What value to use for insurance?

[Orchid1]

Other half has wanted a Rolex Pepsi for quite some time and has finally been offered a brand new one after being on a wait list

As I understand it the second hand value is higher however if we're adding it to the home insurance it's just the actual purchase price that is paid for it that can be insured for and not the second hand value if that makes sense?

[gregs656]

Orchid1 said:

Other half has wanted a Rolex Pepsi for quite some time and has finally been offered a brand new one after being on a wait list

As I understand it the second hand value is higher however if we're adding it to the home insurance it's just the actual purchase price that is paid for it that can be insured for and not the second hand value if that makes sense?

You can have it valued by a jeweler and use that valuation.

Congratulations on the watch.

[GC8]

With a new for old policy I would expect that you could revert to indemnity and then they would have to pay the used market value, if they could not supply new for old. This is something that they expect to use for their own ends, but it works both ways.

[corinthian]

If you want the current resale value, sell that one then buy a used one at full market value.
A stupid thing to do but if replacement value is all that matters, there you go, you’ll win at insurance roulette.

[mcpiston]

Don't a lot of insurers only provide vouchers to the value of the watch. I know mine won't pay out cash.

[GC8]

What they imply and what they will do if you know better are two different things.

If you were to revert to indemnity cover for example, they would have no option and they cannot make a deduction 'for cash' (which most try if you force their hand with new item payouts).

[REM2112]

My recommendation would be to use a broker if watches, jewellery etc are an issue to work out what type of cover you actually need. Different insurance policies work in different ways. Stating the bleeding obvious, the better the cover, the more expensive it is.

I worked in the industry for 33 years and have always used a broker. Happy to recommend a few names, if forum rules allow.

[GC8]

They do.

[gred]

I’m with the NFU and they are happy to have listed items and values. Serial numbers and photos are useful too.

[SturdyHSV]

I'm sure it's a sliding scale that varies with individual watch value and collection value, but is it generally 'better' to have a separate policy covering your collection, or have it as named items on home insurance?

I know some home insurance won't do items beyond a certain value etc. so presumably you're tied in to going with an independent policy there?

Just trying to get a feel really as over the next few years I have some planned purchases that will push the individual item (and obviously total) value of my little (6 watches) collection up a fair bit. I'm planning on getting a GO PanoMaticLunar and a JLC Reverso at some point to give a rough scale, we're not talking a bunch of A. Lange & Sohnes turning up

Any recommendations of who to talk to or rough premiums to expect to pay? Appreciate any wisdom.