Hi, I've currently got my hesalite Speedmaster insured at the old price of £3,340 and it's about to expire/need renewing in September. The current value is now £3,520 and I've phoned around a few places that are telling me they charge £60 for a valuation to be done.

Does anyone know how often Speedmasters get price rises/how much they tend to rise and which month it usually is? I don't want to pay out £60 for this and then a month later it's gone up another £300 or something and I have to do it again. Thanks.

I have it on a standalone jewelry/personal possessions insurance with a company called T.H. March for about £85 a year.

 

I work peripherally in the insurance industry, although not in personal lines (i.e. Home, auto, etc), as would be applicable here.

What i would suggest would be as follows:
1. Depending on the value of watches and jewelry your household has, investigate other insurance providers that offer watch/jewellery "riders" that insure any you may have without need for appraisal up to a certain dollar figure (say, £20,000). If you can find one that's cost effective and you aren't insuring £40k in watches/jewelry, it's worth investigating. I have a policy that offers up to $30k without appraisal via Chubb, which is a well known international insurance company; or,
2. Self insure the portion above the old price. Why would you pay £60 for such a small amount of insurance on something that's unlikely to happen? Insurance is gambling - it pays to be an insurance company because, generally, things don't go wrong. Keep that money in your pocket and, in the unlikely amount something happens with the watch, apply the £60 to the tiny difference in pricing. Some insurance companies might even still give you the full replacement value.

I would search around online and see what other alternatives there are out there for you, or talk to your broker and let them know specifically what you need to suit your specific situation and get options - it won't cost you any more money as the broker is paid by the insurers on commission. If they aren't helpful, find a new broker!

 

I'd echo everything @sjg22 said, and specifically recommend you look at changing your insurance anyway. £85 is over 2.5% of the value of your watch! I pay less than 1% of my collection's value per year to insure it via itemized riders on my homeowner's insurance. It's a much better option than going through an independent jewelery insurer.

 

To echo the above, depending on the size of your collection (and jewelry/other expensive items in your household), it's much more effective to use a rider that covers the whole collection without necessarily requiring appraisal, as you use replacement value.

 

Thanks for the detailed replies people, I will look into the options provided since I have a little over 3 weeks anyway to make any sort of decision on this. I live with my parents which is why I put it into my own sort of independent insurance since that way I didn't have to stick it on their home insurance or anything.