I am currently registering my watches with my insurance company. They have asked for a purchase receipt for each and photograph of each, in order to make an offer for coverage. All straight forward, right?
Just thinking about it, I have one watch for example which I purchased for £1,000 five years ago which is now worth £2,000. I have another which was gifted ten years ago which is worth £1,000.
What is the best way to approach this? Naturally, I want the correct coverage to 'put right' any losses I may face. I don't mind paying an appropriate premium, but how do I correctly insure my watch collection?
Note: I am overseas, so not a straight forward contents insurance arrangement. This will be a 'specified items all risks cover' policy. My collection of watches of any real value doesn't change very often so I am not too concerned. The ones a flip are relatively low value.
Last edited by Progressive; 15th December 2016 at 11:41.
Mine are all insured for replacement value, as it's the IR that's noted on current valuations certs.
For example, my 16600s true value is around 4250 but it's insured for the new price of a SD4000 - 7600.
Probably best to get them valued and get certs for them. It's the only real way to ensure that you're covered to the hilt.
It sounds like what you want is new for old replacement "all risks" insurance on some of your watches.
For sure an insurer is going to want proof of ownership they may even require you to get regular valuations.
I'm insured with Aviva on a new for old basis, nearest equivalent re obsolete watches.
Valuables worth more than £1500 are specified on policy. No proof of ownership was requested and they have been on household policy for the last fifteen years. I hope I never have to make a claim.
Mine are insured through SAGA contents policy, itemised over £2500, no proof of ownership required, new for old.
I need to get round to insuring my modest collection too. One thought that crossed my mind was how do I prove ownership? Nearly all are pre owned and have been bought on forums or flipped - no receipts in sight!
my policy with M&S just has a single item limit of £10,000 so no need to list any items under that value. I made a claim yesterday for accident repair cost of £1,000 for a watch. They just took my word for it and I have the money (less £100 excess) in my account this morning. Excellent service.
My SD4000 is insured using a jewelers valuation, which cost me £30. Insurance would only accept this or an original receipt.
With the recent price rise I'll have to go back and get an updated valuation and change my policy. It's such an irritating method, I may look at changing to another insurer like M&S.
I'll have to check the policy wording and see where I'm at. Might get lucky
I don't think it follows that if the insurer seeks a figure via receipt or valuation when you first insure an item, that you then have to keep getting fresh valuations. When I had a break-in a few years back, my insurer (MoreThan) paid out at replacement cost regardless of original valuation.Originally Posted by diver527
I depends which company you are with and how your insurance company words the clauses. Mine has the following "Valuables are jewellery......articles containing gold,silver other precious metals,cameras.......WATCHES, paintings and other works of art. Single item limit £15000. I've about twenty watches at different price ranges. I've never had to have them valued or show a receipt.
We had an iPad stolen a couple of years ago and they paid up without quibbling.
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