How To Insure A Watch - Chronoexpert

We will cover everything you need to know about insuring your watch with impartial advice from the Chronoexpert team, experts in luxury watches.  But before we get into the details of How To Insure A Watch let’s go into the Pros and Cons of buying watch insurance in the first place.

Pros

Provides peace of mind

For most people, their watch collection holds sentimental value.  It’s not just about protecting a financial investment, but about protecting those important memories.  Of course, the replacement will never be quite the same but not as awful as losing everything.

It does not cost very much

On average you pay $1 for every $100, so, if your watch is $10,000 then your insurance will cost around $100. Compared to the value of the watch you are insuring this is a very low cost to pay!  To reduce your insurance cost you could even purchase a safe, some insurers will give you a lower price point if you reduce the risk of theft.

Cons

You may never need it, buying a safe could be cheaper

Depending on the area you live, and the security of your home already, watch insurance may not be needed. If you purchase a safe and have home security already set up, this could be enough.

Your home insurance might cover you already

Check your home insurance policy and see what it covers.  It may cover jewelry up to a certain value, if it currently isn’t in your policy, it might be worth reaching out to the insurance company and checking if you can add it to the policy and the cost of doing so.  If you’ve already built up a no-claims bonus with your provider this could work out cheaper than moving to a new insurer.

The depreciation of your watch could affect what you get from your insurer

Many insurers will take the current market value of the watch, not the original value. Some watches depreciate before they increase in value. Bear this in mind! You may be paying to insure a watch of $5,000 when actually it now worth $3,500.

Watch insurance cost

When looking for watch insurance online you should be searching under the category of jewelry insurance.  It’s up to you whether you want to insure one high-value watch, or if it makes sense to ensure the whole collections.  You can also buy general insurance which covers all of your jewelry.

Watch insurance costs around $1 for every $100 you insure.

So for a $3000 watch expect to pay $30 per year.
     for a $20,000 watch collection expect to pay $200 per year

When should you insure your watch collection?

This question is one of personal taste and depends on your attitude to risk.  You have to decide whether it is more important to you to protect what you have currently, or spend that money on growing you watch collection, investing or other.

We don’t have an answer for you here! But we do suggest buying a safe if you decide not to buy watch insurance.

What do you need to insure your watch?

Make sure you have some important documents ready before asking for a quote.  The more documents you provide the more accurate the quote will be for your individual situation.

Bring the original receipt

It may not be possible in all cases, especially if you are buying pre-owned watches however if at all possible bring the original receipt for the item. This will clearly state the value of the item at purchase.

Bring certificates of authentication

Hopefully, you received a certificate of authentication when you brought your watch. Make sure you send this to your insurer.

Bring an appraisal document

Make sure you get an independent company to value your watch at the current market value & bring this document.

Bring photos

Of course, photos will be needed! Make sure you take detailed photos which capture all of the angles and clearly show the piece.


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