Multiple watches - What do people do about insurance?
Discussion
I bring this up having recently added another watch to the collection and looking through the 'Show us your Rolex' thread. It is clear that many people have multiple expensive watches.
Anyway my insurers asked for a safe/alarm. So does everyone have a safe and or alarm. Are their watches all on full cover ie outside the house/abroad for 14 days et cetera and not just on 'Contents' or do most just have them just covered under 'Contents' which will mean no cover outside the home. The logic for the secondary case aside from cost would be you are wearing it anyway and so are unlikely lose it. Save of course the man who posted recently and was mugged in the vicinity of Marble Arch by some thugs.
Do you all tend to keep your watches in the safe for the most part - always a shame. A bit like the lack of decolletage in winter! Excuse me, I am a boob man (did I mean 'tit'). As you were.
I know some only wear their pride and joy when dressed up or on special occasions. I however tend to wear them 24/7 whilst chopping logs, weeding sleeping et cetera.
What levels of high value goods do their household insurers allow.
I of course refer here to private individuals and not wheelers and dealers.
Finally, I seek here value for money risk to cost. Who will provide value for money for the premium they want me to pay.
Pip
Anyway my insurers asked for a safe/alarm. So does everyone have a safe and or alarm. Are their watches all on full cover ie outside the house/abroad for 14 days et cetera and not just on 'Contents' or do most just have them just covered under 'Contents' which will mean no cover outside the home. The logic for the secondary case aside from cost would be you are wearing it anyway and so are unlikely lose it. Save of course the man who posted recently and was mugged in the vicinity of Marble Arch by some thugs.
Do you all tend to keep your watches in the safe for the most part - always a shame. A bit like the lack of decolletage in winter! Excuse me, I am a boob man (did I mean 'tit'). As you were.
I know some only wear their pride and joy when dressed up or on special occasions. I however tend to wear them 24/7 whilst chopping logs, weeding sleeping et cetera.
What levels of high value goods do their household insurers allow.
I of course refer here to private individuals and not wheelers and dealers.
Finally, I seek here value for money risk to cost. Who will provide value for money for the premium they want me to pay.
Pip
Surely the answer lies in the terms of whichever insurer you take a policy with?
If your current is up for renewal soon, then part of the process of searching for the best price would also entail finding out what their requirements are for coverage under listed contents, and how they reimburse you if the worst should happen - cheque or vouchers.
I'm not sure I'd see the need to have a separate insurer just for the jewellery.
But yes, a safe is often to be seen mentioned on watch forums, so some must insist on one or the members feel it's better safe than sorry, even if it means they're not sitting out on display in a watch box.
If your current is up for renewal soon, then part of the process of searching for the best price would also entail finding out what their requirements are for coverage under listed contents, and how they reimburse you if the worst should happen - cheque or vouchers.
I'm not sure I'd see the need to have a separate insurer just for the jewellery.
But yes, a safe is often to be seen mentioned on watch forums, so some must insist on one or the members feel it's better safe than sorry, even if it means they're not sitting out on display in a watch box.
No, I am not looking for a separate policy. Let's face it insurers like to have the whole shebang. The jewellery provides the large the premium and the remainder of the contents can be thrown in.
I am more interested who people insure with and what they do with all their watches. Mainline insurers clearly do not like high value/risk goods with large total sums insured.
Pip
I am more interested who people insure with and what they do with all their watches. Mainline insurers clearly do not like high value/risk goods with large total sums insured.
Pip
Pip1968 said:
No, I am not looking for a separate policy. Let's face it insurers like to have the whole shebang. The jewellery provides the large the premium and the remainder of the contents can be thrown in.
I am more interested who people insure with and what they do with all their watches. Mainline insurers clearly do not like high value/risk goods with large total sums insured.
Pip
Insurers like to see a balance of risk. So if you have general contents of £100K plus then £20K / £30K for jewellery or watches is no big deal. I am more interested who people insure with and what they do with all their watches. Mainline insurers clearly do not like high value/risk goods with large total sums insured.
Pip
To get the higher limits you will need to look at Mid to High Net Worth policies that have higher single article limits and are generally actually underwritten rather than computer based.
However you do it many insurers will expect you to have an approved safe if you build up a reasonable total value and to keep most of the watches in the safe when not in use.
Where you live and the total value are just two factors that will determine what you pay so shop around and find something that suits you.
Mass market insurers tend to put obstacles in the way when you want to do something different.
If you look here:
http://www.which.co.uk/money/insurance/reviews-ns/...
Most of the insurers near the top of the list won't find a few watches a problem.
Find one you can talk to and ask their advice about some proper cover for your watches.
The better insurers tend to have higher limits before insisting on alarms / safes etc.
Remember not all policies are the same, so what one person does on their policy may not be applicable if you have a different policy.
If you look here:
http://www.which.co.uk/money/insurance/reviews-ns/...
Most of the insurers near the top of the list won't find a few watches a problem.
Find one you can talk to and ask their advice about some proper cover for your watches.
The better insurers tend to have higher limits before insisting on alarms / safes etc.
Remember not all policies are the same, so what one person does on their policy may not be applicable if you have a different policy.
Paul Drawmer, thank you. Interesting link from Which.
