M&S Insurance - am I missing something?
Discussion
TLDR at bottom...
Currently I insure my existing watches (3 watches, under £15k each, with a cumulative value of circa £30k) under a standalone policy with TH March. This is expensive (£900pa) but was easy at the time so I didn’t have to mess about with my existing home and contents policy.
I’m looking to add another watch which has a replacement value of circa £26k. Adding this to my TH March policy is an extra £1k and a condition to keep all watches in a safe when not being worn.
Hiscox are quoting over £2k for a home and contents policy which includes cover for watches away from home.
I’ve been looking at M&S Premium - they seem to be well rated in the watch community. A home and contents policy with cover away from home will cover my existing watches as the total value is under the £50k threshold and no watch is more than the £15k single item limit. The premium for this policy is circa £450.
I would then take out a separate single item policy for the incoming watch. This will cost another £500 and would have a personal custody clause so I will either have to wear this watch or put in a safe. This would work for me.
Am I missing something obvious as to why this approach wouldn’t work? It comes in less than £1k and my understanding is that it means only the most expensive watch needs to be in a safe when not worn, not the watches under the M&S policy (even if they will likely spend time in the safe). This would mean that the safe only needs to be rated for the most expensive watch - so I wouldn’t have to upgrade my existing one.
TLDR:
- can I take out a home and contents insurance policy to cover 3 of 4 watches, then a standalone watch policy with another provider for the 4th watch?
- the 4th watch would need to be kept in a safe. Is there an issue if I keep other watches in here despite not being required to by the insurer, even though the total watch values exceed the safe rating (but is rated to cover the 4th watch)?
Currently I insure my existing watches (3 watches, under £15k each, with a cumulative value of circa £30k) under a standalone policy with TH March. This is expensive (£900pa) but was easy at the time so I didn’t have to mess about with my existing home and contents policy.
I’m looking to add another watch which has a replacement value of circa £26k. Adding this to my TH March policy is an extra £1k and a condition to keep all watches in a safe when not being worn.
Hiscox are quoting over £2k for a home and contents policy which includes cover for watches away from home.
I’ve been looking at M&S Premium - they seem to be well rated in the watch community. A home and contents policy with cover away from home will cover my existing watches as the total value is under the £50k threshold and no watch is more than the £15k single item limit. The premium for this policy is circa £450.
I would then take out a separate single item policy for the incoming watch. This will cost another £500 and would have a personal custody clause so I will either have to wear this watch or put in a safe. This would work for me.
Am I missing something obvious as to why this approach wouldn’t work? It comes in less than £1k and my understanding is that it means only the most expensive watch needs to be in a safe when not worn, not the watches under the M&S policy (even if they will likely spend time in the safe). This would mean that the safe only needs to be rated for the most expensive watch - so I wouldn’t have to upgrade my existing one.
TLDR:
- can I take out a home and contents insurance policy to cover 3 of 4 watches, then a standalone watch policy with another provider for the 4th watch?
- the 4th watch would need to be kept in a safe. Is there an issue if I keep other watches in here despite not being required to by the insurer, even though the total watch values exceed the safe rating (but is rated to cover the 4th watch)?
Sorry to hijack this thread, anyone using MS insurance? My renewal is due soon and looking around for policy that will give me £20k away from home coverage.
I don't a quote on MS Premium with £400 volutary excess on building and contents and coming in at £466 with £20k away from home cover, seems a bargain.
I don't a quote on MS Premium with £400 volutary excess on building and contents and coming in at £466 with £20k away from home cover, seems a bargain.
Ninjin said:
Sorry to hijack this thread, anyone using MS insurance? My renewal is due soon and looking around for policy that will give me £20k away from home coverage.
I don't a quote on MS Premium with £400 volutary excess on building and contents and coming in at £466 with £20k away from home cover, seems a bargain.
Are you looking for cover for a single item over £20k, or multiple items (each worth no more than £15k)? If the latter, M&S Premium offer cover up to £50k and my quote was in the same ballpark as you for that figure. My issue is that I’m getting one item valued at £26k and that isn’t covered under M&S - hence thinking of a standalone policy for that item. I don't a quote on MS Premium with £400 volutary excess on building and contents and coming in at £466 with £20k away from home cover, seems a bargain.
for me, it's the outside cover for the watch i'm wearing at the time that's important. I have a very secure and hidden safe, so i'm not worried about theft from the house, just being targeted in the street.
In addition, I keep a watch box out with all my sub £2k watches (still around £6k's worth) and a couple of fake Rolex's into the mix. Hopefully any burglar will see that watch box and think his wildest dreams have come true and do a very quick run with it.
In addition, I keep a watch box out with all my sub £2k watches (still around £6k's worth) and a couple of fake Rolex's into the mix. Hopefully any burglar will see that watch box and think his wildest dreams have come true and do a very quick run with it.
Ninjin said:
for me, it's the outside cover for the watch i'm wearing at the time that's important. I have a very secure and hidden safe, so i'm not worried about theft from the house, just being targeted in the street.
In addition, I keep a watch box out with all my sub £2k watches (still around £6k's worth) and a couple of fake Rolex's into the mix. Hopefully any burglar will see that watch box and think his wildest dreams have come true and do a very quick run with it.
Agreed - that is my main concern too (hence trying to find a solution to insure the £26k watch - the M&S contents away from home covers the others sufficiently.In addition, I keep a watch box out with all my sub £2k watches (still around £6k's worth) and a couple of fake Rolex's into the mix. Hopefully any burglar will see that watch box and think his wildest dreams have come true and do a very quick run with it.
REM2112 said:
Buying a standalone policy for one watch seems a bit of an effort. Are using a broker? Covea (insurer not broker) seem more sensible than Hiscox at present.
Yep - have spoken to a broker who a friend used to insure a similar value watch collection. Premium was nearly double.Highworth have also quoted - £1700. That’s why I’m questioning if I’ve missed something obvious by my current thought process. Even though it’s a bit of effort to have two policies, it could save me £700 a year...but is it too good to be true?!
There should be no issues with having 2 policies, so long as should the worst happen, you don't try and claim both for the same loss
The standalone policy for the £26k watch makes sense
A simple phone call to M&S would quickly set your mind at ease as to whether their policy would cover the remainder of your collection in the manner you hope it does
Insurance is a strange game. My watch collection runs to a £3k Tudor GMT. Some insurers will cover this as standard, others want it as a "named" item. Depends on the insurer
EDIT: I have no idea on the answer to your question on the safe. If the safe is rated at £20k and you're keeping £40k of valuables inside, then I'd imagine this would be an issue somewhere
The standalone policy for the £26k watch makes sense
A simple phone call to M&S would quickly set your mind at ease as to whether their policy would cover the remainder of your collection in the manner you hope it does
Insurance is a strange game. My watch collection runs to a £3k Tudor GMT. Some insurers will cover this as standard, others want it as a "named" item. Depends on the insurer
EDIT: I have no idea on the answer to your question on the safe. If the safe is rated at £20k and you're keeping £40k of valuables inside, then I'd imagine this would be an issue somewhere
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