure and my watches and other jewellery are definitely insured under the category "out of vault/safe". There are two other different category's which are "In Vault" (meaning bank vault) and "In Safe" (meaning home safe).

[RMC12]

Originally Posted by tyler1980

thanks. Ill look into that. Generally i prefer a separate policy. So maybe the rules are more relaxed on a homeowners plan that you add watches to. I just get nervous of them canceling the home cover if i have to make a claim. As they do that all the time in the US so i have been hesitant to go that route.

That also explains my exclusions vs yours as i only have a policy for the watch so a loss would have them pay out 100% of the value of the policy where as a homeowners claim for the same watch would only pay out a fraction of the overall value of what i have insured (house, contents, etc). So its more of a hedge for the insurance company so they probably are not as strict.

I should have mentioned mine are all listed on my homeowners policy.

[yxc145]

does the insurance cover only lost or stolen only or including damage?

I saw a thread about someone damaging the crystal/bezel of the watch and repaired it with insurance.

[Sarosh]

Hi Jon, so it's best to always disclose that the watches will be either worn or in the safe? To be honest John Lewis never really asked and therefore I didn't even think to tell them. I might look into Hiscox. So by the way most people lean towards covering the watches in their general home contents policy.

Would the watches also be covered if I was away on holiday and they were locked up at home? Or would that need to be declared to the insurer before travelling?

[phez]

I'm with Hiscox too as they are the only insurer i have found who will cover a significant high value of contents and personal effects. Most companies set their limit at £75k. And as soon as you mention a watch over £10k, you can forget getting a reasonable quote.

With Hiscox no limit contents insurance, watches over £15k must be specified and are covered world wide if being worn or if in a locked safe rated to at least the minimum value of the jewellery stored in them.

[pblondon]

Originally Posted by phez

I'm with Hiscox too as they are the only insurer i have found who will cover a significant high value of contents and personal effects. Most companies set their limit at £75k. And as soon as you mention a watch over £10k, you can forget getting a reasonable quote.

With Hiscox no limit contents insurance, watches over £15k must be specified and are covered world wide if being worn or if in a locked safe rated to at least the minimum value of the jewellery stored in them.

Same reason I moved to Hiscox many years ago.

[Sarosh]

I don't think the safe has a very high valuables rating. Will have to looking to in Hiscox on my next renewal date.

[RMC12]

Originally Posted by Sarosh

Hi Jon, so it's best to always disclose that the watches will be either worn or in the safe? To be honest John Lewis never really asked and therefore I didn't even think to tell them. I might look into Hiscox. So by the way most people lean towards covering the watches in their general home contents policy.

Would the watches also be covered if I was away on holiday and they were locked up at home? Or would that need to be declared to the insurer before travelling?

I have never disclosed either way. If/when I buy a watch or jewellery I just email them with proof of purchase or such like and serial numbers etc and ask them to add it to my policy. It might cost a little bit more this way but it is so easy and straight forward for me its worth it.

[Sarosh]

Makes sense. FYI loving that hulk and the green label in your avatar! Classic.

[AshAP]

I've had buildings & contents cover with Hiscox for the past 15 or so years, everything about them gives confidence that should the worst happen they will pay the claim. They don't require our watches to be kept in a safe at home and there was no issue at all regarding my wife's Daytona c when illustrating the potential buying cost vs rrp, they even complimented her choice of watch.

This is an insurer that understands high value items.


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[tyler1980]

Originally Posted by yxc145

does the insurance cover only lost or stolen only or including damage?

I saw a thread about someone damaging the crystal/bezel of the watch and repaired it with insurance.

almost all i have ever seen cover damage. Real damage, not cosmetic damage though.

Almost all are worldwide cover as well (just double check individual policy exclusions like how they have to be stored etc)

[Sarosh]

Right well Hiscox will be my best bet come renewal time!!!

[RMC12]

Originally Posted by Sarosh

Makes sense. FYI loving that hulk and the green label in your avatar! Classic.

[tyler1980]

Originally Posted by Sarosh

Right well Hiscox will be my best bet come renewal time!!!

I'm quite surprised how many people use them I have never even heard of them before. Ill look into them as well

[Sarosh]

I was also quite surprised. But I guess when it comes to insuring such possessions you need to go to the people who understand your needs. Although I'm guessing their premium will be a lot higher than the average premium?