Fatrat, whilst I fully understand the relationship between general contents and specified or high risk items does that mean I should just increase my contents sum insured - ? What about these policies with 'unlimited' contents SIs or contents SIs according to number of bedrooms? Presumably they will not be interested.
Barclays have referred us to Mid/High net worth or whatever their 'upper' tier of financial products providers are but we are also looking at improving our security to keep them happy.
Pip
Fatrat, whilst I fully understand the relationship between general contents and specified or high risk items does that mean I should just increase my contents sum insured - ? What about these policies with 'unlimited' contents SIs or contents SIs according to number of bedrooms? Presumably they will not be interested.
Barclays have referred us to Mid/High net worth or whatever their 'upper' tier of financial products providers are but we are also looking at improving our security to keep them happy.
Pip
Wonder why Which? recommend policies with overall lower scores over a couple that get higher ones?
There are some things I would want to do in terms of home security despite whatever the insurance company mandated as the minimum. Our insurer didn't require a burglar alarm, but I don't think I'd want to live in a house without one.
One thing that we did discover when we moved house and reviewed our home insurance was that we had been hopelessly underestimating the value of what we owned - if you're renewing, it would be worth doing an inventory and estimate - if you've been buying collector's items, might be worth checking the current replacement value.
There are some things I would want to do in terms of home security despite whatever the insurance company mandated as the minimum. Our insurer didn't require a burglar alarm, but I don't think I'd want to live in a house without one.
One thing that we did discover when we moved house and reviewed our home insurance was that we had been hopelessly underestimating the value of what we owned - if you're renewing, it would be worth doing an inventory and estimate - if you've been buying collector's items, might be worth checking the current replacement value.
I still do not understand why insurers will not allow cover for one watch not specified whilst outside of the home instead of having to specifiy and pay for each. Let us face it the chance of having two on at any one time are limited.
Contents for clothing and personal effects outside the home is very expensive considering for the most part it is on your person and so loss is unlikely short of being on MH370.
Pip
Contents for clothing and personal effects outside the home is very expensive considering for the most part it is on your person and so loss is unlikely short of being on MH370.
Pip
Pip1968 said:
I still do not understand why insurers will not allow cover for one watch not specified whilst outside of the home instead of having to specifiy and pay for each. Let us face it the chance of having two on at any one time are limited.
Contents for clothing and personal effects outside the home is very expensive considering for the most part it is on your person and so loss is unlikely short of being on MH370.
Pip
Ours only require items over £10,000 each to be specified, and specialist brokers can get you policies with higher thresholds. If you're looking to the very cheapest policy you're unlikely to get that though.Contents for clothing and personal effects outside the home is very expensive considering for the most part it is on your person and so loss is unlikely short of being on MH370.
Pip
Shop around for insurers.
Pip1968 said:
I still do not understand why insurers will not allow cover for one watch not specified whilst outside of the home instead of having to specifiy and pay for each. Let us face it the chance of having two on at any one time are limited.
Contents for clothing and personal effects outside the home is very expensive considering for the most part it is on your person and so loss is unlikely short of being on MH370.
Pip
Mine just get you to quote a value of out of the house cover, it can be anything watches, jewellery etc, only things above £1500 need to be itemised - but that goes for inside the house too.Contents for clothing and personal effects outside the home is very expensive considering for the most part it is on your person and so loss is unlikely short of being on MH370.
Pip
Pip1968 said:
And therein lies the problem all items are over £1,500.
"Infamy, infamy, they've all got it in for me"
Pip
Sigh... here you go then, I've done it for you - Hiscox; only list items over £15000 in value (that's 15 thousand, not 15 hundred)"Infamy, infamy, they've all got it in for me"
Pip
http://www.hiscox.co.uk/personal-and-home/home-ins...
, and on the Which list although not "Recommended". Does that mean they are a bit like Adrian Flux - ?If you're only prepared to buy from the suppliers recommended by one consumer group, then you're limited to a choice of 5. No wonder you're struggling to find the right product.
Do you know what their criteria are for recommendations incidentally? It may be something that has no impact on the cover you want.
Edited to say that I've just spotted in your OP that you were looking for a value for money product - when I replied I thought you were looking for a solution that had less fannying around involved (less in the way of listing separate items etc). Wouldn't have picked out Hiscox for that - when we got quotes they weren't on the lower end of the price scale. I suspect that's why they aren't in the Which? recommendations. I guess you just have to plough through every policy individually to find one to fit your needs. The average customer isn't going to have a watch collection so the 'best of' lists won't be tailored to you.
Do you know what their criteria are for recommendations incidentally? It may be something that has no impact on the cover you want.
Edited to say that I've just spotted in your OP that you were looking for a value for money product - when I replied I thought you were looking for a solution that had less fannying around involved (less in the way of listing separate items etc). Wouldn't have picked out Hiscox for that - when we got quotes they weren't on the lower end of the price scale. I suspect that's why they aren't in the Which? recommendations. I guess you just have to plough through every policy individually to find one to fit your needs. The average customer isn't going to have a watch collection so the 'best of' lists won't be tailored to you.
Edited by Rude Girl on Thursday 1st May 15:35
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