Watch insurance... Any tips?

[W44NNE]

I'm nearing the limits of my home insurance cover which has been perfectly sufficient until now. However, I've just had a quote for one watch via TH March for... over £600/year!! For ONE watch!!!

So are there any other decent companies out there who you'd recommend for insuring just one or two jewellery items?

[clemenry]

I also use TH March and my I pay no where near the price you have been quoted so am surprised at that ! I guess it all depands on the level of cover but I cant imagine that the premium would vary that much ??

A lot of people here recommend hiscox but from memory when I looked they did not offer single insurance for items of jewellery they only offer it as part of contents insurance so other than changing your contents insurance ...

Not much help I know but hopefully someone more knowledgeable will be along soon to help

R

[Dave O'Sullivan]

Wayne
Give M&S a try. I was with them until recently and they covered up to £60K in valuables with a £15K limit on a single item.

[Auto]

Have a look on one of the compare sites, may come up with something?

[Cinch]

I need to change my home insurance policy, I think I'll be going with Fresh! insurance group, it was difficult to find somewhere with no limit of single items.

[W44NNE]

I need to change my home insurance policy, I think I'll be going with Fresh! insurance group, it was difficult to find somewhere with no limit of single items.

This sounds interesting. So there's no limit at all? Are they known to be a decent company?

Thanks for the other replies but I'm already with one of the mentioned companies.

[CVByrne]

Whats always interesting in threads of this topic is that it's always about home insurance. Not watch specific. Not everybody has home insurance after all. Which is why I've never insured any of my watches because it seems that's the only feasible way to do it.

[Tomw2000]

Hiscox.

I use for building/contents and motor insurance.

Pay through the nose. But I think sometimes one does get what on pays for. I've made a couple (one sizeable) of claims on the motor insurance and it does what it says on the tin...it pays out.

Chubb is also supposed to be good.

[learningtofly]

I'm nearing the limits of my home insurance cover which has been perfectly sufficient until now. However, I've just had a quote for one watch via TH March for... over £600/year!! For ONE watch!!!

So are there any other decent companies out there who you'd recommend for insuring just one or two jewellery items?

You need to shop around, Wayne. You should quite easily be able to get £100k+ of contents cover with about £40k of valuables cover on top (and about a £20k single item limit) for that kind of premium. And thats daan saaf.

[mart broad]

Using M&S single item up to 15K ,valuables up to 50K total and I get 20K whilst out of the house inc holidays. You need to be alarmed and of course have valuations etc but no need for stupidly expensive safes.

[JC180]

I'm not sure what limits you're talking about Wayne but I've been with AXA for a number of years.

The contents limit is £85,000 with £25,000 cover away from home too. Single item limit is £10k if I recall correctly and with buildings on top costs me about £600 per annum.

Its not sufficient by any means but it's almost impossible for an insurer to involve the clause of average when it comes to contents and I don't keep all my watches at home so will tide me over for the time being.

What at in really keen on is the £25k away from home AND the fact that they don't insist on an approved alarm, a safe or valuations.

[Barton Red]

We had to move from M&S a couple of years ago when we had a couple of extra bedrooms added via a loft conversion (roof raised) - this put us above their 5 bed limit so moved to LV.

Had to name all the watches with serial numbers and buy/install an insurance approved safe, the alarm now has to be on and 'maintained' annually (guy comes round presses some buttons and gives me a certificate)

We now pay about £200 more for the insurance but the house is bigger - therfore has more stuff in it and the watch collection has also increased as its a biggish safe and it would be a shame to leave it half full:)

[jonny]

Check out John Lewis home insurance.Thats who we are with , thankfully never claimed so cant say how good it is. But generally John lewis is renowned as an exemplary service.

[Cinch]

This sounds interesting. So there's no limit at all? Are they known to be a decent company?

Thanks for the other replies but I'm already with one of the mentioned companies.

To be honest I don't know the company at all. They came up from a comparison site when I was looking a month or so ago and I was also recommended them from someone on TRF, others mentioned were Direct Line, TH March.

[daveyw]

There was thread on standalone insurance a while ago and the name AsettSure came up. I rang them for a quote and they were quite reasonable. Claims are settled by them though on a like-for-like basis and if they can't get it they would give you Jewellery vouchers. That may not suit if you have a vintage or SE model.
try their website - http://www.assetsure.com/jewellery/watch-insurance/
for more info

[Malcolm68]

Hiscox.

I use for building/contents and motor insurance.

Pay through the nose. But I think sometimes one does get what on pays for. I've made a couple (one sizeable) of claims on the motor insurance and it does what it says on the tin...it pays out.

Chubb is also supposed to be good.

Would certainly recommend Chubb, but it's not standalone watch insurance, just h/hold.

Malc

[CVByrne]

There was thread on standalone insurance a while ago and the name AsettSure came up. I rang them for a quote and they were quite reasonable. Claims are settled by them though on a like-for-like basis and if they can't get it they would give you Jewellery vouchers. That may not suit if you have a vintage or SE model.
try their website - http://www.assetsure.com/jewellery/watch-insurance/
for more info

Just out of interest how much it cost per year? As in as a % of watch value?

