UK Insurance...help

[jryan774]

Hi Guys,

i have my sub date and the wifes rolex specified for full insurance cover with Halifax, everything seemed really good about the policy until i lost my rolex and needed to claim.

Anyway as i brought the rolex in july this year at £3090 from an AD and lost the rolex in september and processed a claim which is now near settlement, due to the rolex price increase (october) my insurer is saying they will only pay the specified amount of £3090 meaning i will have to stump up the other £400 odd pounds to replace mine and also i guess it means my wifes rolex is now under-insured.

Their answer to all of this is that i need to keep an eye on price increases and inform them accordingly and obviously that will then make the premium increase.....So i was wondering are there any rock solid policies in the UK that will simply replace my rolex like for like!

Thanks in advance guys

[toph]

Try norwich union direct. Not the easiest to deal with (but thats not surprising) but will pay the full amount or give you vouchers for signet group, for the exact current replacement value

[jryan774]

isnt signet group just h.samuel, leslie davis and ernest jones and therefore dont stock rolex's?

[toph]

Originally Posted by jryan774

isnt signet group just h.samuel, leslie davis and ernest jones and therefore dont stock rolex's?

actually- sorry that was my old policy, then i changed to Norwich Union Direct , my mistake, its the goldsmiths group. that includes watches of switzerland, Goldsmiths etc. I had to use it last year

[worktolivelife]

try

www.hiscox.co.uk

you may be pleasantly surprised!!!

regards

steve

[wristworks]

My Deepsea is on my home insurance with Barclays. I have it insured at £5500 which costs me £3 per month.

[dimpkins]

Try AON www.household.aon.co.uk, I use them for cars and were pretty good, just had brochure off them advertising jewellery insurance.

[DMJ]

I use hiscox too. They offer £5000= cover automatically for trinkets/watches. Price goes up as your collection increases though.


Martin

[charliec]

I use legal and general and have notified them of numerous watches + general contents. You only need to show watch valuations for replacement value of £5000 + . The best thing to do is to take new collector pieces such as SS Daytonas, GV, Deep Sea? to an auction house. They will quote and issue a realistic replacement value based on sourcing a new version and not merely the RRP that Rolex will quote or what your receipt reads. Hope this helps..

[AJF]

My understanding was that with the old for new total cover, you would get the current MSRP.

I will need to go and check my policy .

AJF.

[jryan774]

thanks for all the replies guys but the problem is halifax are saying because i sepcified my rolex as an item and the replacement value of £3090 thats all they will pay

[Chris B]

Originally Posted by AJF

My understanding was that with the old for new total cover, you would get the current MSRP.

.

AJF.

Absolutely, Abbey replaced a lost DJ a few years ago with a brand new watch without question straight from Signet Group H O, & there had been several prices increases in the interim, cash was never gonna be an option so it was fine

[charliec]

Getting the current MSRP isn't what you want. You need an insurance policy that will give you an identical replacement model or the money to replace it.
Eg...SS Daytona MSRP £5730 to replace it tomorrow will cost £7000 albeit grey mkt. Therefore you need to have it valued at 7k and not MSRP which is why you need to go to an auction house (christies/southerby) and have an insurance valuation performed and submitted prior to any claim being made.
Hopefully you'll never need it but best to be safe than sorry... says the man with 3 children!!!

[Chris B]

Following on from the loss of the DJ.

The Loss Adjuster that visited my home explained that all top Insurance Companies will have a discounted trading account with Signet or similar, that's why if you want the watch replaced there won't be a prob as they're not paying nowhere near MSRP anyway.

Of course if you want the cash replacement, or you're insuring a vintage that can't be replaced, its prudent to have a fresh evaluation every couple of years

Maybe some of the guys that are in Insurance might wanna chime in

[MikeJaye]

Basically if your Sub Date was a specified item (not included in general cover) at a cost of 3090gbp then the premium payable is based on that price. If the replacement value of the watch increases then this needs to be notified to the insurance company so they premium payable can be adjusted to reflect the increased value of the insured item. Items of increased value are more risk of theft and replacing them is more costly so insurance companies increase the premiums they charge. Unfortunately the new price wasn't notified to your insurance company cover is rightly limited to 3090gbp.

