I thought Hixcox were recommended for insurance (UK)

[Dsmith1974]

I thought I’d read on here that Hiscox were the best for insuring your watch collection?

I just rang them up and they told me that they don’t do watch collections, only antique grandfather clocks and fine art.

I’m trying to insure a dozen or so watches with an approximate value of about 75K.

Their home cover starts at 250K but I don’t really have anything else worth insuring besides the watches.

Is there anyone else I could use? Ideally I’d like to insure the watches against home theft, fire or being mugged.

TIA.

[Zakalwe]

I'm insured with Hiscox for everything in my sig plus the wife's watches and jewellery.

This page on the website confirms that they cover watches/jewellery.

Weird that you've had an issue.

Only thing I can think of is are you trying to take out watch/jewellery only cover, rather than taking out their contents insurance (which I think is a pre-requisite)?

[Dsmith1974]

Yes that’s right. I just wanted to insure the watches. They would do an overall contents quote but I don’t have 250Ks worth to insure.


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[Zakalwe]

Originally Posted by Dsmith1974

Yes that’s right. I just wanted to insure the watches. They would do an overall contents quote but I don’t have 250Ks worth to insure.


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I don't have that much to insure either. Over-insuring isn't a problem, under-insuring is. I believe they offer unlimited contents cover as standard, which technically nobody needs!

I suggest you do some maths here. Without my valuables, I could probably save about £100 on contents insurance going with somebody cheaper than Hiscox. However it would cost me WAY more than that £100 saving to insure the watches with a bespoke insurer of valuables.

Before I insured my watches I was paying about £200 for contents. I'm insured now for contents + watches/jewellery worth £55k for a premium of £900, so it's effectively costing me £700/year to insure the valuables.

Another member posted a couple of days ago a quote of £700-odd to insure a £20k-odd Daytona with a bespoke insurer called Assetsure, so everything being equal, your collection would cost circa £2500 p/a. That tallies closely (pro rata) with a quote I got from TH March a while back, another commonly mentioned bespoke insurer on here. The benefits of such insurance are that it's obviously not tied to your home insurance premium and these companies can often offer a better level of cover than home insurers. The drawback though is the cost.

I'm pretty sure every other non bespoke insurer like Aviva, L&G, M&S etc would require you to take out their contents cover too.

[Dsmith1974]

Originally Posted by Zakalwe

I don't have that much to insure either. Over-insuring isn't a problem, under-insuring is. I believe they offer unlimited contents cover as standard, which technically nobody needs!



I suggest you do some maths here. Without my valuables, I could probably save about £100 on contents insurance going with somebody cheaper than Hiscox. However it would cost me WAY more than that £100 saving to insure the watches with a bespoke insurer of valuables.



Before I insured my watches I was paying about £200 for contents. I'm insured now for contents + watches/jewellery worth £55k for a premium of £900, so it's effectively costing me £700/year to insure the valuables.



Another member posted a couple of days ago a quote of £700-odd to insure a £20k-odd Daytona with a bespoke insurer called Assetsure, so everything being equal, your collection would cost circa £2500 p/a. That tallies closely (pro rata) with a quote I got from TH March a while back, another commonly mentioned bespoke insurer on here. The benefits of such insurance are that it's obviously not tied to your home insurance premium and these companies can often offer a better level of cover than home insurers. The drawback though is the cost.



I'm pretty sure every other non bespoke insurer like Aviva, L&G, M&S etc would require you to take out their contents cover too.

Thanks for the info. Yes, I’ve nothing against over-insuring or contents cover. It was that Hiscox suggested I wasn’t suitable for them but I will try them again and ask for contents. I’m waiting for a quote from assetsure but I won’t be using it if it’s going to be that much. I thought it would be a few hundred a year not a few thousand!

Even 900 sounds steep. I’m tempted to leave them uninsured and leave a few watches in different houses with family. That way only three or four could get nicked at once.



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[Zakalwe]

Originally Posted by Dsmith1974

Thanks for the info. Yes, I’ve nothing against over-insuring or contents cover. It was that Hiscox suggested I wasn’t suitable for them but I will try them again and ask for contents. I’m waiting for a quote from assetsure but I won’t be using it if it’s going to be that much. I thought it would be a few hundred a year not a few thousand!

Even 900 sounds steep. I’m tempted to leave them uninsured and leave a few watches in different houses with family. That way only three or four could get nicked at once.



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Be good if you update the thread with your quotes, it's been a while since I shopped around so I'm curious.

[Dsmith1974]

Sure no problem. Assetsure just send me an email to say they won’t even give me a quote!!

“Further to your request for some insurance, unfortunately our underwriters have declined to offer you cover for your Collectables and Jewellery.

Please accept our apologies that we are unable to assist you on this occasion.”


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[Dsmith1974]

M&S won’t cover over 50K and won’t under insure either.

They won’t even consider a quote if I gifted a few watches away to family to bring the total to under 50 (gave them away) so they didn’t belong to me and weren’t kept in the same house.

I ever thought getting insurance would be this difficult!

[chunkythebulldog]

Originally Posted by Dsmith1974

Yes that’s right. I just wanted to insure the watches. They would do an overall contents quote but I don’t have 250Ks worth to insure.


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You need to find out what constitutes contents on the policy as your interpretation might not be the same as the insurance companies

A kitchen is classed as contents, bathrooms, carpets, wood floors, tiles etc. Plus what you perceive to be contents electrical appliances, free standing furniture, clothes etc.

£250k is easliy achievable especially with £75k in watches.

[Dsmith1974]

I tried Hiscox again and requested their contents insurance (even though the first time advised they didn’t think it was right for me). Everything was going great. Watches covered plus another 50K for stereos, laptops etc..

..until my post code revealed I’m living next to a river and would be uninsurable (flood risk).

They recommended AJ Gallagher or Assetsure (Assetsure have already declined to offer me a quote) so I tried Gallagher. They only cover watches up to 2O% of the cover but may insure them all as named individual separate items (likely to be too expensive).

I’m thinking of going down the safety deposit box route.

[Miguel Alvarez 2.0]

Originally Posted by Dsmith1974

I tried Hiscox again and requested their contents insurance (even though the first time advised they didn’t think it was right for me). Everything was going great. Watches covered plus another 50K for stereos, laptops etc..

..until my post code revealed I’m living next to a river and would be uninsurable (flood risk).

They recommended AJ Gallagher or Assetsure (Assetsure have already declined to offer me a quote) so I tried Gallagher. They only cover watches up to 2O% of the cover but may insure them all as named individual separate items (likely to be too expensive).

I’m thinking of going down the safety deposit box route.

How did you get on with this? I've been trying to reinsure mine and am similar to you. The only thing of value in my house are my watches. Hiscox weren't keen.

[Bob the brush]

I have mine covered on my Sainsbury house insurance/ contents insurance. All itemised, and cost was approx + £200 on the policy quote. Worth a try.