Watch insurance

[voicey]

Although I own an old Air King, I've not worn it for over 15 years so it just sits in my safe at work - I went off wearing watches a long time ago and the insurance side of things has fallen off my radar. However I have just agreed to buy a Datejust 31 at list for my girlfriend. She intends to wear it often so we'll need some kind of insurance. Obviously we'll be in touch with the home contents insurer but does anyone use a specific watch policy? Any recommendations or guide on what I should be paying?

Thanks!

[Gio G]

I found it very expensive having separate watch insurance policies in the past. Best to find an insurer that will cover your contents and watch collection. Someone like Hiscox, Direct Line Select etc..You will find it cheaper..

G

[stevewak]

I found https://www.assetsure.com/ very good and reasonable cost-wise.

Edited to say this was for travelling, as my travel insurance would not cover watches, even if itemised. Household policy probably best option but might not always be competitive on watches. For standalone insurance I was happy with Assetsure.

Edited by stevewak on Wednesday 4th October 12:26

[Wildfire]

I've gone with the house insurance, as my previous jewelry insurance no only insures for "what you paid for it" and not a replacement. The retail price for a replacement has now gone up a fair bit, and to add it to the contents was much cheaper than individually.

[crispian22]

I've just gone through this when renewing my house insurance, adding several watches (£38k) as listed items insured in and away from home,added £38 per year with nationwide, just had to get a valuation certificate done at the local jewellers,and the appropriate insurance approved safe which I had already.

[witten]

crispian22 said:

I've just gone through this when renewing my house insurance, adding several watches (£38k) as listed items insured in and away from home,added £38 per year with nationwide, just had to get a valuation certificate done at the local jewellers,and the appropriate insurance approved safe which I had already.

Does that insurance cover you if you are wearing the watch out the house and you get mugged? My TH March separate watch insurance does and includes wearing it anywhere in the world. They'll only not pay out if you leave it in the hotel room and not in the safe and it gets nicked. I travel a lot for work so wanted that sort of cover.

[crispian22]

witten said:

crispian22 said:

I've just gone through this when renewing my house insurance, adding several watches (£38k) as listed items insured in and away from home,added £38 per year with nationwide, just had to get a valuation certificate done at the local jewellers,and the appropriate insurance approved safe which I had already.

Does that insurance cover you if you are wearing the watch out the house and you get mugged? My TH March separate watch insurance does and includes wearing it anywhere in the world. They'll only not pay out if you leave it in the hotel room and not in the safe and it gets nicked. I travel a lot for work so wanted that sort of cover.

Yes,I asked specifically.

[Maxf]

crispian22 said:

I've just gone through this when renewing my house insurance, adding several watches (£38k) as listed items insured in and away from home,added £38 per year with nationwide, just had to get a valuation certificate done at the local jewellers,and the appropriate insurance approved safe which I had already.

That sounds incredibly cheap - I think my sea-dweller alone added about £200 to my premium! My current insurers are a bit more realistic but nowhere near £1 per £1000 cover (for watches).

[Longy00000]

I've been having a nightmare with Nationwide. Took policy out in June this year and a month later they requested I get up to date valuations done. A few hundred quid later I sent the certificate through. Then they wanted the far end of a smelly thing about my locks, windows etc. I told them we had a safe bolted to my concrete floor and anything not worn is kept in there. THEN they wanted all the details of the safe, it's a Chubb and about 10 years old so pretty new and good quality but we are now approaching November and they are still looking into it as it needs referred up to their underwriters again!!
I'm scared to tell them im about to pull the pin on another rolex so looking for stand alone policy myself or if Nationwide kick-off again which Safe i could buy that would truly satisfy them and inflation proof them so to speak as I may add bits n bobs of jewellery over the years to come.
Just waiting for Nationwide to come back to me but it's been a LONG 5 months with them !

[shambolic]

I went with John Lewis high end insurance last year. Half the price of Hiscox for better cover. And you didn’t need a safe.

