Insuring older or rare watches

[HenryVIII]

I posted the story of my Seamaster Soccer Timer when I joined this site. Briefly - owned from new in February 1970.
It took me some years to find any reference to it on the net but more recently examples are appearing on pre-owned sites and its value seems to be rising.
It’s now well over the limit that needs to be declared on my house insurance so I phoned to have it added, and fell off my chair at the increased cost. I’ve had conversations with various specialist insurance brokers and reached the conclusion that the best solution is to keep it locked in my safe and only wear my other Omegas (and sundry other makes).
Has anyone else had a similar issue?

 

[eugeneandresson]

Just sell it and wear casio? There must be dozens of threads here on this topic. If it is such a stress is it worth the hassle? Its less than 10k…different story if it was 50+k…

 

[DON]

Put it in your sock drawer and leave $50 sitting on the dresser at all times. Crooks want to grab what’s in the open and scoot. Most won’t want to go searching through drawers if the see money out in the open

 

[Pastorbottle]

What joy is there in a watch that is locked away, never to be worn?
Just locking things away is such a pointless waste.
If you can’t enjoy it, you may as well sell it and keep the money in the bank, at least you won’t have to pay for insurance.

 

[PerJ]

Wear it and enjoy. Just be somewhat careful and you’ll be fine.

I’m sure it differs between countries but where I am located a special insurance will be around 2% of the value. It just doesn’t make any sense if you have a nice collection. Store your stuff at the bank and be careful if and when you bring the fancy stuff out.

Edited: Jun 17, 2023

 

[Donn Chambers]

P PerJ

Wear it and enjoy. Just be somewhat careful and you’ll be fine.

I’m sure it differs between countries but where I am located a special insurance will be around 2% of the value. It just doesn’t make any sense if you have a nice collection. Store your stuff at the bank and be careful if and when you bring the fancy stuff out.

ditto. You’ve owned this watch for 53 years and now you’re scared it will be stolen? Yes, it has appreciated in value from when you bought it, but you have more than got your money’s worth on it. If (God forbid) it is stolen, it’s just a thing and you have a lifetime of memories with it. Don’t waste any more money on insurance or hide it in a safe. Just wear it!

 

[Dsloan]

How much were you quoted? I have about $30K of watches and jewelry listed in a 'personal article policy' and it costs me like $20 a month?

Sure, that insurance adds up over the course of a decade, but it definitely makes it easy to strap on a watch and enjoy it.

 

[Pastorbottle]

Insurance companies base the premiums on likelihood hood of risk + a considerable profit margin and considerable administrative overheads.
So when you look at the above……..$30k risk at $20 per mth = a very low likelihood of a claim against them, my guess is they probably calculate a risk factor of @ $2 per mth for a maximum claim, obviously less for a partial claim.
Then you have to consider the fine print weasel words that they’ll use to squirm their way out of coughing up, and the actual monthly risk to you for $30k coverage is in all probability bugger all!

 

[Evitzee]

People tend to overinsure, imo. House, car, life insurance are necessary to protect your big assets, provide for your family and to provide a cushion if sued. But most watches don't fall into that category. 'Peace of mind' is not a very good reason to insure an item, you have to seriously look at the financial impact to your life if lost or stolen, and the probability of a loss happening. Generally the odds are pretty damn low.

 

[Larry S]

Pastorbottle

What joy is there in a watch that is locked away, never to be worn?
Just locking things away is such a pointless waste.
If you can’t enjoy it, you

Sound advice.

 

[Aroxx]

This is something I need to figure out. Up until I joined here I only had one expensive (and rare) watch that was covered under home owners. Now I’ve got to the point where all of the watches together are worth a decent chunk of change. Was going to get a quote from the Dink but now I don’t know if it’s even worth it. Or maybe just cover a couple pieces.

 

[pdxleaf]

Get a dog

 

[Aroxx]

pdxleaf

Get a dog

My cat is pretty ferocious...

 

[bradurani]

I have a collection of 40+ vintage Seikos that can't easily be insured because no appraiser can really value them correctly, and many of them are not valuable enough to be insured individually, but are quite valuable in total. I bought a fireproof safe for $2,000 installed, and had it put upstairs, in my closet, and that's a way easier way to go about it. With the electric keypad, it only takes a moment to open: https://homesafesusa.com/collection...45e-fire-burglary-safe?variant=44561104699679

 

[Dan S]

No, I've never for a second considered locking my nice watches away and wearing others.

I'm not advocating insurance necessarily, but the cost doesn't seem terribly high to me unless you have a large collection. I don't know how much your watch is worth, but if I make a generous estimate, insuring it should cost somewhere in the $50-$100 per year range. That doesn't seem exorbitant to me, but apparently it's not worth it for you.

Anyway, when it comes to a watch you've had for a long time or an heirloom, always remember that the insurance won't cover sentimental value.

Edited: Jun 19, 2023