How many use safe deposit boxes?

[4vCoupe]

I recently got a safe deposit box at my local bank to keep my watches and other valuables. I’m hoping it’s not too much of a hassle to rotate watches as needed.

Do insurance companies give significant discounts for keeping watches at the bank?

Any other cons of keeping your watches at the bank?


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[Blansky]

I don't.

I would think it's just a bit of a pain to go in and out of the bank to choose which watch to wear. And then comes the neglect factor where watches just get left there.

I prefer to rotate mine every few days and this seems like too much trouble. But then I don't have hundreds of thousands tied up in watches.

YMMV

[4vCoupe]

I don’t have hundreds of thousands worth of watches but I still don’t want to lose my whole collection if something should happen at home.

The safe deposit box is currently a much cheaper option than insuring each watch individually.


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[GB-man]

I do. I can walk to my local branch so it’s a no brainer. Peace of mind.

[SearChart]

I can store my watches safely at work, which is basically Fort Knox. And the best thing is that it doesn't cost a dime yet beats a safety deposit box in terms of safety.

[locutus49]

I suppose if you are in a high crime area and lack security. I would find it a hassle and would just insure your watches instead.

[droptopman]

I do not. Pay a big premium to insure watches and jewelry. I have debated it. We do have a safe at home.

[codecow]

If you have a reasonable collection it’s smart. I keep mine there.

[beshannon]

Originally Posted by 4vCoupe

Any other cons of keeping your watches at the bank?

Only able to get your items during banking hours after a wait

Read your contact, the bank probably indicates that the box itself is safe but the contents are not guaranteed to be protected

You really want to pay to store things out of sight and out of mind?

I keep my watches at home where I can use them and they are insured. And I have a safe for when I am not at home.

I ran a bank branch for 10 years so I do not understand why you would keep things you want and use in a box.

Good luck

[Torque Time]

Watches should not live in a safe deposit box. If you need the security, buy a home safe and bolt it to the floor in a closet. Then add a jewelry rider / policy to your home insurance. But for the love a fine Swiss movement, DON’T force your time pieces to live their days in a bank vault.

Just my .02

[fusionstorm]

Collection is insured, and most resides in a safety deposit box. I love my meters first red Sub too much to rotate in others.

[GradyPhilpott]

I keep my most valuable watches and also the vintage ones at the bank.

It's not a problem at all for me, as I can get in and out of the bank in five to seven minutes and also the bank is located in an area I pass through or near virtually on a daily basis.

Originally Posted by beshannon

I ran a bank branch for 10 years so I do not understand why you would keep things you want and use in a box.

I have 20+ watches and a lot of those are kept at home, so if I absolutely need to change watches, I have plenty to choose from without going to the bank, but nonetheless, driving by the bank during business hours to change watches is not a problem at all and it's much safer than keeping them in my apartment.

Burglaries are rampant in Albuquerque and it doesn't matter where you live.

[gav329]

Originally Posted by 4vCoupe

I recently got a safe deposit box at my local bank to keep my watches and other valuables. I’m hoping it’s not too much of a hassle to rotate watches as needed.

Do insurance companies give significant discounts for keeping watches at the bank?

Any other cons of keeping your watches at the bank?


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Considered this option too. I would always still have mine insured as you probably do too for when it’s being worn. But a good option less worry being in the bank say you’re on holiday and left some of the watches behind.


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[Chewbacca]

I imagine an insurer would offer a discount but why insure at all when your bank box agreement does it anyway in the cost? Just have the watches on a home policy as recorded inventory or ask about it with a credit card when travelling.

[Castlesinthesky]

It wouldn't work for me since I have no idea what I want to wear until shortly after opening my watch box

[Geo444]

I have a couple of safety deposit boxes, but typically use them for more static valuables. My watches are insured through my home owners policy and offers me no discount for were they are stored. I prefer to have them available to wear. Bank safety deposit boxes are not insured through the bank and if something ever happened to you, your heirs would have a tough time retrieving your watches from the box. Like a car insurance is the best approach for a watch unless it was a high dollar collectible which is never worn.


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[dkg1616]

I buy gold coins pretty regularly and keep those in a safety deposit box

[~JJ]

I use a box and keep them insured. I work/live near my bank, so its convenient to rotate pieces during lunch... I prefer peace of mind. Insurance companies will offer discounts for using a SDB, but there are rules, similar to storing a car. They vary and you will need to speak with an agent.

[brandrea]

Originally Posted by SearChart

I can store my watches safely at work, which is basically Fort Knox. And the best thing is that it doesn't cost a dime yet beats a safety deposit box in terms of safety.

Yes, the ultimate safe deposit box you have there Bas

To the OP, I keep my watches in a safe deposit box at the bank as well. No discount on insurance but its peace of mind, and I'm literally 5 minutes away.

The only negative can be on bank closure days ... you have to think ahead a day or two as to what to which one you want to wear.

[Laszlo]

A safe deposit box is also good to have for other valuables and documents one could never afford to lose in a fire or otherwise. Not sure if convenient for watch rotation unless rotating once a month or something.

[ref1655]

since I only one Rolex & haven't been wearing it all that much, I have opted to store it in a safe deposit box as well.


banks are open 6 days a week so accessibility doesn't pose a problem.

[soundserious]

I use a box. No brainer for me. Depends on the collection really.

[tyler1980]

i have a box, but its not for my watches. That is why they are insured... i want them immediately accessible.

[SearChart]

Originally Posted by brandrea

Yes, the ultimate safe deposit box you have there Bas

Yes! Your name has to be Danny Ocean or Ethan Hunt if you want to steal my watches

[brandrea]

Originally Posted by SearChart

Yes! Your name has to be Danny Ocean or Ethan Hunt if you want to steal my watches

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[Floorguy]

Nope!! My gun gun vault is just fine. It’s big, it’s heavy, And heavily insured!

[Zakalwe]

So, just to be clear, this is an is my watch safe at home thread?!

[77T]

Originally Posted by Zakalwe

So, just to be clear, this is an is my watch safe at home thread?!

No...it is a “will my insurance rate drop by using a safe deposit box?” Thread


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[beshannon]

Originally Posted by GradyPhilpott

I have 20+ watches and a lot of those are kept at home, so if I absolutely need to change watches, I have plenty to choose from without going to the bank, but nonetheless, driving by the bank during business hours to change watches is not a problem at all and it's much safer than keeping them in my apartment.

Burglaries are rampant in Albuquerque and it doesn't matter where you live.

Sorry to hear and it sounds like you have it well in hand

[Zakalwe]

Originally Posted by 77T

No...it is a “will my insurance rate drop by using a safe deposit box?” Thread


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I wasn’t being entirely serious. I’ll get my coat.