Insurance renewal time

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golfjunky
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Insurance renewal time

Post by golfjunky »

Hi folks,

So its that time of year again and my home insurance is up for renewal, im shopping around and when specifying individual watches they ask 'How much would it cost to replace as new?' now with my Moonphase, Smp Chrono and Aerospace evo all are more than i paid and with the first two you cannot replace that exact model. do i have to have them appraised and then submit to the insurance company?
Current collection = Omega Seamaster 2225.80.00, Omega Speedmaster 'Moonphase' 3576.50.00, Breitling Aerospace Evo, Vintage Azur, Vintage Seiko Sprtsman, Grand Seiko SBGX059, Omega SMP NTTD 210.92.42.20.01.001, Casioak Milkyway, Casioak Tiffany Sky.
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Thegreyman
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Re: Insurance renewal time

Post by Thegreyman »

Ideally best to have an insurance valuation if you can. I found this site and got my Sub valued by them. I'm not sure if you only get one free valuation but worth looking at.

https://www.luxewatches.co.uk/watch-valuations/
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Danbailey007
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Re: Insurance renewal time

Post by Danbailey007 »

I have just recently renewed my insurance to cover my Omega's (the only watches I have of a decent value). I use a specialised jewelry insurer and they updated the replacement value to match being able to buy them new as they are both more now than what I paid.

I think for models that are no longer available you'll need an appraisal, maybe they consider the second hand market?
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golfjunky
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Re: Insurance renewal time

Post by golfjunky »

Thanks, these people are in my hometown.
Current collection = Omega Seamaster 2225.80.00, Omega Speedmaster 'Moonphase' 3576.50.00, Breitling Aerospace Evo, Vintage Azur, Vintage Seiko Sprtsman, Grand Seiko SBGX059, Omega SMP NTTD 210.92.42.20.01.001, Casioak Milkyway, Casioak Tiffany Sky.
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nbg
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Re: Insurance renewal time

Post by nbg »

Different insurance companies will have different requirements. It is rather difficult to generalise.

Greg you have mentioned specifying particular watches. From what value per watch are they asking a watch to be specified, rather than just included in an overall watches and jewellery section of the policy?

I would have thought it should be possible to find a policy where the insurance company only requires individual watches to be specified if they have a current value per watch of over £10,000.

A policy that requires individual values, with watches named in the policy, at levels of say £3k-£5k would be a pain in the proverbial for folk that buy/sell on a regular basis, during a policy year.

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iain
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Re: Insurance renewal time

Post by iain »

I cover my watches through my home insurance but at the last renewal the price was quite high so I was ‘encouraged’ by Mrs Iain to look around.

I approached an independent watch and jewellery insurer who stated that for older watches they would except links to sales on reputable sites such as watchfinder as evidence of value. I believe their intention in the event of a claim was not to pay out money, but purchase you a like for like replacement.

I didn’t use them in the end as the cost was a lot more than my home insurance policy anyway.
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ajax87
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Re: Insurance renewal time

Post by ajax87 »

As some have said, it's good to really understand what your policy covers and how it settles losses. Then you can determine the best way to state how much you want to insure the watches for. You don't want to under insure, but overinsuring is a waste of money as well. For example if you assume they will replace your watch with a new model, and set the insurance limit for the cost of a new model, but then they'll only pay used prices for your model in the event of a loss, that's money wasted in premiums. Some policies will pre-set the amount of loss payout at an official appraised price, and some will only determine the loss payout in the event of a loss/at the time of loss.

So I would suggest first nailing down the exact details of what your policy covers regarding the loss settlement, then go from there. Coming from a homeowner's insurance claims adjuster.
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rkovars
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Re: Insurance renewal time

Post by rkovars »

I have my expensive watches insured through Hodinkee (which uses Chubb). You only need to get appraisals on watches over $100K. They insure for up to 150% of the insured value so you don't need to constantly change the coverage if prices fluctuate. They are covered for loss, breakage and theft world wide. There is no deductible. I've got roughly $20K insured and it costs just over $200 per year.

A few guys I know that are way beyond my league with watches also use Chubb and are very happy with it (I'm talking $50K plus per piece). I only used Hodinkee because it was super easy to get set up and get the watches in there. You can go directly to Chubb.

I am not sure Chubb operates in the UK but it might be worth a look.
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