Getting your timepiece insured is absolutely essential to ensuring your beloved timepiece is coverable. If you happen to own a vintage Rolex Daytona 6239, you can be sure that someone will be more than willing to try and steal it!
This is a fact that’s sadly becoming more prevalent. It’s estimated that around £30 million luxury watches are stolen annually, leading brands like Audemars Piguet to bring in a scheme that helps replace stolen watches, including submitting a police report alongside the serial number.
This is the same for most luxury watches that are high value. Brands like Tudor, Breitling, TAG Heuer, and especially major luxury brands like Patek Philippe, Vacheron Constantin and Audemars Piguet,have resale value.
Let's lay it on the line. If your watches are valued under £1000, you can expect to have it under a general contents insurance policy. However, for a more pricey timepiece that has a value over £1000 (which most luxury watches are), you can anticipate an insurance that relates to a high-value item. This in turn makes things a little more convoluted.
However, there is another option you can select. Named a “Watch Insurance Policy”, this type of product offers a much more comprehensive cover as it’s designed solely for watches. Is it time we run into the importance of watch insurance, what to expect and what is coverable?
Excellent..then let's get straight into it!
Should I Cover My Watch Under Home Insurance?
The straight answer is absolutely yes. It’s a real horological no brainer.
Referenced as contents insurance, home insurance usually relates to a number of aspects, including damage to personal and home possessions, loss or theft.
Audemars Piguet Brand Shop - Source - Business of Fashion
This covers items that are taken out of the home, e.g. being taken abroad. In this way, if you and your partner have worked hard enough to own a beautiful set of Audemars Piguet watches, you’ll be pleased to know that it covers your possessions and those of your family members who live with you.
You could also opt for worldwide cover which protects your watch outside of the home. This of course comes at a premium on your watch insurance so if you wish to pay more for extended coverage, that’s up to you.
However, as stated in the introduction, if you own a high value timepiece that totals more than £1000, your contents/home policy isn’t likely to cover it. This is due to the fact that the majority of home insurance policies keep their single item prices limited to £1000 maximum. Don’t expect an insurer to pay out for an item which doesn’t have a clear stipulation in your policy.
If you don’t individually list your timepiece separately, you will only get around £1,000 as it comes under contents insurance as a “single item”. This subsequently has a limit of only £1,000. However, if you are just venturing into the timekeeping game, and have something that’s valued under £1000 like a pre-owned Longines Master Collection L2.628.4.78.3 263946, you may find that your standard contents policy covers your timepiece.
However, be expected to only receive insurance when the timepiece is within the home, not on holiday. In addition to home insurance, a personal possessions policy is a viable add on which furthers the protection of the home policy.
This add on extends to protection on pieces outside of the home, but again with the proviso that the watches are limited to a maximum value of £1,000.
Pros
- Covers the item if it’s stolen from the home
- Protects against the timepiece being lost in fires or floods
- Option for an add on if you want to cover your piece as part of worldwide cover.
- Home insurance doesn’t segregate between horological brands. All brands will be covered if the value is under £1,000
Cons
- It doesn’t cover watches outside of the home, unless you have a specific add on “Personal Possessions” cover.
- It won’t cover the price of most luxury watches as they tend to be valued over £1,000. This is the figure that your “single item limit” is expected to be capped at.
- In some instances, the watches won’t be covered even when in the home. For example if there was no sign of a break in.
- You may not receive adequate cover for your novelty.
Should I Cover My Timepiece Under Watch Insurance?
Well, let's run the stats.
Rolex Store - Source - Hugh Rice
It’s found that the average price for a luxury timepiece is around £24,000 in 2023. So, if we utilise the home coverage, we can expect to pay at least £23,000 back to recoup the timepiece. That’s only if there’s clear signs of a break in, a clear fire or a flood within the home.
Using this information, it does seem like home policies are insufficient for a luxury timepiece.
Below is a table that shows the average prices by WatchCharts for the biggest brands around at the moment. Using the knowledge that home insurance covers up to £1,000, let’s see if it is capable of covering these pieces.
|
BRAND |
AVERAGE PRICE - SECONDARY MARKET |
|
Around £10,000 |
|
|
Around £34,000 |
|
|
Around £21,000 |
|
|
Around £50,000 |
|
|
Around £2,400 |
|
|
Around £7,000 |
|
|
Around £2,900 |
|
|
Around £1,200 |
|
|
Around £7,400 |
Using this information, it’s very obvious that the majority of brands are exceptionally difficult to cover under the standard home insurance limit of £1,000. That is why there are specialist timepiece companies that offer specific coverage for your watches!
There are a number of factors you should take into account before settling with a specific provider:
- Where You Live - We know it’s highly unfair, but where you live plays a massive role in the cost of your desired insurance. If you live in an area with a high crime rate, you can expect to pay more.
- How Often You’ve Claimed In The Past - This is likely to impact the cost of your insurance as if you are a repeating claimer, there is a higher chance of you being expected to make a claim.
