If you own a valuable or antique watch, there is probably as much sentimental value attached to the watch as there is cost involved. I’m guessing you like to wear the watch most, if not all, of the time and in so doing know the higher risks you face from damage, loss or theft.
It’s rare to find an owner of a valuable watch who hasn’t given some thought to insurance but in our experience, as brokers who specialise in watch insurance, we find there is often a misconception with our clients that the best way to protect your watch is to take out a separate watch insurance policy. In most cases, it’s far better to insure your watch along with your home contents.
Here are the top 5 reasons why you are better to obtain a watch insurance quote with your home contents insurance.
Are there any restrictive clauses?
Under a separate watch insurance quote:
If your watch is in a bag or luggage then this will only be covered if it is under the personal supervision of the insured person only – therefore, if you let you leave the bag unattended or your friend looks after the bag then the watch will not be covered
Under a home contents insurance quote:
In most cases there are no restrictive clauses. Your watch will be covered anywhere in the world including accidental loss or damage cover.
If your watch is stolen or lost would you like it replaced with a ‘reasonably identical article’ or a new watch?
A separate watch insurance policy will generally settle your claim by repair or replacement with a reasonably identical article.
If you obtain a combined contents and watch insurance quote, your claim will be settled by repair, replacement as new or give you a cash settlement.
Once you have your replacement watch there is no charge under a contents insurance to reinstate cover for that item.
If you have a standalone policy, you would have ‘used’ the policy and will therefore have to obtain a new watch insurance quote and pay the premium again.
What happens if I take my watch outside of the UK?
With a separate watch insurance quote, your watch will be covered in the UK and Europe and elsewhere in the world for up to 30 days in any one year.
Under a contents insurance policy, your watch will be covered anywhere in the world for up to 60 days for any one trip.
At what value will items need to be specified and valuations need to be provided?
A stand-alone watch insurance quote will require you to specify your watches if they are individually valued more than £500. You will need to provide up to date valuations for all items over £500.
Under a home contents insurance policy, you will only need to specify your watch if it is valued more than £5,000. You will only need to supply valuations for items valued more than £10,000.
What about the cost?
You may think that obtaining a separate watch insurance quote is the cheapest option; however it usually works out more expensive than combining the watch with your home contents insurance.
Not only is the premium usually cheaper with a home contents insurance, you also save money on valuations as these are not required for the items under £10,000.
At Greenfield Insurance, we specialise in watches, jewellery and High Net Worth customers. If you would like any further information regarding a contents and watch insurance quote, please contact us on 01489 579808 or complete our form and we will call you straight back.
(For more details of our high contents and watch insurance cover, click here).
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