Do you buy property insurance for your watches?

[mrenvy]

I have recently insured my watches. The annual cost is about 1/100 of the watch purchased price. Do you think it worths?

[JorgeCCW]

I think is smart and I should but unfortunately i don't

[Rockrolex]

I do. Almost all of my high end watches are insured under riders to my main policy. I just haven't gotten around to having a couple of my watches appraised for insurance purposes yet.

[lapince]

Well when I tried to get to know prices in France, they were just crazy, around 5-10% of the price, but that is insurance if you get attacked in the street or things like this. For insurance when your watches are at home, for fire or burglary, then it was much cheaper, was insured for this, but not for when the watches were not home...

[MattCH]

I did for my 5711. That is a daily wear. Here ib Switzerland, the service is nice, I pay 1/100 and I'm insured if I lose my watch, get stolen, break (there is 200 that I have to pay. Not much if you consider how much is a service. )
Do it if is convenient.

[mjclark32]

Yup, I'm covered. Theft, loss, damage.

[rebel_1]

Most of mine are. The higher value ones are higher than 1% though. I currently use JM.

[Headshrinker]

Yep, all my watches are insured. I never want to have to worry about "what if?".

[incontrol]

Yes sir, mine are all insured as riders on my homeowner policy.

[greatmattsby]

I've been getting quotes for two Patek's and a Rolex, but I still don't see less than ~3% here in Holland which seems too high for me.

[Russell996]

I had to change household insurance companies to get my 5131R covered - the new replacement value wasn't the issue but when I told the previous insurer that in the event of a loss I couldn't get a new replacement at list price but would have to go to the used market this sent them into a spin! No problem with the new insurance company and premium didn't change. Get a good broker and get them to do the leg work on getting the right policy.
Standalone watch insurance will be far more expensive than combining with your household policy.


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[topcat30093]

Mine are covered on the contents insurance.

[1William]

All of my watches and my wife's jewelry are covered. When we pay the insurance we groan a little but nothing like what would happen if we ever experienced a loss.

[bbhewee]

Originally Posted by greatmattsby

I've been getting quotes for two Patek's and a Rolex, but I still don't see less than ~3% here in Holland which seems too high for me.

May I ask where from. I'm getting quotes around 5%.

[greatmattsby]

Originally Posted by bbhewee

May I ask where from. I'm getting quotes around 5%.

I've called all around. ABN Amro was offering something like 2.8% when added on top of house contents. For the rest, many other companies worked through extremely tedious brokers who were not very good in English.

[kilyung]

I prefer the comfort of being insured

[bbhewee]

Originally Posted by greatmattsby

I've called all around. ABN Amro was offering something like 2.8% when added on top of house contents. For the rest, many other companies worked through extremely tedious brokers who were not very good in English.

I have my house insurance with IAK, but ABN might still be worth a call. Thanks for the tip!

[Moloch]

Nobody here uses the safe deposit boxes in a bank? I picked out the branch located in downtown of my city (right next to a US Federal government building) where I know security will be much better than smaller branches located in suburbs.

[locutus49]

All our watches and handbags (Hermes) and jewelry are insured under homeowner's policy. That way we can wear our stuff without worry.

[Moloch]

Originally Posted by locutus49

All our watches and handbags (Hermes) and jewelry are insured under homeowner's policy. That way we can wear our stuff without worry.

Tell that to people who were in New Orleans during Katrina

[Defiancekofb]

Originally Posted by mrenvy

I have recently insured my watches. The annual cost is about 1/100 of the watch purchased price. Do you think it worths?

All of my watches are under my home owner policy. Better be safe than sorry. If I get robbed in Manhattan, I'll just give the perp my watch. It's not worth your life and also idiotic to wear a watch that's worth thousands of dollars and not insure it.

[stockjock1975]

The downside is that the annual cost to insure $100k...$200k...etc., really adds up into the multiple thousands. I prefer to self insure. Is it a gamble? You bet! But a risk I'm personally willing to accept.

[Hairdude1]

Originally Posted by mjclark32

Yup, I'm covered. Theft, loss, damage.

Same here

[lapince]

No insurance here, our present flat and the one we will soon move into are fortresses, we have safes inside, and guns, security guy in every building, wéll probably get the police alarm too, in 5 minutes you have 3 policemen with kalashnikovs barging in, very effective so really no risk in the house, some things are in security boxes at the bank, and unless you go to the wrong neighborhoods at the wrong hour you risk no muggings or things like that here, it's a very safe city for this, that's why I never take the handgun for which I have a license to carry, though I might when I will be wearing the Voutilainen, would go nuts if that one was stolen, an insurance here would cost me a fortune, I'll take my chances

[Flywheel]

So, if you insure 4 watches, you are paying for a 1-in-25 chance of a loss. Seems high, considering real-life odds, which are probably much lower. If instead you self insure under that same scenario, and the watches average $10k each, you will pay $400 per year. Over 20 years, with inflation, you will have paid more than $10k over time, which pays for a new watch. Bank the money instead. With premiums that high, insurance only makes sense for threats that could wipe you out, like home, health or personal liability.

[Russell996]

Originally Posted by Flywheel

So, if you insure 4 watches, you are paying for a 1-in-25 chance of a loss. Seems high, considering real-life odds, which are probably much lower. If instead you self insure under that same scenario, and the watches average $10k each, you will pay $400 per year. Over 20 years, with inflation, you will have paid more than $10k over time, which pays for a new watch. Bank the money instead. With premiums that high, insurance only makes sense for threats that could wipe you out, like home, health or personal liability.

Insurance covers the unforeseen - how about a year 1 claim in your scenario? How about 1 watch at $40k instead of 4 at $10k?
Insure what you can't afford to loose, if you can cover $10k then no problem, if you can cover $40k then no problem, at some point the insurance cost against potential level of loss makes sense. The exact level is down to the individual, their risk analysis and bank balance.
If you want insurance then including on the household policy is much the cheapest option. Of course with good security the most likely reason for a claim may be damage during wear or accidental loss.

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[brmeyers]

Originally Posted by jorgeccw

i think is smart and i should but unfortunately i don't

+1

[topcat30093]

Do members also take out the additional accidental cover or just for theft/stolen/robbery etc?
Personally, I want my watches to be covered for as much as I can.

[Russell996]

Originally Posted by topcat30093

Do members also take out the additional accidental cover or just for theft/stolen/robbery etc?
Personally, I want my watches to be covered for as much as I can.

Covered for theft/stolen/robbery and also for anything else including accidentally dropping an item off the side of an ocean liner mid Atlantic or indeed seeing it crushed by a steam roller and then recovering the pieces - they are 'fully' covered! Cost p/a is approx 0.5% of insured value - adding additional pieces actually becomes cheaper as a % of value since I can only wear 1 piece at a time therefore most pieces are always securely locked away.


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[topcat30093]

Brilliant answer


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