- How Expensive Your Timepiece Is - The more expense behind your timepiece, the more it can be expected to cost your provider in the event it is lost, stolen or damaged.
As you can now appreciate, insurance isn’t something universal. It takes a lot of parts in order to properly clarify how much you should pay and if your past claims impact your policy in the long term.
Time to step into the world of horological insurance!
What Is Watch Insurance?
It is specifically designed to protect your horological collection in the event it is lost, stolen or ends up damaged by accident. These are not usually expected within the standard homeowners policies and instead are designed as a separate coverage based entirely on your watches. It covers every type of watch and luxury brand, including;
What Does Watch Insurance Cover?
It follows the same policies as the classic homeowners insurance. This includes:
- Theft - If you have your timepiece stolen, an policy of this nature offers a great level of protection. Watches are a prime candidate for being stolen by thieves due to their accessibility and ease when worn on your wrist. It’s important to keep it insured!
- Fires, floods and natural disasters - Becoming increasingly likely (as noted by the wildfires and floods that are happening recently), protecting your item from natural disasters are key.
- Loss/Unexplainable Disappearance - Losing your timepiece happens to the best of us. Prevent this by ensuring you take out a policy that covers any loss.
- Unintentional Damage - Damaging your model is a tough feat if you have a luxury diving timepiece like a Rolex Submariner, a stylish Rolex GMT-Master Batman, or a Grand Seiko Tentegraph Chronograph, but it is still plausible. Scratches, damages and drops can all be covered regardless.
What Does Watch Insurance Not Cover?
Although it relates to a vast number of things which can be expected to happen, don’t be fooled into thinking that you are universally protected against everything. Below are just a few examples of things which may not be covered as part of this cover:
- Government seizure
- Fraud
- Damage via war
- Intentional acts
- Insufficient maintenance
- Everyday wear and tear
We hope you won't find yourself running into a bunker, but it’s important to clarify these matters in good time!
How Much Will My Watch Insurance Cost?
There is one main figure you must take into consideration before you decide to take the plunge into an insurer. Typically, your items insurance will total around 1 to 2% of your total timepiece value.
Breitling Automatic - Source - Breitling
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Here is an example: You can buy a Breitling Navitimer Automatic 41 at retail for £4,000. Of course we know that Breitling timepieces do not typically hold their value, but for the purpose of this example, we will say that the value of the piece will hold at exactly £4,000.
2% of £4,000 comes to a figure of £80 which you will be expected to pay each year. That’s around £6.66 per month. Quite affordable!
Will My Watch Insurance Impact My Current Warranty?
Excellent question, Timelords!
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Rolex Sky-Dweller/Rolex Auction - Source - Christies
We understand your concern about this type of policy having a negative effect on the watches warranty. However, do not chime the alarm bell. There is nothing wrong with having double protection against any harm.
Its warranty is capable of following the same policies guidelines as insurance. For example, an item's warranty boasts policies against manufacturing defects and in some instances, offers cover for repairs and even replacement of the timepiece.
However, you will not be able to use the warranty for loss, damage or theft. This is where the alternative protection comes into fruition. Insurance offers protection against loss, damage and theft.
Pros
- Worldwide Cover - No matter where you are, your watches are covered. From home to abroad, you’re fully protected!
- Accidental Damage/Loss - While this could pose a lot of issues when under your standard homeowners protection, this specifically allows for the watches to be covered, even if you lose the piece.
- Coverage for every type of item - Do not be worried, Timelords. Your Rolex Sky-Dweller made for the Sultanate Of Oman, classic Speedmaster or your stylish Vacheron Constantin Metiers D’art can be included in this protection, even if they are ultra-expensive!
- Covered if your watches are stolen from your house - Just like the homeowner insurance, you are protected if your watches are stolen from your house or when you are out and about.
Cons
- Expect to pay a little more for this policy - As it’s a more detailed and well provided form of coverage, expect to pay more than just a standard homeowners policy.
- More time consuming - Extra paperwork and details to keep an eye on if you opt for another policy, on top of your general homeowner policy.
Frequently Asked Questions
Is It Worth Getting Watch Insurance?
Absolutely. Watch insurance is a must have for any budding horological collector. Protecting against all manner of issues, including damage, theft and loss, you can make sure your expensive timepieces are fully insured under these schemes.
How Much Does It Cost To Insure A Watch?
It all depends on the cost of your watch. Simply work out around 1 to 2% and be expected to pay that figure per year.
How Much Does It Cost To Insure A £10000 Watch?
Let’s break down the figures for a second. Take a look at the maths. 2% of £10,000 is £200. Expect around £200 per year or around £16.6 per month.
What Is The Best Way To Insure A Watch?
The best way to ensure a timepiece is to check around at all the different insurers. Do your research and cross check in order to find the best coverage and policy according to your specific requirements and watches.
