Wristwatch insurance advice, please.

[Slime]

Hi all
I know some on here collect quite expensive wristwatches and, presumably, have them properly insured.
I'm shortly to be given a quite expensive watch and wondered whether to get watch specific insurance or do I just name it as a listed item on my house insurance.
What do you lot do?

 

[Bratty]

For a single watch, I'd speak to your household insurer first, as I did for mine. If you're getting a collection, then a more specialist insurer may be needed

 

[Slime]

For a single watch, I'd speak to your household insurer first, as I did for mine. If you're getting a collection, then a more specialist insurer may be needed

Wow that was quick, thanks Bratty, it'll just be a single watch so I'll probably contact my home insurer first.

 

[Bratty]

It will also depend on just how expensive we're talking (and I'm not asking to know!), but whatever watch it is, I hope you enjoy it!

 

[Bunkermagnet]

Wow that was quick, thanks Bratty, it'll just be a single watch so I'll probably contact my home insurer first.

It will also depend on just how expensive we're talking (and I'm not asking to know!), but whatever watch it is, I hope you enjoy it!

My brother put his Omega Planet Ocean on his house insurance.

 

[hairball_89]

One key thing to do - household or specialist insurer - is get some 'candid' photos of it being worn to prove you own it!

when you don't have a receipt from purchase, should the worst happen to it, a photo of you holding a pint in your living room with a watch peculiarly front and centre will be a godsend to the process!

 

[Slime]

That's great advice as there will be no purchase receipt.
I like the idea of holding a pint, I may practice that this evening.
The watch is due to arrive in a couple of weeks or so.
Excited.

 

[Aztecs27]

All good points above.

I have my Omega Seamaster on my house insurance as a "specified" high value item. Costs a bit more per year, but worth it in case you're burgled!

 

[Slime]

Ended up putting it as a listed item on my house insurance for £67.
Specific watch insurers, including Rolex, all wanted north of £250!

 

[Tashyboy]

Do we get to know the details re the watch

 

[Aztecs27]

Do we get to know the details re the watch

Glad someone asked

 

[Slime]

Rolex Oyster.

 

[RichA]

Rolex Oyster.

Photo of it on your wrist while holding a pint needed, or we won't believe you either.

 

[Tashyboy]

Spoke to Missis T re my Omega Moon watch. That is down on the house insurance.

 

[Reemul]

I am a private client insurance broker and look after high value property, cars and jewellery and watches.

Your watch 1st should be insured on your home policy, however there are different types of home insurance.

Standard home insurance - Most people have, up to £1 million in buildings and either 100k contents or unlimited. This will be cover in the home only. You can add unspecified items to your policy up to the policies inner limits, for example a policy we have will allow any items woth under £1,500 individually to ber unspecified but over that value they will need to be specified. You will then need personal possession cover for items away from the home.

So for example I have £4,000 in golf cover away from the home for mine and my sons golf equipment. I actually have £10k in total as I may lose my phone, laptop, fishing gear as well depending on what I have taken with me for that long weekend away.

Standard polcies have very low limits before specifying and also low upper limits, for example Axa's max is £15k but Ageas is £5k so depending on policy and value of watch depends on if your current insurer can cover it.

You then get mid and high net worth policies which have broader cover, all items anywhere in the world and inner low limits of £10k normally and will cover anything, these policies are more expensive but a lot but offer pretty much warranty free cover and pay pretty much most things out.

All watches that are specified will need either a recent receipt of a valuation within the last 3 or 5 years to pay out the value of the watch. Watch values have risen a lot recently and not having a valid receipt or valuation can lead to you getting scrwed out of any payment pretty quickly, this stuiff is non negotiuable with all insurers.

So you have a 10k watch you just bought, you have the receipt, in 3 years your insurer will want you to get an up to date valuation and your premium will reflect the new value and the amount you will receive. If you fail tyo have this in the event of a claim you will likely get paid out the max unspecified limit value, so that watch is worth £15k but your valuation is old and says 10k they may pay you 10k but if their inner limit is £5k they may only pay you that amount saying you failed to maintain a valuation.

I will say clients that have standard household policies and say a nice watch each £7.5k x 2 are real problems for us getting value cover that will payout without jumping through hoops. Most standard polcies hate high value watches and jewellery.

In my experience standalone watch policies are more expensive, less cover, more risk on payout and not value unless you have very high sums insured.

 

[Reemul]

One key thing to do - household or specialist insurer - is get some 'candid' photos of it being worn to prove you own it!

when you don't have a receipt from purchase, should the worst happen to it, a photo of you holding a pint in your living room with a watch peculiarly front and centre will be a godsend to the process!

Photos will help but without a valuation or receipt will not lead to a payout any more. Photos or all items help show proof you own them but not how much they are worth, it is your repsonsibility to prove this. Prestigevaluations will do an online valuation for £65 suitable for insurance purposes.

 

[Reemul]

A more expensive example, A client bought a limited edition watch for £47,000, sent us the receipt and we put it on cover. 3 weeks later it was stolen and when they went to get it replaced is was £285,000 to replace. he only gets the £47k, to say they are unhappy is an understatement but imo they never knew the value went up that much that quickly but the reponsibility is their's.

So a receipt within 3 years or a valuation and photos.

Many people do not want to get valuations because there item may jump from £6k to 11K and the premium jumps and they dont want to pay it so think it's ok with an old valuation or receipt, it never is.

I can say in all honesty 99% of claims that do not get paid are because people, lie, try to trick the system or just don't understand what they need to do intentional or not. Unfortunately playing dumb generally doesn't work, especially with the standard market, with the high net worth we have Claims managers who try and work through issues but a normal policy won't have this so any of you that have a nice watch make sure you have the above and be upfront with your insurance company and also check it is covered both away from the home when you are wearing it and also abroad if you take it abroad, many policies limit cover abroad and travel policies dont normally cover higher value items at all.

Another thing that is causing us issues nowdays are hearing aids, a set can cost upwards of 6 or 7k and the same rules apply and you will be surprised how many people lose on at the beach or in the sea or stand on them as they fall out.

I never understand clients who pay for policies where they lie to us as they might as well not have cover at all.

 

[Reemul]

One final thing that frightens me is that most people do it online and rely on themselves to do it right buit have no idea they are doing things wrong, they are not insurance specialists, they wont read the documents and even if they do they may not understand them, even us brokers ring insurers to get clarification on things we are aren't sure of.

Most people cant afford policies with brokers costs (30% increase as a minimum) but my advice is take your time, ask questions if you are unsure and don't worry if applications are referred it means a real underwriter will look at it and give clarification or anything unusal rather than a computer system signing it off for you.

 

[Bratty]

This is all great advice, @Reemul. Many thanks.
I was going to do my Omega Seamaster (9 years old) and IWC Portugieser (6 months old) online, but I will call my insurer tomorrow and discuss with them.

 

[nickjdavis]

Another thing that is causing us issues nowdays are hearing aids, a set can cost upwards of 6 or 7k and the same rules apply and you will be surprised how many people lose on at the beach or in the sea or stand on them as they fall out.

Never considered this...will have to have a word with my dad who has just got himself new hearing aids.