[bokbok]

There was thread on standalone insurance a while ago and the name AsettSure came up. I rang them for a quote and they were quite reasonable. Claims are settled by them though on a like-for-like basis and if they can't get it they would give you Jewellery vouchers. That may not suit if you have a vintage or SE model.
try their website - http://www.assetsure.com/jewellery/watch-insurance/
for more info

I tried these for a quote was about £600 for a sub and gmt I nearly fell off the chair. If added the Daydate is was £1000 a year lol

[CVByrne]

I tried these for a quote was about £600 for a sub and gmt I nearly fell off the car. If added the Daydate is was £1000 a year lol

I essentially feel insurance is over priced and as such outside of contents insurance there is no merit in it. I wouldn't pay £1k insurance a year even for a £30k Patek

[watkins101]

I think the problem is the changing of watches for me. When my renewal came up I only had 2 of the 5 named watches and they charge 30 quid for amendments and alterations.

[hammertime]

M&S Home Insurance is superb in my experience. I've been with them for a few years now and have unlimited cover on B&C and don't have to specify any item except bikes worth over 2K either inside or outside the house. I used to have to insure my watches separately along with some of the wife's jewellery which was costing more than the Home Insurance but now everything is under one policy and even my bikes are covered ( TT & Road )

The policy has been in place a few years now and I think they have changed some parts to it and put some limits in place for new customers as mentioned in earlier posts but it still looks good to me. Had two claims for AD in a short space of time 6-7 years ago and it was the easiest process I've ever had and paid out within a few days. Big thumbs up from me.

[watchthisspace]

I agree with Hammertime -I've just taken out M&S insurance. Enough to cover watches and jewellery in my possession. I've not had to specify anything!

M&S Home Insurance is superb in my experience. I've been with them for a few years now and have unlimited cover on B&C and don't have to specify any item except bikes worth over 2K either inside or outside the house. I used to have to insure my watches separately along with some of the wife's jewellery which was costing more than the Home Insurance but now everything is under one policy and even my bikes are covered ( TT & Road )

The policy has been in place a few years now and I think they have changed some parts to it and put some limits in place for new customers as mentioned in earlier posts but it still looks good to me. Had two claims for AD in a short space of time 6-7 years ago and it was the easiest process I've ever had and paid out within a few days. Big thumbs up from me.

[newsboy]

I agree with Hammertime -I've just taken out M&S insurance. Enough to cover watches and jewellery in my possession. I've not had to specify anything!

I swapped from Hiscox to M S premier as it seems much better cover pound for pound

[MB2]

I used Amex for my home insurance and had no trouble adding a few high value watches to it. I guess if you have a large collection could get tricky as I didn't have to describe them at all - just JLC & value etc.

[chris56]

In general, most people are better off insuring their watches on their home contents as the additional premium will be significantly smaller than taking out a dedicated watch policy. A lot of home policies allow a valuables section up to a certain percentage of the total contents policy and the rates for insurance per £1000 cover are cost effective. Different insurers have different single item limits be that £5k,£10K £15K etc. Once your valuables section gets disproportionate compared to the contents amount then it can become difficult to find an insurer. Insurers will also want above certain limits (again variable for each company) to insist on approved maintained alarms, switched on alarms, occupancy periods, approved safes with insurance ratings etc.
Statistically, I would say that most people are under insured and I think a lot of this is as a result of the insurance companies offering policy pricing based on the number of bedrooms you have, which I think produces figures that are typically too low. Given that insurers can always invoke the underinsured clause, in essence customers are taking the risks with this approach.
Hiscox and Chubb are well known and have good reputations in this field of insurance but you will pay for this level of service. There are other insurers including specialist divisions of the general insurers which are offering more tailored policies in this area too.
You only get to find out how good an insurer is come payout/claim time and then the saving in cheaper premiums becomes clear. I would check out any insurance company you plan to use by checking on review websites - for example on Reviewcentre - Fresh Insurance does not appear to get great marks.

[Cinch]

Good post Chris, I'll definitely check out reviewcentre before I renew my insurance.

[paneristi372]

I just switched to M&S seems too good to be true TBH :-0

[daveyw]

Hi guys,

Just a quick point, you don't have to specify anything if you don't want to. Specific items are covered slightly differently from unspecified items. M&S and other insurers do not need you to specify anything, that'as up to you if you want the additional security and certainty of getting a claim settled 'specifically'. I.e. you know exactly what you're gonna get. Specified cover costs extra and that is why great deals can be had on policies that do not give this cover.

Also check to see that the cover extends to 'All-Risks' which essentially means outside of the house and covers lost, stolen, mugged etc.


IMHO if you have a largish collection but of mainly low value individual pieces, non-specified is fine. If you have any single item over £2.5k you may want to specify but if you have a few, then you really should be talking to a dedicated medium to high net worth policy that are flexible enough with their cover limits.

[watchlovr]

I use John Lewis (sterling), moved from Hiscox.
They seem fine atm.

[Lauting]

If anyone is thinking of going with M&S then go through Quidco as there is £45 cashback at the moment.

