Insuring watches
Discussion
Thanks very much everyone. I tried most of the above and received quotes ranging from £650-£1800 which I thought was expensive. Ended up downgrading the value of one of the watches from £18k to £15k (i’d be happy with a £15k payout if it went missing) so that all jewellery was under the £15k limit and got all watches and jewellery through my normal house insurance for £100 extra.
downgrading values means you will probably have the insurance invalidated or a much smaller amount paid out as they will argue you are undervalued ..
if i was you i wouldn't wear that watch out in the public f you have undervalued ti for insurance
for rolexes it is tricky do your nsure at rrp or at grey market value ?
if i was you i wouldn't wear that watch out in the public f you have undervalued ti for insurance
for rolexes it is tricky do your nsure at rrp or at grey market value ?
Maxym said:
In my experience one can have a sensible discussion with Aviva re special items. You might need to have a decent safe though.
I moved my Aviva policy across to their new Aviva Plus policy. My watches no longer needed to be itemised and my premium reduced by nearly £500 pa. JapanRed said:
Ended up downgrading the value of one of the watches from £18k to £15k (i’d be happy with a £15k payout if it went missing)
Doesn’t work that way (depending upon the Policy Wording, or unless you have specifically confirmed with Insurers as an ‘agreed value’).Google the insurance principle of ‘Average’.
Edited by UnclePat on Sunday 25th August 21:26
selondonman said:
downgrading values means you will probably have the insurance invalidated or a much smaller amount paid out as they will argue you are undervalued ..
if i was you i wouldn't wear that watch out in the public f you have undervalued ti for insurance
That is not really how it works. If you had a total loss ie stolen they will pay out the amount you insured it for but if it is just damaged they will pay a proportion of the claim related the proportion to which it was under insured. Insurers are normally more worried about the proportion of high value goods to low value ones ie 30,000 of jewellery but total contents sum insured 40,000 (incl high value goods)if i was you i wouldn't wear that watch out in the public f you have undervalued ti for insurance
Pip
I have my Rolex Bluesy, and my wife's bridal set insured with my Aviva home insurance policy. They increased the level of cover and added the rings and watch as declared items. For the watch I had to send proof of purchase.
Total cost was an extra 120 pounds or so for the year, for which I thought was very reasonable. TH March were charging me 100 a year just for the rings.
But, the watch has to be kept in a safe when at home, so I installed a safe and keep it in there.
Total cost was an extra 120 pounds or so for the year, for which I thought was very reasonable. TH March were charging me 100 a year just for the rings.
But, the watch has to be kept in a safe when at home, so I installed a safe and keep it in there.
Somebody said:
I hated having to itemise watches and provide valuations (Some years ago I posted an original invoice to for evidence of value which Halifax lost) so I went with M&S Premier with unlimited cover....
I am also with M&S and just called RE a watch.They will not insure anything over £15K....
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