Getting a valuation

[Funk]

I'm at the point of renewing my home insurance and have a watch which appears to have increased in value over the last year, taking it over the 'single item limit'. It's not a common watch and the only other one for sale in the UK currently is on Chrono24 at £5k. I've spoken to my insurer (Direct Line) but they say they'll want something more than "...well that guy's selling his for £5k on Chrono24..." as evidence of the value in the event of a claim (although it would, I suppose, clearly demonstrate what replacing it would cost!).

I've never had to get something like this valued before and presumably I need it in writing too. Where should I start? Is it a case of finding a dealer for the brand and asking them for example? It's a Chopard Mille Miglia - they only make a limited number for each year so it's not one that could be easily-replaced.

[ellroy]

Or try a different insurer? I’ve got some stuff more than that, on an individual basis and was not asked for valuations.

Confused etc will give you a start for other providers.

[Funk]

Hmm, it's only a single watch though; it'd be more convenient to have it included on a the home insurance than a whole other separate policy. It hasn't actually increased the premium either, Direct Line would just like to see evidence of the value in the event of a claim.

[ellroy]

Then given the value will undoubtedly change between now and some unspecified date in the future why sweat it?

[Funk]

That is a fair point, although it's difficult to get a stolen watch valued I guess.

[Geertsen]

If you search ‘watch insurance valuation’ in Google there are many places which offer the service, including some high street jewellers. The other alternative would be an auctioneers if you have one locally.

[Yex RS4]

I've just had a Dornbluth 99.0 valued for insurance purposes. The jeweler had never seen one before but looked it up on C24 and a couple of other sites for valuation purposes. A close look at my watch and the screen confirmed it was as described and a valuation was provided. There was currently only 1 version 99.0 for sale at c$4,000 so he based his valuation on that.

Rarity wasn't an issue as he was prepared to listen to me about where you can get them occasionally and then did his own bit of digging on the internet and via his contacts to be happy the watch was what it was.

[Steve-B]

I've been through several insurers over the years where some will cover up to ~ £2.5K no questions asked and a couple up to £5K. Anything north of that, e.g., a Patek, etc you'd be well advised to get it assesed at a proper stockist qualified to give a paper evaluation. Insurer will then issue an Amendment to your policy with specific coverage for each, same as for diamond jewelery, etc...

It saves no end of grief should the worst case scenario ever happen!