[stefaulkner]

I'm bringing this thread back from the depths because I've found it very informative.

My my current home insurance is up for renewal and my current providers list of stipulations makes me think that if ever I was burgled good and proper, they would easily find a breach of contract as a get-out-of-paying excuse. Things like no keys left in any locks regardless of whether the window or door is locked. The keys to my safe must not be kept/left on the premises. My house alarm must be under a maintenance schedule. The safe must meet certain standards and criteria. I have to list and prove value of anything of specific value, which is a real PITA considering how often watches seem to come and go. In fact, looking at my renewal notice, it seems my most expensive watch would even be insured if I was burgled.

So that's what brought me to this thread. I've just been on the M&S website and found a great policy which might cost me a little more, but I'll be getting so much more. I don't have to worry that my 4 year old son has left a key in the back door after letting the cat in. If the keys to my safe are always hidden in the house, whether the watches are in it or not, it doesn't matter. My valuables are now also covered if I actually wear them outside the house!!!

20% off if taken out online plus interest free instalment option if I want. I didn't even know M&S offered insurance services. I'm glad they do, and I'm glad there is a TZ thread about it .

Steve.

[Neal666]

Just added my new watch to my home cover, in/out cover,damage,stolen etc like for like cover on 4k watch has cost me £2 a month with legal and general. Wife's is all overed under their £2.5k single item limit.
I had to give model and serial of watch.

[walkerwek1958]

Mine are covered on the home insurance, but I have no cover for out of the house, it would be far too expensive.

Losing a watch outside is v. unlikely to happen if you're careful.

If I had only one very expensive watch, I might go the whole hog on insurance, but that's not the case. My most expensive is around £2.5K.

I think you have to strike a balance with insurance, whether it's watches or other stuff. Sometimes it makes sense to save money and accept some risk yourself.

Paul

[golf]

http://bank.marksandspencer.com/insu...ance/overview/


Found these work best for me. Iirc no need to name items under 10k , so if you chop and change you won't need to ring them every time. Been with them for 3 years now and they haven't put the price yet.

[Beaunidle]

Wow - wakeup call!

Just realised that bicycles, watches and tools take me waaaaaay over the limits of my home insurance. Need to sort out the policy.

Good news is that the Boss works in the field and should be able to sort something sensible out for us.

Bad news is that I'll have to fess up to how much some things cost.... :-(

[verv]

I'm glad this thread was revived.
Legal and general have just told me that if I change the watch on my policy again they're not going to insure it.
Nice. Since that's what I paid them for last time I checked.

[ism123]

I recently went with Aviva inc listed watches. Got a good discount on account of having other policies with them.

[Dave O'Sullivan]

I've for a motor trade insurance policy. I'm able to log on and add or remove vehicles as I wish. I suppose if the combined amount goes over the insurer's limit, they'll give me a tug.
Why can't a watch collection be on the same basis? :(

[daveyw]

I've for a motor trade insurance policy. I'm able to log on and add or remove vehicles as I wish. I suppose if the combined amount goes over the insurer's limit, they'll give me a tug.

Wow. That's excellent customer service

[mycroft]

I'm glad this thread was revived.
Legal and general have just told me that if I change the watch on my policy again they're not going to insure it.
Nice. Since that's what I paid them for last time I checked.

Charming. I presume you're going to tell them where they can stick their policy?!

Simon

[mycroft]

http://bank.marksandspencer.com/insu...ance/overview/


Found these work best for me. Iirc no need to name items under 10k , so if you chop and change you won't need to ring them every time. Been with them for 3 years now and they haven't put the price yet.

I've just obtained an online quote from M&S for Contents this morning and I'm highly impressed...

* Contents cover up to £100,000
* Total valuables covered up to a value of £25,000
* Single valuable article limit £10,000
* Full Accidental Damage for Contents
* No need to identify anything

All for the princely sum of £334.40 p.a. on a house that's probably worth £750k!

Simon

[Mr Stoat]

Just bear in mind you need to check the definition of "valuables" when you take out a policy, and be careful not to undervalue them.

Being a watch forum we're all interested in the cover for our watches, but valuables will also include any form of jewellery from cufflinks to tiaras (yours, the wife's, the kids .... and look at gold and gem stone prices now at retail cost, staggering how they've risen in the last few years!), it can also include works of art, collections such as stamps, coins, antique books etc etc etc. It's surprisingly easy to exceed base insurance cover levels of £25k.

Whilst insurance deals look great on paper when you start totting things up the number of people underinsured for both general and valuables is staggering - and these days given the amount of technology in the home such as laptops, tablets, phones, TV and media it is extremely easy to breach the main contents cover.

[ballin]

I find the best insurance is to keep it on my wrist and the rest in an unmovable safe!
My worry of course then is damage but living in Spain I wouldn't expect any insurance to actually cover me if push came to shove.

[Enoch]

In the last 2 years my cover with HISCOX has gone up by almost £200 quid despite no claims and no change in risk....

I've just told them I won't be renewing, as M&S a were £250 cheaper, £300 less excess, and more cover overall....

[Enoch]

Make that almost £300 cheaper....as I've just had notification from quidco of £40 cash back....:-)