How to Insure your Watch

How to Insure your Watch?

There are quite a number of expensive watches on the market, many of which cost tens of thousands of pounds. Unless you have a department store special, it pays to have good watch insurance with adequate cover in case of accidental damage, theft or loss.

Since you will most likely be wearing your watch when loss or damage occurs, a basic contents insurance policy may not cover the loss. In learning how to insure your watch, let’s look at some ways in which specific cover will be needed.

Theft Insurance Basics

One of the things which many people don’t consider is the fact that a contents insurance policy does not usually cover theft unless the item being stolen is on the premises.

Therefore, if you happen to be walking down the street when a mugger lifts your £15,000 Omega or a £97,000 Parmigiani Kalpa XL Tourbillon, your homeowner’s contents policy will be virtually useless.

If you have an exquisite watch that is highly valued, it pays to have a standalone watch policy that insures that one priceless piece of jewellery.

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Damage Cover for Your Watch

Specialised watch insurance which covers damage is of vital importance. Keep in mind that some watches are hand crafted individually and in the event of damage, repairs can be quite costly. Many watch insurance companies have onsite jewellers and clockmakers who handle most repairs being claimed but they will send your watch to a special craftsman if necessary. Make sure to find watch insurance that will send your watch to the watchmaker who crafted your watch if it is a unique and valuable watch. Not all watch repairmen are Swiss clockmakers so this is of extreme importance.

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Home, Contents and Possessions Policies

Again, unless you are talking about a watch that is worth a pretty sum, you may be able to get a multi-tiered home or contents policy that would cover your watch while you are out in the world.

These policies however do have limits which may not be your best option if you have an expensive watch.

Consider what the policy limits are and whether the limits are for the entire loss or if each individual piece has a limit.

As well, understand whether or not there are any restrictions or special conditions such as the watch must be valued by an expert or the watch must be listed individually. This type of policy is not best suited for trendy designer watches that cost in the 5, 6 or 7 figures range.

Take the time to find watch insurance that will cover your watch no matter where it is when loss, damage or theft occurs. Some people don’t wear their good pieces to work, so they may be covered if the loss or damage occurs at home. Other policyholders enjoy wearing their watch and wouldn’t take it off to save their lives. The cost of your watch insurance will most often be directly proportionate to the value of your watch and how much excess your policy carries. If you have paid a small fortune for your watch, you shouldn’t mind spending a few extra pounds for a comprehensive watch insurance policy.

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