What is their criteria as to who does the periodic and documented "clasp and/or fastening inspections"?
R
I've just renewed my insurance for contents, and once again it's cost me the best part of £1500 for a year's cover as a consequence of my watches (yes, I've shopped around, and no - nobody will do it cheaper). In addition, I've previously had to install (and keep professionally maintained) an alarm and a safe. I now find, both amusingly and annoyingly, that any watches that are high enough in value to be declared have to undergo periodic and documented "clasp and/or fastening inspections".
Given the substantial liability of servicing as well, I think I'm fast reaching the conclusion that the cost of ownership of a relatively valuable watch collection outweighs the benefits - unless, of course, you've been lucky enough to foster a relationship with "your AD" such that you can regularly get your hands on halo models to help balance the books (which I certainly can't). I think the next 12 months may see me bring the numbers/value down quite dramatically.
What is their criteria as to who does the periodic and documented "clasp and/or fastening inspections"?
R
Ignorance breeds Fear. Fear breeds Hatred. Hatred breeds Ignorance. Break the chain.
On a serious note. I’m in the same boat. Had the renewal from NFU last week and it’s £1450. I called to ask how much it’d reduce by if I took off my Daytona and Seadweller and amazingly it dropped by over £400.
It’s a shame that the bad people (thieves and burglars) among our communities add such cost and take away the enjoyment for the good people.
Mine's about £2,400 and I'm not even covered for everything.
My advice to young folk these days is to only insure what you have to/genuinely can't afford to lose. That's usually just house (buildings) and car. It's a business and over a lifetime, you'll come out in front - probably.
You could rent a deposit box from Metro and for around £25 a month and keep the collection bar what you wear at the current time there.
That would keep costs down a lot
Wearing a single high value watch is easy, relatively cheap and simple. The moment you start collecting watches you have to start wearing them in rotation, have rules to follow on storage and everything becomes more complicated.
So it's a case of buying just one watch and living with it or collecting several of the things with all the issues and costs that come with it.
The choice is down to us.
This is why I've tried to keep any watch below £15k as my policy covers up to that amount for an individual watch. My most expensive one was quite a bit north of that RRP but I bought it new for that and have the receipt.
However, on last renewal I did find the overall limits and cost is getting a bit too much and that is a factor in looking to (yet again) reduce my watches, as well as a desire to top up my pension and stop working.
I've started the process and anticipate getting to nothing that requires more than standard cover and most likely I'll be at a point that I won't be bothered if they're insured or not.
Potentially very liberating - until I start buying again...
I always found NFU bespoke to be fairly relaxed, maybe I’m in for a shock this year
I did that a while ago. When you add all the various insurance items up, on top of watches; dogs, paintings, bikes, guns etc. It’s a fortune and I got tired of it. Easiest way to reduce it is to moderate the watches.
I had a quote from Hiscox a few years ago. Didn’t know whether to laugh of cry!
Wow. I was annoyed when for the same policy Halifax increased if from £400 current year to £600 next year.
Will be calling on Monday to ask what they are thinking. That is with 2 sports Rolex and an 8k engagement ring. Put the Rolex replacements at 10k each as would need to be grey.
Time to shop around i think.
What's brought this about now, Tony? It sounds like your costs have been high for some time (i.e. this year not higher than last).
I've saved a lot by self insuring and only servicing every 5-10 years, but then low risk where I live.
Safety deposit sounds like one solution, especially if you're in London. Although not ideal.
Last edited by jukeboxs; 25th June 2022 at 17:39.
Unfortunately I was told this was not true for NFU. I was told it was possible but I would need to put a written request in to notify of the change each time and wait for them to reply confirming because I could swap out in metro.
They want the worst case scenario insured. Everything in one go and your safe (or safes) need to be rated for the value of the entire collection.
Blimey, that makes mine look cheap!
Yeah, but SDBs aren't without there [roblems. I also felt very dissociated from my watches last time I used one and ended up selling a load that I regretted later.
Well, yes - that's pretty much what I was saying.
Ot helps that I'm preoccupied with other things these days - easier to get out of the buying habit.
Hiscox pricing is ridiculous. They quoted about £1800 last year, and a similar figure the year before.
Percentage-wise that's nuts! Did they give you any kind of justification for the hike?