Discover which policy refers to everything you want e.g. worldwide cover, max value to be insured, how many is covered and shop around. After all, just like when you buy or sell through Chrono Hunter. you only want the very best deal!
Can I Insure My Rolex?
You certainly can! However, it’s all dependent on value. If you stick with homeowners protection, there is a high chance you won’t be able to cover the entirety of the model's value under the “single item limit”.
If you buy a brand new novelty, it is always said that you should insure for the full replacement value. If you purchase a pre-owned watch, it makes more sense to insure for the price of a similar item in regards to age and value in the UK.
You can opt for a few insurance methods, including:
- Home and Content Insurance - Following your standard home policy that covers items within the home.
- Specialised Insurance - This prioritises your timepiece and offers full coverage of your timepiece. It also links you with an expert in the horological field, as opposed to someone who covers every kind of insurance.
- Self Insurance - This is exactly how it sounds. Instead of paying a certain amount every year, you can set aside a certain figure yourself that will cover your watch in the event it is stolen or damaged.
If you are still confused or would like further assistance, please feel free to talk to us right here.
You could always opt for the more niche coverage which offers you a higher max figure for your timepiece.
Chrono Hunter Unveils Zing Cover As New Watch Insurance Partner
In the spirit of Barbie and Ken or Audemars Piguet and Spider-Man combining forces, we would like to extend our latest collaboration thanks to our brand new insurer, Zing.
Zing Logo - Source - Zing
Zing offers coverage on jewellery and timepieces relating to theft, accidental loss or accidental damage wherever you are in the world. Failing any reasonable recompense, Zing will always either repair or replace your models if possible.
Since Zing is collaborating with us, you can be assured that you will be receiving the best possible information and details on repairs or replacements for your lost or damaged piece. Just like Chrono Hunter, Zing keeps things sharp, seamless and concise, ensuring the best possible deals and protection at all times.
Don’t think you are locked into one timepiece only. You are actually entitled to as many as you like and can easily add new ones through a simple subscription system. Not that you would ever want to, but you can cancel your Zing subscription whenever you feel the time is right.
Think our process of multiple offers, quick turnaround and the most reputable retailers is simple? Zing’s is as smooth as the sweeping of the hour hand around a Rolex Oyster Perpetual!
- Zing uses real humans within their claims team as opposed to an automated system. This means they can quickly and accurately arrange for your watches to be repaired by the retailer that you purchased it from.
- If your timepiece cannot be repaired or it’s been the victim of theft or loss, Zing can arrange for you to be reimbursed with a new model that closely resembles your timepiece.
- All they ask is that you take photos of the scene where the damage or the theft transpired and to record anything that may be useful in making the claim.
Easy, right?
Conclusion
Hopefully, we’ve been able to run through the complexities of insuring your beloved timepiece and keeping you as knowledgeable as possible.
While you could opt for the basics of homeowner insurance, we particularly enjoy the detail behind specific horological protection, ensuring you get the greatest level of protection and cover as possible. Covering a range of aspects such as damage, loss, fires, floods and natural disasters, you can remain content that your pricey model is covered no matter where or what you do.
We have no doubt that your timepiece is cherished and potentially even having sentimental or monetary value. We completely understand that these things are not easily emotionally replaceable, but for ease of mind, opting for watch insurance means you will be duly compensated should your timepiece be stolen or damaged.
Let’s not doubt ourselves. With the level of service Chrono Hunter provides and the quality team over at Zing, we are very optimistic that this partnership is as rock solid as a Hublot Big Bang. Plus, you will be guaranteed the best deals with the best security possible!
If you happen to not have a timepiece in your possession, you may want to cover (no pun intended) yourself and get a fantastic deal on a piece you desire to add to your collection. Whether starting a new one or expanding your existing lineup, may we point you in the direction of Chrono Hunter?
NOTE: If you buy a watch through Chrono Hunter, we have another nice treat for you…and just in time before Christmas! For any purchase, we can now refer customers to a policy via Zing Cover as an added benefit, ensuring your timepiece is insured at all times.
Want to buy a watch or sell a watch without getting a raw deal? Save time and money with Chrono Hunter. Like every transaction, discuss your individual requirements here to be a part of our new timekeeping revolution. Swiftly becoming the best online platform in our field, the secondary luxury market is where we can source new and second-hand pieces that are unobtainable at retail thanks to our extensive network of contacts and luxury retailers.
Switch over to Chrono Hunter to enjoy multiple offers from our established selection of authorised dealers and choose which one is right for you. We keep things nice and straightforward for you. Just enter the details of the timepiece you wish to buy or sell via our simple online form that can be accessed here.
In addition, purchase or sell a host of top luxury brands through Chrono Hunter at the best possible prices from Patek Philippe, Audemars Piguet and Rolex to Omega, Richard Mille, Zenith, IWC and Vacheron Constantin.
Further Reading:
Question Time: How Do I Undo Or Replace My Rolex Strap?
Question Time: What Is The Best Way To Value Your Vacheron Constantin Watch?
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