August 3Insurance and Prestige Watches – The Essential Information
Insurance and Prestige Watches – The Essential Information
Insurance is not an exciting topic, particularly when set against the incredible world of horology, yet it is something that needs to be discussed. Far too often it is overlooked, and when a client gets in to a sticky situation, it can leave them with a hefty bill and a big headache. This blog will help you to understand your options, and what happens when you need to make a claim
The first question many people will ask is “why do I need insurance for my watch?” There are three principal things to protect against – loss, theft and accidental damage. The first two are pretty self-explanatory, if your watch is lost or stolen, it makes sense to have a policy that will replace it like-for-like.
The third is one that is often perceived as a grey area. Accidental damage can sometimes result in thousands of pounds of repair. Take, for example, a Rolex that has been dropped on a tiled floor, resulting in a broken glass. You might think it would just need a replacement glass. In actual fact, the minimum amount of work needed would be a service and a glass (usually about £500.00), with worst case scenarios potentially needing the dial, movement components or the case being replaced or repaired. A replacement middle case for a Rolex in steel is in excess of £1000 alone, so the impact of an incident lasting seconds can have huge financial repercussions. Impact damage is something seen quite commonly, whilst water damage is the other one with potential for a large bill.
When it comes to accidents, no matter how careful you are, there’s always a possibility that it could happen to you. That’s where proper insurance comes in, it’s a safety net for the unknown. A good insurance policy will cover you for all three of the above items, although may not cover for loss. Make sure to check the policy schedule!
There are many insurance providers out there, all offering different levels of cover. Your first port of call should be your home insurance provider. Quite often there will be a clause covering jewellery and watches, although there may be specific terms relating to this, and high value items will need to be named. Depending on the nature of your watch or collection, this may not be suitable, and that’s where a specialist jewellery and watch insurer comes in. They can provide a bespoke policy based on your exact needs, and would be a good option in cases of rare or unusual timepieces. One such provider is TH March, who are well respected in the jewellery industry, although there are many alternatives available.
Whichever way you choose your insurance, our number one piece of advice is to get yourself properly protected. We want everyone to fully enjoy their timepieces, and not have to go through the worry and shock of losing or damaging an uninsured watch
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