Should you have watch insurance? When you’ve just splurged on an Oyster Perpetual, that’s probably the last thing on your mind. Yet, the truth is, it may be cheaper than you think.
With watch theft becoming increasingly common, insuring your watch is a no-brainer. What’s more, misplacing or damaging a timepiece is easily done. And insurance can be the safety net you need for these situations.
So, how do you go about obtaining jewellery and wrist watch insurance? There are two different options. You can either purchase specialist watch theft insurance or add your timepiece to your house insurance.
Whilst the decision to insure your watch is an entirely personal one, we are here to give you some nuggets of wisdom that may simplify the decision-making process.
Let’s get started.
What Does Watch Insurance Cover?
As outlined above, luxury wrist watch insurance acts as a precaution in case your timepiece is damaged, lost or stolen.
In 2015-16, a third of burglaries involved watch and jewellery theft. As society is becoming cashless, many criminals are turning to stealing watches as they are easy possessions to acquire. Evidently, it’s never been more important to insure your high-end watch.
When purchasing insurance, it’s vital that you check the details of the policy. These can differ depending on which company you decide to go with.
For example, some insurance companies do not cover you if your timepiece was misplaced outside the home.
Independent Watch Insurance
As previously mentioned, you have two options. The first of these is to independently insure your watch.
As low-value jewellery (below £1000) is often covered by home insurance, it is usually not worth it to insure these items separately.
To be certain of this, you can consult the single article limit on your house insurance policy.
On the other hand, independently insuring luxury watches can be a great idea. You will receive a quote from an expert in the field as opposed to a general insurance expert.
What’s more, if you do have to claim on your insurance, it will not affect the no-claims on your house insurance.
Having said that, this type of insurance is generally more expensive. To see the range of prices on offer, you can search ‘insure my watch UK’ online.
There are plenty of reputable insurance companies ready to provide quotes for a wide variety of insurance needs. Including jewellery, phone and wrist watch insurance. Amongst these are Stanhope Insurance and Highworth Insurance.
Home Insurance Add-On
If your house insurance will allow you to introduce your timepiece as an add-on under ‘personal possession insurance’, it can be extremely beneficial.
Fortunately, this is easier than enlisting an independent company as all your insurance will be in one place.
What’s more, there is no need to spend extra time researching insurance. Overall, it’s a less stressful process.
As for the disadvantages, an obvious one is that you need to possess house insurance for this to be an option.
Additionally, you may receive less money in the event that your watch is stolen or damaged. This is because some house insurance companies will only offer the value of the watch at the time of the incident as opposed to the time of purchase.
How Much Is Watch Insurance?
It’s the question on everyone’s lips: how expensive is watch insurance?
Unfortunately, it’s not an easy question to answer. It’s dependent on many factors. Including the brand of watch, the company, and the method of insurance you choose to pursue.
For wrist watch insurance that’s integrated into house insurance, it’s far too individual for us to state a price.
However, it is almost always cheaper than acquiring separate insurance.
For a personalised quote, we recommend Compare The Market. Which we would argue is the best insurance for rolex watches and other prestigious brands.
Thankfully, independent watch insurance is much more predictable. Generally, insurance costs 1-2% of the overall cost of the watch, which you pay annually.
For example, Rolex wrist watch insurance for the Rolex Cosmograph Daytona in yellow gold, valued at £22,850, would cost £228.50-£457 per year to insure.
Apple watch insurance for the more affordable Apple Watch Series 6 is just £3.99-£7.98 per year. However, as previously mentioned, watches below £1000 can often be added to house insurance. Therefore it would be unwise to insure this wrist watch independently.
As always, there are ways to avoid breaking the bank to buy watch insurance.
Firstly, research is absolutely essential when pursuing independent insurance. Prices can vary massively between companies. So plenty of research can save you from spending more than necessary.
Secondly, paying annually can be more affordable than monthly increments. Though it’s a larger cost to begin with, you will breathe a sigh of relief each month when your bank statement is free of debt.
Finally, avoid overinsuring your timepiece.
Mistakenly valuing your watch as more than it is actually worth can be detrimental.
Instead, pay attention to the specification of your timepiece and be as accurate as possible when conveying this information to the insurance company.
Our Final Thoughts
To summarise, wrist watch insurance is extremely beneficial for luxury watches, including the stunning selection on our Uniform Wares website.
When it comes to the type of insurance, there are advantages and disadvantages of independent watch insurance and add-on watch insurance.
Ultimately, it’s down to personal choice, so we will leave the decision in your hands.
Whilst you’re here though, don’t forget to browse our website for some stunning watches and find your perfect match.