[Longy00000]

Well I purchased a new watch and Nationwide have thrown yet another hissy fit and whilst it's being referred further up the chain its unlikely they will offer any cover.
So I've been ringing around this afternoon and
HISCOX refused to quote as I had a radiator leek within the last 5 years amounting to about £600 claim
John Lewis couldn't quote as my valuables were too high in relation to me other contents
NFU, probably could quote but would need referring due to watches / jewellery
Adrian Flux, need to refer to underwriter...awaiting their call
2 others ( I can't remember names) refer to U/w and I await the call

So awaiting 3 call backs plus Nfu to let me know if they can quote.
Jeez you would think I had the bloody crown jewels. I hate to think what hassle some have with proper serious collections or even just 1 or 2 proper high end pieces

Th only explanation offered was that at times of financial stress insurers are extra picky about new customers and very wary, in case of that big claim for something it's hard to disprove like "I lost my £15k watch on the bus"
So long as you're already with them they are more relaxed but moving insurers is problematic.
It may well be that upon Nationwide decision I might have to move even if you insure that 1 piece elsewhere as they said " it's still in your household so you're more at risk of burglary etc which affects us "

[Gio G]

Longy00000 said:

Well I purchased a new watch and Nationwide have thrown yet another hissy fit and whilst it's being referred further up the chain its unlikely they will offer any cover.
So I've been ringing around this afternoon and
HISCOX refused to quote as I had a radiator leek within the last 5 years amounting to about £600 claim
John Lewis couldn't quote as my valuables were too high in relation to me other contents
NFU, probably could quote but would need referring due to watches / jewellery
Adrian Flux, need to refer to underwriter...awaiting their call
2 others ( I can't remember names) refer to U/w and I await the call

So awaiting 3 call backs plus Nfu to let me know if they can quote.
Jeez you would think I had the bloody crown jewels. I hate to think what hassle some have with proper serious collections or even just 1 or 2 proper high end pieces

Th only explanation offered was that at times of financial stress insurers are extra picky about new customers and very wary, in case of that big claim for something it's hard to disprove like "I lost my £15k watch on the bus"
So long as you're already with them they are more relaxed but moving insurers is problematic.
It may well be that upon Nationwide decision I might have to move even if you insure that 1 piece elsewhere as they said " it's still in your household so you're more at risk of burglary etc which affects us "

Have you tried Direct Line Select?

G

[Deep]

crispian22 said:

I've just gone through this when renewing my house insurance, adding several watches (£38k) as listed items insured in and away from home,added £38 per year with nationwide, just had to get a valuation certificate done at the local jewellers,and the appropriate insurance approved safe which I had already.

Obviously I'm not calling you a liar but that doesn't make any sense.
£38k of watches insured outside of the house for £38 premium? My previous insurer added about £200 for a single £10k watch.

Unless you have hundreds of watches all worth under £50 lol

[Deepers]

stevewak said:

I found https://www.assetsure.com/ very good and reasonable cost-wise.

Edited to say this was for travelling, as my travel insurance would not cover watches, even if itemised. Household policy probably best option but might not always be competitive on watches. For standalone insurance I was happy with Assetsure.

Edited by stevewak on Wednesday 4th October 12:26

Apologies to all for resurrecting an old thread, but need some help on precisely this topic.

Per Assetsure above, I found their quote and terms for watch insurance good, BUT they apparently settle claims with "Gem Cards" rather than cash, which in my case (none of the models of watches I own are in current production) would mean no chance of being able to source actual like-for-like replacements on the secondary market.

In terms of insurance overall, wonder if anyone has any advice - I need to cover my four watches (an Omega, an IWC, a Breguet and a Glashutte Orginal) which I have had professionally appraised for this purpose.

However, I don't currently own my own place and am staying with family (although this will change later this year) and they already have a contents policy but not one which will allow me to add the above as specified items or which will allow the level of cover for their replacement values.

There seem to be very few companies which will insure watches as a standalone policy and pay cash in the event of the worst case scenario, and which don't require installation of a heft safe at home (something I may do when I own my own place).

TH March online quote comes out at over £1,000 a year which for a combined £23k of watches I find ridiculous.

Is it possible to get two contents policies in parallel for the same address so the existing cover on the house remains and I have my own just for my watches?

Any leads to other insurers or ways around this much appreciated - given what you read about in London on almost a daily basis in terms of muggings etc, I've got to the point am scared to wear any of mine which is a real shame.

Many thanks