My home insurance covers anything under 3k, so when I got my SD last year I needed not to notify them. When the RRP of SD's were increased to over 3k (back in April i think) I had to notify my insurance company, this subsequently increased my premium.

Moral of the story is that it is always better to have too much insurance than not enough

Mike

[f16570]

I use Hiscox, but thankfully no need as yet to see how good they are.

[harvey]

http://www.thmarch.co.uk

[argee1977]

I'm with the Halifax now, and they're a pain for named items, before i was with Marks and Spencers which meant that any item under £4000 didn't require to be named on the policy, so they would replace like for like. If you can get with them then that would be the best deal, costs a little extra but they're very good.

The problem i have now is they won't insure me, two burglaries within 4 months this year means barely anyone will insure me

[davidwatts]

Originally Posted by jryan774

isnt signet group just h.samuel, leslie davis and ernest jones and therefore dont stock rolex's?

Several Ernest Jones stores stock Rolex.

I used AXA as they were cheapest for me.

[PeterT]

Originally Posted by davidwatts

Several Ernest Jones stores stock Rolex.

In the Midlands, I think they all stock Rolex eg Solihull, B'ham, Merry hill, Leamington.

PeterT

[davtom]

I have used this company and got the best price
http://www.connoisseurpolicies.com

David

[Chris B]

[QUOTE=davidwatts;858621]Several Ernest Jones stores stock Rolex.

QUOTE]

Ernest Jones, Leslie Davies, Goldsmiths, Mappin & Webb etc they're part of the Signet Group & usually only one per shopping mall / town gets to sell Rolex on their behalf, its 6 & 2 threes or maybe its the prime location per individual store actually decides who carries Rolex

[harvey]

chris sorry to correct you but i think...

aurum holdings is the parent company for watches of switzerland; mappin & webb; and goldsmiths...

signet group plc is the parent company for ernest jones; leslie davis; and h samuels...

taking for example... in merryhill, you will see goldsmiths and ernest jones... one of each group; likewise in birmingham there is watches of switzerland and ernest jones...

i hope this helps...

[cdmackay]

[QUOTE=Chris B;858819]

Originally Posted by davidwatts

Several Ernest Jones stores stock Rolex.

QUOTE]

Ernest Jones, Leslie Davies, Goldsmiths, Mappin & Webb etc they're part of the Signet Group & usually only one per shopping mall / town gets to sell Rolex on their behalf, its 6 & 2 threes or maybe its the prime location per individual store actually decides who carries Rolex

And for other brands, too. We have both Goldsmiths and M&W here in Cambridge, but only the latter are ADs for Omega (and Rolex too), despite other GS branches being ADs in their area.

[Quicksilver]

Originally Posted by davtom

I have used this company and got the best price
http://www.connoisseurpolicies.com

David

I use them as well and have been very happy with the price, service and ease of use for their web site. You can select UK or Worldwide cover and cover is to replace as new.

[cdmackay]

£100 premium per watch, for worldwide? is that a good price? seems a lot to me, perhaps I'm being naive.

[chrisanders]

Try a broker who specialises in contents insurance - e.g. http://www.lsta.co.uk

[RJC]

Originally Posted by worktolivelife

try

www.hiscox.co.uk

you may be pleasantly surprised!!!

regards

steve

X2

They are THE best!!

[thesharkfactor]

i use tesco for home insurance, and i added my rolex to that as a specified item. it is advisible, each time there is is a price increase, go and have your watch re-valued and inform the ins company of the new value. i paid £3100 for my Z 16610, but my valuation says replacement value of £3740, thats what the insurance company would have to pay!

[A1000]

The cheapest way I found was to add my watches to my household contents policy which covers them including accidental damage worldwide. It isn't new for old but based on the specified value so you just need to keep an eye on prices and adjust it accordingly.

It's a Barclays Finer policy which has pretty good coverage. They covered my LV at no additional cost and then my PAM was ~GBP33 which is pretty good I think.