- Posts
- 23
- Likes
- 12
To insure or not to insure
- Posts
- 2,669
- Likes
- 3,550
Donn Chambers
·The purpose of insurance is to protect you from suffering a catastrophic financial loss. Losing an SMP 300 would hurt for anyone, but whereas for some it would be catastrophic financially, for others if wouldn’t. So, insure if you are the former, don’t if you are the latter.
P.S. Nice watch, congrats!
exactly. What is shocking is how many people don’t insure probably the most important asset - their own lives when they have a family and they are the main provider.
I have had two colleagues who died unexpectedly in the last 5 years and neither had a life insurance policy, even though our university makes it easy to set it up to cover up to 6 times your salary with a payroll deduction. Because of this, they left their family hurting - and both had you children.
I don’t insure my watches, because none are so valuable that it would be a financial burden if it were stolen - if just wait to replace until I could afford to.
But I damn sure have life insurance so if (God forbid) something did happen to me, my wife (who doesn’t work) could pay off the house and have enough left over to figure out what she wanted to do without being forced into financial ruin.
- Posts
- 290
- Likes
- 862
Tad
·I’ve researched insurance policies and can honestly say the most secure and cost effective way of protecting your watches is to hire a safety deposit box. Metro Bank for example charges £20 per month for an extra small box- well worth it.
- Posts
- 7,561
- Likes
- 13,957
Evitzee
·I’ve researched insurance policies and can honestly say the most secure and cost effective way of protecting your watches is to hire a safety deposit box. Metro Bank for example charges £20 per month for an extra small box- well worth it.
Edited:
- Posts
- 290
- Likes
- 862
Tad
·Wow! that’s cheap. Personally speaking the peace of mind this gives me is well worth it. Guess it also depends on the value if your collection.
- Posts
- 5,761
- Likes
- 27,144
YY77
·In Holland I once informed about a jewelry insurance, amount was 660 euro per year (coverage within Europe) but that was for a collection around 25k. Higher would also require a certified safe and higher premium.
Adding it to my home insurance would be around 500 euro but watches must be lower than 6k/watch otherwise it needs to be transferred to a jewelry insurance, seems UK and US have better conditions.
Adding it to my home insurance would be around 500 euro but watches must be lower than 6k/watch otherwise it needs to be transferred to a jewelry insurance, seems UK and US have better conditions.
- Posts
- 68
- Likes
- 603
FlatTop
·Probably discussed in the threads linked above, but I have cover (as part of general contents insurance) with Hiscox in the UK. They aren’t the cheapest but are well-known for paying claims without a fuss. Any individual item under £15k doesn’t need to be listed separately but the total value of watches/jewellery you want cover for will have a significant effect on the premium.
- Posts
- 5,636
- Likes
- 5,800
SkunkPrince
·I added riders to my homeowners.
- Posts
- 23
- Likes
- 12
drbarot
·I’ve researched insurance policies and can honestly say the most secure and cost effective way of protecting your watches is to hire a safety deposit box. Metro Bank for example charges £20 per month for an extra small box- well worth it.
I was looking at a deposit box but then does it cover you for wearing the watch, lost and theft and accidental damage? the ones ive seen only insure for inside the box not once out
- Posts
- 7,561
- Likes
- 13,957
Evitzee
·I was looking at a deposit box but then does it cover you for wearing the watch, lost and theft and accidental damage? the ones ive seen only insure for inside the box not once out
- Posts
- 15,234
- Likes
- 44,726
Canuck
·In 1987, I made a decision to change how I protected our valuables. Without going into detail, once the arrangement was put into effect, I cancelled all our insurance on my collection (which is 4 times larger now), and the missus’ jewellery. My insurance premiums dropped by 50%. Our “stuff” was costing more to insure than public liability and property damage on the house and contents! That was 34 years ago. I have saved so much by not having to continue to pay insurance premiums on our “stuff”, that if I were to lose a significant item, I could replace it out of pocket, and still be money ahead. Coverage on your “stuff” is also supposed to buy you peace of mind. If you keep your stuff at home, do you have peace of mind when you are not there, when your only protection is insurance?
- Posts
- 6,015
- Likes
- 20,683
- Posts
- 15,234
- Likes
- 44,726
- Posts
- 733
- Likes
- 1,457
- Posts
- 219
- Likes
- 233
rhr321
·It seems that if your collection is in the 20k to 30k range , adding onto home insurance is not a big deal. Collections can easily get into six figures. A Snoopy 50th by itself is a big ticket item. I think bank + a rated home safe where only one watch is out at a time is the best approach. The cost of insurance is pretty high and many limited edition pieces are hard to replace anyway.
- Posts
- 29,217
- Likes
- 75,504
Archer
··Omega Qualified Watchmaker
- Posts
- 215
- Likes
- 188
kev1976t
·Not many options at all in ireland, so I have my Speedmaster, added specifically to my home insurance
- Posts
- 870
- Likes
- 1,670
paddymoran
·Not many options at all in ireland, so I have my Speedmaster, added specifically to my home insurance
- Posts
- 215
- Likes
- 188
kev1976t
·Kev in the past I’ve researched all main home insurance providers in Ireland and Allianz I think was the only provider that properly catered for watch/ jewellery collections. Can’t remember the specific details but you could have unspecified high value items up to a high proportion of total contents cover.
Yes Allianz is who my home insurance is with,, luckily enough, and it wasnt expensive to get it added on.
During my searching earlier this year, it looked like most providers had sadly pulled out of the Irish markets
- Posts
- 870
- Likes
- 1,670
paddymoran
·All depends on how risk adverse you are - simple as that. Every day we take risks but some are prepared to take more than others! I know people who have not renewed their home insurance as they are working from home since COVID - as the house is no longer vacant during the day they don’t see the value in having the house insured.
Similar threads
- Posts
- 24
- Views
- 2K
- Posts
- 29
- Views
- 4K
- Posts
- 11
- Views
- 7K
