Watch Insurance
Discussion
I have had a renewal through for my home insurance, which includes my watch as a ‘named item’ and it is covered both at and away from home.
Out of interest, I have just got a quote for the watch on its own policy from a ‘specialist’ and the price is almost as much as my entire home insurance.
Am I missing something here? What are the benefits to the specialist? Watch value is £15k
Out of interest, I have just got a quote for the watch on its own policy from a ‘specialist’ and the price is almost as much as my entire home insurance.
Am I missing something here? What are the benefits to the specialist? Watch value is £15k
A stand alone policy for a single £15k watch is a small risk for an insurer. A high proportion of the premium is going to be taken up in costs. From the perspective of premium, it's probably not worthwhile taking out separate specialist insurance for low value items (watch, mobile phone, fishing gear, etc) if you are able to get cover on a combined home insurance policy.
The benefit of separate cover is that if you claim under the watch policy, your home insurance is unlikely to increase.
When comparing cover under the two policies, query: amount of excess, basis of claim settlement (agreed value is generally preferable to market value), deduction for wear & tear, security conditions when not being worn (such as a cover exclusion if not being kept in a safe).
The benefit of separate cover is that if you claim under the watch policy, your home insurance is unlikely to increase.
When comparing cover under the two policies, query: amount of excess, basis of claim settlement (agreed value is generally preferable to market value), deduction for wear & tear, security conditions when not being worn (such as a cover exclusion if not being kept in a safe).
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