Insurance for watches worth above rrp

[Deep]

I had a chat with my home insurance company today (standard company, not bespoke etc) regarding watch insurance.
I explained that some watches could not be bought again at rrp due to waiting lists etc.

According to the rep I spoke to I can insure the watch for whatever value I want and that's what would be paid out regardless of what I paid for it myself.

Unfortunately I have a deep mistrust of the insurance industry (no offence to any members in said industry) and just wanted to check it was that straightforward ie I state a value that I estimate it would cost to replace in the grey market and that's what I'm paid in the event of a claim.

Obviously I'd be more than happy for them to replace the watch but that's probably unlikely.

Thanks

[Voldemort]

1. Get it in writing
2. Then read EVERY word in the policy document

[Deep]

Voldemort said:

1. Get it in writing
2. Then read EVERY word in the policy document

Thanks.
When I've had discussions like this before I find the policy document to be vague. When I've then asked for something specific in writing they say "all calls are recorded sir so that is your record". All very frustrating.

[witten]

When I bought my sub it came with a valuation certificate from the grey dealer. The insurance company used that value. I even asked if they would do a 'new for old' policy to get a brand new (and strangely cheaper) one but they wouldn't as I didn't buy it new. That was just before the peak of the market but it's not worth less than I paid for it (yet). Insurance was TH March.

[Ascayman]

Whos the insurer? and What sort of watch are you talking about?

You'd need to get a current valuation and then send that to the insurance co / broker.

[Deep]

Ascayman said:

Whos the insurer? and What sort of watch are you talking about?

You'd need to get a current valuation and then send that to the insurance co / broker.

Insurer is LV.
For example Rolex GMT M2. Think I paid about £12k. Cheapest I can see one on Chrono is circa £17k.

Rep on phone didn't ask me for a formal current valuation, made it seem like I could just insure it for whatever I wanted. I'm assuming that valuation needs to be within reason ie I can't insure it for a million quid.

This is all theoretical, I haven't actually insured it with them yet.

Edited by Deep on Wednesday 19th April 16:23

Edited by Deep on Wednesday 19th April 16:24

[JEA1K]

Deep said:

I had a chat with my home insurance company today (standard company, not bespoke etc) regarding watch insurance.
I explained that some watches could not be bought again at rrp due to waiting lists etc.

According to the rep I spoke to I can insure the watch for whatever value I want and that's what would be paid out regardless of what I paid for it myself.

Unfortunately I have a deep mistrust of the insurance industry (no offence to any members in said industry) and just wanted to check it was that straightforward ie I state a value that I estimate it would cost to replace in the grey market and that's what I'm paid in the event of a claim.

Obviously I'd be more than happy for them to replace the watch but that's probably unlikely.

Thanks

Insurers will get you a replacement watch ... they do not buy through the retail channel. There are people who've made claims who've received watches within a few months that mere mortals would be waiting 3 years for.

The issue you might face is if a watch is discontinued + gone up in value. The only way to protect yourself in this instance is get a written valuation. I'm sure come claim time, you'd still be battling to agree on a value, just the same as you would for a car, so you'd probably be left finding examples of for sale items to argue a current value.

[Ascayman]

Deep said:

Insurer is LV.
For example Rolex GMT M2. Think I paid about £12k. Cheapest I can see one on Chrono is circa £17k.

Rep on phone didn't ask me for a formal current valuation, made it seem like I could just insure it for whatever I wanted. I'm assuming that valuation needs to be within reason ie I can't insure it for a million quid.

This is all theoretical, I haven't actually insured it with them yet.

Edited by Deep on Wednesday 19th April 16:23

Edited by Deep on Wednesday 19th April 16:24

LV are a bog standard insurer rather than a mid / high net worth insurer so there probably will be a single article limit lower than that.

You'd have to get a proper valuation from a jeweller / watch dealer and insure it for that value.

Also just because something is on Chrono24 for £17k doesn't mean that's the value.

