your premium is based in the amount insured...so you get what you pay for.
But why would you want to over insure anything? unless you are planning on a claim 😀
Because as I said you cant walk into an AD and say 'I'll have a hulk please" he will laugh at you in the UK. The question they ask when you want insurance is "How much will it cost to REPLACE it" so the answer is subjective in this case.
Doesn't matter what you say it's worth. You need an appraisal from a professional that's GIA certified, and tell them to put the current gray market price as the replacement value. Then submit the documentation to the insurance company.
I'm surprised the insurance company will even let you choose your own coverage value.
Most won't, its based on an appraisal....but some dont require an appraisal. Mine allows me to state any amount as the premium just goes up per dollar. Regardless I dont like to over insure as it just costs more.
Do you want to pay for insurance to cover what you paid or some future value...thats completely up to you.
I don’t know what part you don’t understand guy but if I insure it for what I paid £6k back in 2015 I WONT be able to get a replacement..hope that’s clear!
Since the watch is nominally available at MSRP from a retailer, the proper thing to do is to insure it for the current MSRP. And I guess that means you will have to update it annually. A vintage item would be a different story.
In fairness, the OP is dealing with UK insurers and they are different to US. I'm UK and Ireland based so can give you my experience. Of my 10 watches they only required a formal valuation for those over 15k. I'm with Allianz. The others I provided a valuation. I took the average value on Chrono24 as a replacement value. I definitely wouldn't insure for the original list price if you want to replace it. A 250GTO owner wouldn't exactly insure their car at the original list....
