Do any of you guys have any suggestions for watch insurance in the UK?

Do you have individual policies for your watches and which companies if any, are aimed at insuring vintage watches?

Thanks
Nick

 

Thanks D

 

All expensive time pieces and Jewelry should be covered under a separate policy call Personal Property coverage. This will ensure that you will get reimbursed for the full " Replacement" cost of the item in case of lost, stolen or even misplaced. Keep in mind this is different from Homeowner insurance, this coverage will only pay partial reimbursement for your watches. Every Insurance Company is different so please check with them for your specific needs. My current company is USAA and they have been great, they paid my wife's ring when she lost it doing white water rafting.

 

USAA is the best however not everyone can join.

 

CHUBB - You get more than you pay for and you pay!

 

Thanks all

 

I'm certain in our shrinking world that rates in the UK are identical (plus 20%) of the U.S..

Rule of the thumb is 150 basis points (1.5%) of insured value (per year).

Your mileage may vary but not by much...

 

I have a personal articles policy with State Farm that covers my Omega and my wedding ring. No deductible, $128 for the year.

 

I have an appointment with my Farmers insurance agent today; reviewing my homeowners policy for watches and jewelry, and I will be doing a personal articles policy for some of my watches (in particular my new Grey Side). Homeowners policies usually are very limited in how much they will cover per item, as well as how much total they will reimburse. Homeowners policies usually only apply to fire, theft, etc... not negligence like dropping a ceramic watch on the tile floor

I think the most important thing is just know what your policy says so there are no surprises if disaster strikes.

EDIT: Bottom line, my farmers insurance is not really competitive here: 0 deductible would be around 2.15% annual premium. Jewelers Mutual is around 1.5%.

 

Hey guys,

In terms of value, how do you get a watch valuated? I've bought a few online and they don't come with receipts or anything.. do insurance companies care? Is there an official way to put a price on a used watch?

Thx,

J

 

In the UK, the insurance companies don't pay any attention to a receipt for a used item. They insist on valuations and you have to pay for those valuations. My insurance company want a valuation every three years for watches between £3,000 and £5,000 and annually for those worth over £5,000. Bearing in mind that, typically it costs between £60 and £100 each for the £3 - 5,000 watches and £120 to £150 for the £5,000+ watches, this can get quite expensive. Also bear in mind the annual monitoring cost for an intruder alarm and the cost of an approved safe. Then, of course, there is the cost of the insurance.

 

Thanks guys.

For a vintage piece, how does replacement work? Would a jewler know how to value a 40 year old watch? And what would it be replaced with if lost or stolen?

 

In my experience, most jewelers don't really know much about watches in general. It's funny to have to get an appraisal for insurance purposes from someone who knows vastly less about watches in general, or a particular piece, than you do. I suppose people probably know almost nothing about the watches they buy, and the various services seem to be marketed to those people. But it's weird when you're an expert in watches, but not a "jeweler" or "appraiser" as such.

 

I wonder if an insurance company would take a print of a forum thread instead of a jewler valuation.

But seriously, say I get a $1000 valuation on a vintage watch that is then stolen. Does the insurance company cut a cheque for $1000 and then it's up to me to go find a new one?

/dumb/noob