Watch Insurance - UK

[Andygmt2]

Unsure if this has been posted previously (apologies in advance if so), but as your collection grows, do some of you purchase watch insurance to insure your collection or do you tend to bundle it with the home insurance? If so, any recommendations on which company and rough cost per timepiece?
Thanks in advance.

[A-Wax]

Only one of my watches is expensive enough to be specifically insured - I added it to my John Lewis home insurance, I think it might be an extra £50 or so a year.

[Soultime]

I have ours specified on home insurance.
After I bought a second watch Sainsbury's refused to cover us.
Switched to Aviva and added a 3rd at very little extra cost.
Although when I was thinking of getting a Skydweller as well they said a safe would be mandatory.

I looked at 3rd party stand alone watch cover, but it cost a lot more than just adding to home ins.

I think other people have mentioned M&S home ins as well are good?

[tyler1980]

whatever you do insurance is a must.

I never understand why some dont. Its a hedge. No one puts 100% of their assets in the stockmarket either. You hedge. Bonds, cash, etc.

there are pros and cons to standalone vs bundled policies. That is going to depend on your own comfort level and personal assessment of the likelihood of a claim. If i was more nervous i would stay away from having it on a home policy.

[Sandpit]

I used to use Assetsure for my wife’s jewellery when I lived in the UK. I wouldn’t go without insurance if I still lived there. You hear way too many horror stories and it’s just not worth the risk.

[DP63]

I'll add that if the insurance company state you must have a safe, make sure you bolt the safe down ... they wont pay out if the safe is simply lifted and walked out of the door if you are unlucky enough to be a victim.

[GMT Aviator]

Anyone in the UK got a specific multi watch policy with anyone that covers your collection?

[ilovethiscity]

I have a total separate policy with Assetsure here in the UK. They didn’t require I get a safe and it’s totally separate from my home insurance which suits me better. Isn’t cheap to be honest but I prefer the peace of mind it brings.

[tyler1980]

Originally Posted by DP63

I'll add that if the insurance company state you must have a safe, make sure you bolt the safe down ... they wont pay out if the safe is simply lifted and walked out of the door if you are unlucky enough to be a victim.

yep.

I addition i would keep the receipt of who installed it as when i had UK insurance it stated "professionally installed". Based on the language, if you bolted it down yourself that may not be "professional"

[Zakalwe]

OP, you will, with a bit of research, be able to work out rough figures for yourself, but I’ll post my experience as a guide.

Firstly, as indicated above, you need to decide whether you want to go with a bespoke insurer (not tied to home insurance, often - but not always - better cover) or with a home insurer with watches/jewellery bolted on (cheaper, possibly less hassle).

I just tried, out of curiosity, to get an online quote for my collection from Assetsure and I couldn’t. I then just plugged a £10k watch value into the engine and it spat out a £350 annual premium (yours will differ depending on your age and postcode).

I use a home insurer and my and my wife’s watches/jewellery works out at approximately £100 per £10000 value per annum, so 3.5x cheaper than the bespoke insurer.

YMMV of course.

[Andygmt2]

Thank you all for your experiences and recommendations. Very much appreciated. I’ll run a couple of quotes and see what comes off it

[AlexW123]

I'm covered through my home insurance however sitting just shy at the top tier of what they will insure. Keen to hear how you get on so I can start planning for the next purchase.