To insure or not to insure

paddymoran · Oct 19, 2021

kev1976t
Hi Paddy
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

Most definitely most don’t cater for unspecified high value items and if you want to list 30-40 watches it’s going to be deemed too high a risk for them to insure. Also, what do you do if you regularly buy, sell, trade your watches? Unspecified items is the way to go!!

Bugbait · Oct 20, 2021

I insure my watches with their own policy. Home insurance can be more restrictive and you have to ask yourself if you want your premium impacted when you have to make a claim. Also, not sure all home insurance extends to accidental damage of the watch? If they do, it can often come at an additional cost. My home insurance is there for major household issues, likely costing far more than a single watch too rectify.

Personally, I prefer to pay the bit extra for separate watch insurance that doesn't link to a "no-claim discount", doesn't have a claim cost/premium attached and includes accidental damage. Just my opinion though.

MCC · Oct 20, 2021

I use Aviva added to the home insurance, What I like about this is that you get to set the amount of total cover and the amount per watch up to a maximum of £20K. I take the view that any item worth over £20k you lose the amount between its value and the £20K so it depends what the variance is and whether you can bear that loss in the event that the watch is stolen. You also do not need to get the watches valued which is a pain with many insurance policies. I have records and pictures of mine just in case I ever needed to claim.

Which brings me on to the main caveat. Insuring with Aviva on the contents policy is reasonably cost effective, but I have never had to claim against the policy and sometimes wonder how difficult it would be to explain why some 60+ year old watch really is worth several thousand pounds.

david5807 · Oct 20, 2021

drbarot
Guys I've recently purchased my new Omega SMP 300 😁 ...Over the moon!

...Do you guys insure your watches? If so who by? I live in the UK

Which model is it?

Owlsu · Oct 22, 2021

drbarot
Guys I've recently purchased my new Omega SMP 300 😁 ...Over the moon!

...Do you guys insure your watches? If so who by? I live in the UK

In the UK I use a company called T.H. March to insure my Speedmaster Professional.

It's £140 to insure it a year and that covers accidental damage that causes the watch to stop working - not cosmetic damage, theft from my house, theft from a second risk location - I spend half the week at one location and half the week at another, theft from my person, theft from attended hand luggage, damage due to a strap failing and loss/theft worldwide for up to 30 days in a single trip. If I have to make a claim, I can choose the place that replaces it/provides a similar model.

I think the level of cover most people are getting added onto their home insurance for about £4-£8 a month or whatever they're paying is very basic and not as comprehensive as this. Also a lot of insurance companies will only give you gift vouchers to the value of the watch that have to be used at really specific places like Goldsmiths.

PandaSPUR · Oct 22, 2021

I also have my watches on a separate policy because my home policy is just for a co-op (cooperative apartment, popular in NYC) so the limits are much lower.

With State Farm's Personal Articles Policy, my annual premium is about 1.12% of the items covered. All covered for loss, damage and theft.

I didnt bother until I got my GSOTM because I was paranoid about breaking the ceramic case. Now I pretty much put any watch (and girlfriend's jewelry) thats over 3k or so on the policy.

drbarot · Oct 22, 2021

david5807
Which model is it?

Hello, its the Omega Seamaster 300M professional 210.30.42.20.01.001

Omega D · Oct 22, 2021

drbarot
Guys I've recently purchased my new Omega SMP 300 😁 ...Over the moon!

...Do you guys insure your watches? If so who by? I live in the UK

In UK. Home insurance.

SpeedieinPhilly · Oct 22, 2021

Hi, I'm not sure how things are in the UK, but I insure all of my watches here (in the US). In addition to replacement value, I also get repair coverage should normal things happen (broken crystals for example). Check with your coverage provider to see what you are getting.

To insure or not to insure

paddymoran

Bugbait

MCC

david5807

Owlsu

PandaSPUR

drbarot

Omega D

SpeedieinPhilly

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