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Insuring watches in Finland

  1. WatchCor

    WatchCor Dec 4, 2019

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    Hey , sry this is a very country specific question regarding insurance in Finland.

    The question is what or how have you Finnish ΩF members insured your watches. I am not asking specific amounts or anything dubious just what companies or insurance products you have.

    I have the extended home insurance plan that covers items to a certain pricepoint however that pricepoint/value is not enough currently. Therefore I have been looking for item specific insurances.

    Unfortunately OP Arvotavaravakuutus and IF erillisirtaimistovakuutus are imo insufficient products.

    The OP product is sickeningly expensive , and doesn't insure for loss of item. Apparently only for theft that can be proven.

    The IF product sounded good until i asked for more information. They give a good price and you can insure the watches to the amount you want. However, in a claim situation they do a age-deduction even on vintage watches, or will pay for a similar but new model.

    This sounds just like a scam but with extra steps (yes, Rick and Morty reference). Why would I insure my vintage pieces for their actual value when in a claim situation my Speedmaster is worthless in the eyea of the insurance company? Item age 58yrs , age deduction 5-9% per year. Meaning that even in a best case scenario I get a about 5% of the insured value minus the deductible, or I get a modern speedy with half the value.

    So I pay for the full insurance value but I either get a new speedy or 5% of the value I insured it for. There must something I am not understanding correctly. :unsure:

    Astonishing, I get it that they are not a welfare organization but is there no insurance policy in Finland for vintage watches that would make sense in addition to the homeowners plan?