[Deep]

JEA1K said:

Insurers will get you a replacement watch ... they do not buy through the retail channel. There are people who've made claims who've received watches within a few months that mere mortals would be waiting 3 years for.

The issue you might face is if a watch is discontinued + gone up in value. The only way to protect yourself in this instance is get a written valuation. I'm sure come claim time, you'd still be battling to agree on a value, just the same as you would for a car, so you'd probably be left finding examples of for sale items to argue a current value.

I specifically asked if they would just replace the watch, but the answer was 'if they could'. I have no idea what that means. They could just hand me the rrp saying they can't get hold of one.

I'm not concerned about a massive increase in the value in the future, very unlikely to happen and if it did I could readjust the insurance.

[Deep]

Ascayman said:

LV are a bog standard insurer rather than a mid / high net worth insurer so there probably will be a single article limit lower than that.

You'd have to get a proper valuation from a jeweller / watch dealer and insure it for that value.

Also just because something is on Chrono24 for £17k doesn't mean that's the value.

I'll have to speak to them again because they didn't mention anything about a formal valuation.

I know the asking price on Chrono isn't necessarily the value. What I meant was that if the watch was stolen today and I wanted another one tomorrow it would cost me a fair few thousand more than I paid for it.
And I can't go by a trade value, as I can't buy the watch at trade price.

[Ascayman]

Deep said:

I'll have to speak to them again because they didn't mention anything about a formal valuation.

I know the asking price on Chrono isn't necessarily the value. What I meant was that if the watch was stolen today and I wanted another one tomorrow it would cost me a fair few thousand more than I paid for it.
And I can't go by a trade value, as I can't buy the watch at trade price.

Yes I get that and that’s why even if insurers don’t insist (which they probably will) then for your own piece of mind get a valuation and insured for that amount.

You then need to make insurers will pay out on its agreed value.

[alscar]

I think the LV individual missed off an important part of their answer “…as long as you have a valuation “etc.
No sensible insurance company will simply guarantee any figure without proof of value of some sort.
Otherwise they are setting themselves up for large fraudulent losses.
I think as with car insurance maybe speak to a watch insurance specialist - if nothing else it will take away doubts on payout etc.

[Deep]

alscar said:

I think the LV individual missed off an important part of their answer “…as long as you have a valuation “etc.
No sensible insurance company will simply guarantee any figure without proof of value of some sort.
Otherwise they are setting themselves up for large fraudulent losses.
I think as with car insurance maybe speak to a watch insurance specialist - if nothing else it will take away doubts on payout etc.

Agree about the fraud risk.

If anyone has any recommendations for a watch insurance specialist I'd be grateful.

Thanks

[Ascayman]

Deep said:

Agree about the fraud risk.

If anyone has any recommendations for a watch insurance specialist I'd be grateful.

Thanks

To be honest i'd use a broker.

Im guessing that if you have a £12k watch you'd have some other decent sums insured? if so an off the shelf internet insurance isnt really targeted to you, you should be looking at a mid or high net worth HH insurance policy.

[Big_Dog]

Be careful, my ex insurance company took £65 a year to add cover for a Deep Sea to my house policy.
I managed to break the bezel. Tricky but manageable. It seems I had no cover as the watch had not been inspected in the last 3 years. So the £1179 repair was down to me.
Very small print that was.

[worsy]

I use M&S because they will insure without valuation up to 15k on their premier policy.

[alscar]

worsy said:

I use M&S because they will insure without valuation up to 15k on their premier policy.

Sounds good but just make sure no very small print that ( in Deep’s example above ) could lead to a case of under insurance should the worst happen.
In which case and for that example you would only get £13k and a bit v the £15k.

[PistonBroker]

Deep said:

If anyone has any recommendations for a watch insurance specialist I'd be grateful.

TH March have already been mentioned. ;-)

[Deep]

PistonBroker said:

TH March have already been mentioned. ;-)

Thanks, I missed that.

[matrignano]

Any other suggestions please?

TH March seem to want £1.3k annual premium for £30k of watches, which is way more than I pay for my whole home insurance including watches and art!