Watch Insurance (advice needed)

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jvm32
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Watch Insurance (advice needed)

Post by jvm32 »

Hi, I own a few watches now, all under the £1k mark, but recently decided to purchase a GMT Master II (BLNR) so put my name down on the waiting list at my local AD (appox. 10 days ago).

I was told the wait would be 6-8 months, which was fine as I knew it could be a lengthy wait. Anyway, got contacted yesterday to be told that they would actually have the watch available as of next Friday, which came as a very pleasant surprise.

My question is, having never owned such an expensive time piece, what is the best way to insure it it?

I will obviously notify my home insurance and add it to that, but is there any additional cover people wold recommend (having just read the thread posted yesterday about the guy losing his watch in a hotel)?

Apologies, I really am a novice at this type of thing, and thought I had longer to sort it out, so any help would be appreciated.
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welshlad
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Re: Watch Insurance (advice needed)

Post by welshlad »

Just add it as a named item under the Personal Belongings section of your home insurance. That way it won't count towards your overall contents sum insured and it will be covered both at home and away from home. At least that's the way my policy works.

Phone your insurance company and explain - and they will recommend the best way forward.
Prediction is very difficult, especially about the future. - Niels Bohr
jvm32
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Re: Watch Insurance (advice needed)

Post by jvm32 »

welshlad wrote:Just add it as a named item under the Personal Belongings section of your home insurance. That way it won't count towards your overall contents sum insured and it will be covered both at home and away from home. At least that's the way my policy works.

Phone your insurance company and explain - and they will recommend the best way forward.
Cheers, my general thoughts would be it would be covered by home insurance away from home as well if I informed them about it, but having not spoken to them yet just thought I would see if there was any specific out there should it not be covered. I'll give them a call on Monday in that case and see what they say.
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Paul Drawmer
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Re: Watch Insurance (advice needed)

Post by Paul Drawmer »

welshlad wrote:Phone your insurance company and explain - and they will recommend the best way forward.
This^^^

Not all insurance policies are the same, so apart from the excellent advice above, ignore any advice that relates to specific policies as yours may be different.

You will need to have cover both in the home and away from home. Check to make sure that there aren't any specific endorsements or warranties specific to items of high value.

Insurance is my business - PM me if you have a specific query.
There's always time for one more.
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welshlad
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Re: Watch Insurance (advice needed)

Post by welshlad »

There are some bespoke watch insurance policies about, but that is generally a more expensive route if you already have home insurance.

On your home policy, your BLNR needs to be a specified personal belonging because of both its high value and that you want it covered away from home. Generally, your home contents are only covered in the home - as you don't really take most of them out of your home on a regular basis, e.g. your TV, furniture, kitchen equipment, etc. That's why things that are taken out of the home are normally covered separately, e.g. watches, bikes, camera gear, etc. For most possessions below a certain value, e.g. £2000, you don't need to specify them individually - you just need to ensure you have a high enough personal possessions sum insured to cover them all. But higher value items, e.g. over £2000, often need to be specified.

Clearly, all companies are different and the £2000 limit I quoted may be different for other companies, but that's the general gist.
Prediction is very difficult, especially about the future. - Niels Bohr
jvm32
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Re: Watch Insurance (advice needed)

Post by jvm32 »

Much appreciated guys, I'll get on it on Monday and see what my home insurance provider says about it.

Thanks
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Re: Watch Insurance (advice needed)

Post by Soulspawn »

One last thing I might add to the excellent advise provided above is to try to get the blnr insured at replacement value.
I recently lost my blnr and I had insured it under my home insurance with a specified value (and could Be taken out of the house), but what I didn't factor in was the declining Aud plus Rolex's price increases.

Which means that most probably (I'm still waiting for the valuation to come back atm) I will have to fork out the difference between my insured amount and the current price of a blnr to get it replaced (which is potentially 1 to 2k).

I mean... Chances of you losing it are low but it's worth checking out the difference in premium between the replacement value and the fixed purchased value.
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