What annoyed me this year is that it went up yet again, like it has done every bloody year even though I've not claimed on contents insurance since 2006... it just felt like enough is enough! I could have been putting that money aside every year
I’m with you on the cost of ownership, the worry of damage etc, insurance hassles with clasp inspections etc, it’s not fun. Some watches have become assets and have to be protected.
It does make you think about letting them go sometimes…
Sounds like a right hassle. "clasp and/or fastening inspections" suggests people must be putting in claims for watches dropping off their wrist? Odd, can't say I've ever seen or heard of a clasp/fastening failure, no doubt there will be examples but presumably they must be rare? Ultimately the insurance company can charge what they think is right, but when they start asking you to play silly games with clasp inspections it feels almost like they don't want your business anymore!
Safety deposit box
Take out a couple to wear for a couple of weeks, back in box and take out 2 others.
I have a small hidden safe, but as I only have 2 watches. I just keep them in the dresser and not declared for insurance
Not even sure what my insurance covers. House for sure, acts of god (depends on god) and who knows what else
DON
Well, I've just done the maths using a Metro Bank SDP and it equates to:
Standard contents insurance with Hiscox, which allows for unlimited cover but anything over £15k (say, a couple of watches) declared: £645
Medium sized safe deposit box with Metro Bank (who appear to have availability 5 minutes walk from home): £360
That means a £400 p.a. saving - not insignificant - in return for a fair bit of hassle when it comes to storing/retrieving/wearing my watches.
Food for thought, but I'm not 100% convinced the answer isn't instead to just keep both individual and aggregated watch values below levels which incur penalty premiums. Anyway, I'll think about it for a few days and then make a decision on the combined approach described above!
Lots of nice big rocks on Dartmoor so the choice is yours!
I think when owning a collection of anything of value lots of equations need to be thought about and made -
Area where you live
How much you paid for the items v's their worth
How many people know about your collection
Whats the chances any thieves will get away with your collection.....
The list goes on and will be very individual, you could say that if only close family know of your collection, you live in a very low risk area, are aware of where and when you wear your watches and have a approved fire safe then you can be more relaxed about a collection, I imagine many households have huge collections of valuable items that are not insured due to insurance prices but only the owners know and keep it very quiet.
Yes, there is always that risk but life is not without risks, sometimes you just have to weigh up the facts and get on with life. That said, that is what insurance provides, the feeling of security should the worst happen.
It probably isn’t as simple as that. The watches in Metro will likely be uninsured while worn.
I had this explained to me by NFU while trying to keep costs down as I only have one Rolex out of the bank at one time. They still required two key things:
1. The entire value of the watches insured regardless of what’s in Metro
2. A safe (or safes) at home with a value rating meeting the total combined value of all watches, jewellery and high value belongings.
They said the only way around this would be to only insure what’s outside of a safe deposit box would be to contact that each time before and after to amend the policy. Stick only the most expensive watch on the police so the values are fine and make sure I have written confirmation of insurance when rotating watches. This also likely meant only swapping watches during office hours which isn’t ideal.
I have the lot insured correctly and still in the bank anyway as that’s my preference but didn’t save me a penny, costs me the same insurance plus the bank on top.
Isn't it a no brainer, IF/ when you've gotta start thinking about the cost of ownership, then you're likely in the wrong game...Additionally IF a 400 quid p.a. saving looks 'not insignificant' to you, then 'luxury' man jewellery probably shouldn't be your thing in a big way...Maybe I'm being too pragmatic, unemotional, about it though.
Last edited by Passenger; 26th June 2022 at 11:32.
You are just being sensible. Too many people buy expensive widgets and then go into panic mode over the cost of maintenance and insurance. I know a guy who paid £95k for a shotgun and is now scared to use it as he saw another one get its stock scratched on barbed wire during a rough shoot.
If you have to worry about the cost of looking after things the best thing is to do your nerves a favour and sell the thing.
Costs change though
Costs which were once reasonable and able to be justified can become more significant when things like insurance premiums mushroom.
Nothing wrong with taking stock at that point.
A bit like people with gas guzzlers .There may be a tipping point where they feel the car is no longer justifiable.
Nothing wrong with inviting musings on the subject I feel.
Indeed, they do it with cars so why not watches. Different levels of insurance for difference cost/risk preferences. This would seemingly make a lot of sense and would allow insurers to cost out the risks (e.g. "oh, I just lost it" and "Oh, it just fell of my wrist") they really don't want to carry.
Gah!
