Insurance in Australia

[milov]

Hey all,

I'm looking for cover for my watches (or at least one of them) that is not attached to a home contents insurance policy. Something that will cover loss, damage or theft both locally and overseas.

Internet searching leads me to a stand alone jewellery specific insurance company called Q Report which will cover a AUD$13,000 watch for AUD$357 annually plus a once off $126.50 account set up fee.

Has anyone out there dealt with Q Report? Or does anyone have any suggestions for an alternative quote?

thanks

[Rock]

Milov, I am a bit of an insurance sceptic, and have as little of it as I can.
Houses DO require it however, and I listed my watches on my home policy simply because it was cheap and independent watch insurance was expensive - along the lines you mention.
I would need to feel that there was a good chance of my watches being stolen before I would countenance those costs.

[milov]

Thanks for the response Rocky.

My problem is that I am a little too mobile for a home contents policy right now, and I plan to travel a fair bit for the next year or so. I would like to simply wear a stainless steel sports watch with the peace of mind knowing that I'm not out of pocket if something goes wrong.

I don't really object to the policy costs... but I'd like some indication that this company pays its claims.

It seems like insurance companies are adopting a refusal to pay claims approach as a part of their cost cutting strategy these days.

[Dirt]

Originally Posted by milov

Hey all,

I'm looking for cover for my watches (or at least one of them) that is not attached to a home contents insurance policy. Something that will cover loss, damage or theft both locally and overseas.

Internet searching leads me to a stand alone jewellery specific insurance company called Q Report which will cover a AUD$13,000 watch for AUD$357 annually plus a once off $126.50 account set up fee.

Has anyone out there dealt with Q Report? Or does anyone have any suggestions for an alternative quote?

thanks

I have heard no adverse reports about Q Report.

I looked into insurance a long time ago and found no alternative to be cost effective under any circumstances unless you anticipate loosing the watch pretty soon after taking out the policy.
The only winners there are the share holders and the middle men.
With jewelry insurance the situation is amplified.

My advise is to put the money you would have paid in premiums into a bank account along with a little extra to have it there in case you need to replace the watch.
If you never have to replace the watch then it's all good

With the money I have saved over the years I can simply add another Rolex to the collection as I see fit.
By the time you add the insurance premiums and servicing costs together, the holding costs per unit are unbelievable

Good luck

[Dirt]

Originally Posted by milov

Thanks for the response Rocky.

My problem is that I am a little too mobile for a home contents policy right now, and I plan to travel a fair bit for the next year or so. I would like to simply wear a stainless steel sports watch with the peace of mind knowing that I'm not out of pocket if something goes wrong.

I don't really object to the policy costs... but I'd like some indication that this company pays its claims.

It seems like insurance companies are adopting a refusal to pay claims approach as a part of their cost cutting strategy these days.

They're just there to make a profit.
Not to spread the risk like in the old days.

[Dirt]

Originally Posted by Rock

Milov, I am a bit of an insurance sceptic, and have as little of it as I can.
Houses DO require it however, and I listed my watches on my home policy simply because it was cheap and independent watch insurance was expensive - along the lines you mention.
I would need to feel that there was a good chance of my watches being stolen before I would countenance those costs.

Agreed