Insuring valuables such as watches

Insuring valuables such as watches

Author
Discussion

Blown2CV

Original Poster:

28,695 posts

202 months

Tuesday 3rd March 2015
quotequote all
hopefully soon i will fortunate enough to be buying myself a nice watch, which is looking like it will exceed the single item limit on my house insurance. When thinking of insuring, I could do the same as I recently did with Mrs 2CV's engagement ring, which is to list it as an individual named item on the house insurance. There are, however, a number of drawbacks to this approach (I've found):
  • Not insured for damage or loss
  • Not insured when outside the house AND not on her finger - you might think this is a daft thing to be bothered about, but it could happen
  • not insured if it ever needs to be posted anywhere e.g. the jewellers it came from, in london (I'm in the north west)
  • it alone has really made the house insurance premium shoot up
i feel sure there is a better way of doing this, and as I understand it I can sign-up to a specialist valuables policy which might cover all the things which don't make sense to include on the house policy, and it might not even cost as much as the amount that her ring alone added to the house insurance premium (or certainly the ring plus the potential watch additions)...

how do you lot do it? some of you have watch collections that are worth more than my house!

andy tims

5,571 posts

245 months

Tuesday 3rd March 2015
quotequote all
Hiscox

No single item over £15k (from memory) needs to be listed, so ideal for a flipper like me.

The coverage is good, but they are not the cheapest.

Blown2CV

Original Poster:

28,695 posts

202 months

Tuesday 3rd March 2015
quotequote all
just to be clear this is a specialist policy as a separate and additional policy to 'standard' house insurance? This isn't a house policy to replace my existing one is it?

Paul Drawmer

4,864 posts

266 months

Tuesday 3rd March 2015
quotequote all
The Hiscox policy is proper High Net Worth cover. There are others as well.

o/p - your normal household policy sounds a bit lacking, change insurers to one that doesn't go weak at the knees just because you have a watch.

Usually in the UK, it's better to cover watches and jewellery under a good home policy, rather than 'specialist insurance' unless your collection is v high value, and the only thing you have worth insuring.

Make sure that you have cover whilst it is outside the home - ie on your wrist. Some home contents policies only cover stuff whilst in the home.


Grey Ghost

4,583 posts

219 months

Tuesday 3rd March 2015
quotequote all
Paul Drawmer said:
The Hiscox policy is proper High Net Worth cover. There are others as well.

o/p - your normal household policy sounds a bit lacking, change insurers to one that doesn't go weak at the knees just because you have a watch.

Usually in the UK, it's better to cover watches and jewellery under a good home policy, rather than 'specialist insurance' unless your collection is v high value, and the only thing you have worth insuring.

Make sure that you have cover whilst it is outside the home - ie on your wrist. Some home contents policies only cover stuff whilst in the home.
^^^^^^^^^^^^^^^^

This. I have several specifically listed items on my contents insurance and they are all covered away from the home and for accidental loss/damage. I am about to add another watch to the policy and will almost certainly have to invest in a decent safe now but am happy to do so to protect the jewellery items and get a decent level of cover.

Blown2CV

Original Poster:

28,695 posts

202 months

Tuesday 3rd March 2015
quotequote all
ok thanks. Current policy is with More Than. I've been with them for years to i suspect they've categorised me into the "will never move however much we take the piss" group. I may review the cover as it probably makes more sense to put the items under a greater 'single item limit' and up the personal possessions limit than to list items as individual specifics.

Grey Ghost

4,583 posts

219 months

Tuesday 3rd March 2015
quotequote all
My policy is also with More Than, give them a call and chat about what you want thumbup

Slagathore

5,808 posts

191 months

Tuesday 3rd March 2015
quotequote all
Assetsure do watch/jewellery insurance.


ecain63

10,588 posts

174 months

Tuesday 3rd March 2015
quotequote all
We use T.H.March for our jewellery insurance at home and at work. They are the biggest provider for this sort of thing.

clockworks

5,292 posts

144 months

Wednesday 4th March 2015
quotequote all
NFU are happy to insure all my valuables and collectables on my buildings and contents policy. I just gave them a list with serial numbers (where applicable) and valued the items myself.

davek_964

8,795 posts

174 months

Wednesday 4th March 2015
quotequote all
I was with Hiscox for a few years, mostly to avoid having to list expensive hi-fi stuff explicitly - but it was handy that it also covered my watch when I bought it.

However, last year the premium shot up. They were not the cheapest anyway, which I knew and could live with - but when it jumped up to around £700 for my 2-bed semi I thought enough is enough.

I shopped around and went with A-plan. I have valuables cover which includes away from home to a value of £15k I think with no specific items needing to be listed.

z4RRSchris99

11,218 posts

178 months

Wednesday 4th March 2015
quotequote all
ive had all sorts of trouble sorting high value insurance, right pain in the arse.

hiscox did a decent job

michael gould

5,691 posts

240 months

Wednesday 4th March 2015
quotequote all
I pay £440 per year to cover my 5 bedroom home up to 1m cover with contents insured up to 150k and with single item valued at 12k (also insured when away from the house )..........thats with LV

Edited by michael gould on Wednesday 4th March 16:28

shep1001

4,599 posts

188 months

Wednesday 4th March 2015
quotequote all
Blown2CV said:
hopefully soon i will fortunate enough to be buying myself a nice watch, which is looking like it will exceed the single item limit on my house insurance. When thinking of insuring, I could do the same as I recently did with Mrs 2CV's engagement ring, which is to list it as an individual named item on the house insurance. There are, however, a number of drawbacks to this approach (I've found):
  • Not insured for damage or loss
  • Not insured when outside the house AND not on her finger - you might think this is a daft thing to be bothered about, but it could happen
  • not insured if it ever needs to be posted anywhere e.g. the jewellers it came from, in london (I'm in the north west)
  • it alone has really made the house insurance premium shoot up
i feel sure there is a better way of doing this, and as I understand it I can sign-up to a specialist valuables policy which might cover all the things which don't make sense to include on the house policy, and it might not even cost as much as the amount that her ring alone added to the house insurance premium (or certainly the ring plus the potential watch additions)...

how do you lot do it? some of you have watch collections that are worth more than my house!
I have my watches covered individually on the house contents policy for theft/loss/damage including away from the home. About 20k in total cost me approx £50 extra/yr. Only conditions are they must be in the safe when not being worn & had to provide serial numbers to be listed on the policy schedule. Policy is with Aviva

Blown2CV

Original Poster:

28,695 posts

202 months

Wednesday 4th March 2015
quotequote all
all excellent info, sounds like i need to get tough on those more than fkers. I am definitely paying 'more than' everyone else for 'less than'... you get the picture.

I don't have a safe
paperbag

Craikeybaby

10,369 posts

224 months

Monday 9th March 2015
quotequote all
Adding my Nomos onto my household insurance actually made the policy come down.