My "gah" is not so much at spending £95k on a shotgun as I could well imagine myself spending that much on a something like a shotgun (if I could) but, if I did, it wouldn't be to use. That would be something to be mounted on the wall and to be admired (and occasionally caressed while muttering "my beautifully crafted precious").
Similar boat here a couple of years ago Tony with spiralling insurance and requirements they requested.
For the last two years I have had a safe deposit box which costs approximately £300 per year with added insurance cover.
Content insurance at hove covers the two we wear out of the home.
Paul.
That’s interesting. However, as long as the items that needed to be declared were declared I don’t see how it would ever become in issue unless and until you had that conversation. (I’m not arguing whether that would present a moral dilemma or not, just stating that it would surely be the case.)
I’ve sold 9 vintage Rolex and Omega watches over the last 18 months or so. Given what your renewal is, my saving could almost add up to a decent mid-range Omega diver.
I think I’m feeling some sellers regret…
Another thought, what about looking into the cost saving of taking a high voluntary excess, say £1,000, or more, across the entire policy? Use the policy as a "major losses only" one. Are you likely to make claims under £1k or can you afford to pay these out of your resources? This would remove the attritional loss risk from the insurer, which would make the risk more attractive and should reduce the premium significantly.
Maybe worth investigating...my entire buildings and contents cover with M&S is about £380 with £1k excess (although my watch collection will be significantly less value than yours OP).
A
I've never insured my watches - admittedly they only nudged into a total of five figures at most but they were paid for and if I lost them it would be a shame (although that would provide an excuse to buy something new...) but it wouldn't really impact on life overall
Sent from my moto g31(w) using Tapatalk
I’m with NFU mutual, most watches are covered within the valuables limit, but the most expensive watches (Rolex & Omega) are named specifically.
I asked about a safe, although it wouldn’t reduce my £105 per month premium). I do have to have a professionally maintained alarm, but we have an ADT contract.
I don’t think that I’m paying that much extra for names items, which are all watches plus some of wifey’s jewellery.
Whether they would replace at market value if stolen is another matter!
I’ll probably get a safe regardless
Dave
Sent from my iPhone using Tapatalk
I went through this late last year. NFU were by far the cheapest using bespoke. They insisted on upgrading the safe and then we agreed watches were placed in an asset pool and 2 were covered outside of the safe when wearing. They defined the requirement for an alarm but it made no difference to the premium if it was maintained or monitored. Watches above £22k had to be listed individually. Only replacement value at RRP was covered.
I shopped around loads of bespoke policies and this was the lowest by £750 per annum.
I also learned that changing your insurer annually adversely affected premiums quoted but I’m unsure why or how true that was.
My previous experience over the past few years is that the premium increase c.20% year on year which is making the whole watch collecting hobby pretty unviable to me.
At some point I will divest and reduce the watches down. The hobby is pretty spoiled for me now, you cannot buy a watch you want, the cost of insurance is horrendous, the time invested in seeking insurance is too demanding and the risk of mugging is increasing.
Sent from my iPad using TZ-UK mobile app
I think the demographics of high end watches is beginning to change. The number of people with say a dozen Rolex will reduce due to the hassle of insurance and servicing and those who do own these watches will limit them them to two or three and will leave it at that.
To be honest, three watches is really enough for anyone.
I'm almost with you on this, Mick. I'm seriously thinking of reducing to 5 watches pretty much straight away, and including in those moved on my two higher value watches that need to be declared. I reckon that'll save me a shedload of hassle in addition to about £800-900 per annum in insurance costs. I have a week or two to make a decision before my new as-is premium kicks in.
You need a crystal ball to answer that. I think that Rolex are likely to slowly climb in price as the years roll by. There will be stalls and dips but in the long term they are a good bet.
It is usually best to do these things slowly so if you do want to dispose just take your time.
One of the reasons I sold the 5711. I wasn’t prepared to pay the annual additional premium for it, and I would have been upset if I had lost it - so…
For most individual watches I don’t mind if they are insured or not, but as a whole or for watches over a certain value then I feel a little differently.
M&S used to be the best option for me, but they stopped covering my post code area.
Im sure I’ll have another sell off to come down to an overall limit, and most under a non-specified item limit of £15k.
It's just a matter of time...
^ The 5711 would have helped with the farm / mortgage payments! What about the 5167 Scott, that must also be outwith normal insurance limits?