Nobody likes to consider themselves one of life’s victims. We all like to think ourselves a little streetwise, invulnerable even. But immunity to the vagaries of luck does not even seem to exist for superheroes, let alone ordinary (if discerning) human beings like you and Chrono Hunter. Everyone finds themselves in the wrong place at the wrong time occasionally. So as much as we dislike talking about the very few downsides of watch ownership, we feel we must offer some advice on watch insurance.
Theft is not the only danger we face. Watches can be irreversibly damaged. No matter how good your warranty, if your watch is smashed into an unrecognisable pile of sprockets and springs nobody is going to be able to put it back together for you. The value of its remaining precious metals will not go very far when it comes to replacing the exquisite engineering that has been mangled.
Is it not better to enjoy wearing your watch safe in the knowledge that should anything go wrong you have a team of people ready to leap to your aid to put it right?
Unless you have a bullet-proof high value house insurance policy the like of which we have never seen, you would be well served to buy an individual policy for your watch – or a combined policy if you have built up a valuable collection. Many home insurance policies specify a limit to the value of watches that may be replaced. And if you are anything like a serious collector, that limit will almost certainly be nowhere near enough to replace your beloved timepiece.
The best insurance companies offer specialist watch insurance and, as always, Chrono Hunter advises that you deal with the experts. The higher end brokers will all have experience in dealing with valuable timepieces. Before taking out your insurance you should ensure your watch is valued correctly. This is a simple matter with a newer model that is still being manufactured, but if you have a vintage watch you should ask at least two dealers. And remember that dealers usually sell for considerably more than they buy, so adjust your policy accordingly.
It also makes sense to ensure you know exactly what you are entitled to with your new watch’s warranty. There is a limit to the type of damage most manufacturers feel responsible for putting right, so while you are insuring your watch for theft or loss you may well want specify repair costs over a certain value.
Chrono Hunter would like to apologise for the necessary addressing of this depressing subject. So after all that negativity, we would like to leave you with this thought: the insurance industry is built on the fact that bad things usually never happen.