Watch Insurance Options?

[dr_gn]

Hello, I'm about to renew my home and contents insurance, and there's a limit of £1500 on any individual item. I've got a Rolex Explorer I, which I bought new in 1998. It's been worn pretty much every day since, so isn't in pristine condition. However, I'm after some advice on what to insure it for under an individual item listing (if this is indeed the best way to go). Is it simply a case of putting, say, the H L Brown new price of £5200 onto the policy? I guess I should consider putting it on an "away from home" listing too. I've no idea what this will do to the policy premium yet. Is this the best way of insuring a watch like this?
Thanks in advance.

[Tony1963]

My home insurance company insisted I had my SS Daytona valued by a professional valuer, with certificate provided. This is doubly important when a watch is valued at a multiple of the new list price. £78 for the valuation that’s valid for three years, I think.

[dr_gn]

Tony1963 said:

My home insurance company insisted I had my SS Daytona valued by a professional valuer, with certificate provided. This is doubly important when a watch is valued at a multiple of the new list price. £78 for the valuation that’s valid for three years, I think.

I don't think mine is anything special. As far as I know I could go and buy another today if I wanted to.

[Big_Dog]

Be careful with the small print. I tried to claim on my house insurance for the broken bezel on my Deep Sea yesterday. The watch is separately listed on the policy with the value and has been for four years. However the very small buried print says anything over £5k has to be inspected every 3 years. Mine hasn't as it's good to a second a day.
So no insurance cover. So that's £1042 for me to pay then. Because apparently only Rolex can get the parts.

[dr_gn]

Big_Dog said:

Be careful with the small print. I tried to claim on my house insurance for the broken bezel on my Deep Sea yesterday. The watch is separately listed on the policy with the value and has been for four years. However the very small buried print says anything over £5k has to be inspected every 3 years. Mine hasn't as it's good to a second a day.
So no insurance cover. So that's £1042 for me to pay then. Because apparently only Rolex can get the parts.

I'll check that, thanks.

[HocusPocus]

My household policy has most watches down as specified valuables. This means a jewellers valuation on omv every 3 or 5 years and clasp condition check. Depending on value, you may also need to have the piece on your person or stored in a suitable value rated safe. Best talk to your broker as conditions vary between insurance companies and products.

[Graveworm]

We just went through this and decided the hassle of listing these and every item over £???? and strange rules on ratios, testing and valuations- was the difference between policies, that eventually meant we paid (Signifcantly) more than we had been to effectively get rid of single item limits.

[dr_gn]

I’ve listed the watch at £5200 and a bike at £2500 as two items over the £1500 individual item limit. Worth remembering that these are not in addition to the overall contents amount - everything must be included in the contents figure.

ETA they are both now covered if lost away from home too. Increase over previous premium for listing the two items individually and away from home cover was £70.

I started another thread on home insurance elsewhere - the new premium is still about £320 less than my previous renewal quote from the company I’ve been with for 16 years.

Edited by dr_gn on Friday 4th September 21:58

[Macneil]

Interesting read, I have a several watches specified on our policy and have never read the details, I had no idea about having them checked.
It makes perfect sense for an insurer to want proof that the clasps are sound etc when you think about it.