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Watches can be invaluable in both sentiment and cost, so you want to make sure you safeguard yours the best you can. While you can't protect the sentimental value of your watch, you can protect its actual value with insurance. This guide will run through a few insurance options available to cover your much-loved timepiece.
What is watch insurance?
Watch insurance is a type of insurance designed to protect the value of your watch by replacing it or repairing any damage. Insurance for your watch can be found in many ways, such as through home insurance, contents insurance, single item insurance or specialist watch insurance.
What are my watch insurance options?
Contents insurance A contents insurance policy is a type of home insurance that protects your belongings (contents within your home), including jewellery and watches. It automatically covers watches up to a certain limit. If the value of your watch exceeds this amount, you can always add more cover for specified personal effects. You might also want to add on portable contents cover so that your watch is covered outside of your home.
Home and contents insurance Cover works in the same way as contents insurance; however, you get the benefit of protecting the physical structure of your home as well. This is mainly useful if you already have a home and contents insurance policy. You may have cover and not even know it, so it's best to check. While you're at it, check to see if you're happy with your home insurance premium – if not, it might be time to switch.
Single item insurance If you don't own anything else of huge value and you want cover for your watch only, single item insurance could be the right option for you. It says it all in the name, you insure specific items only. Make sure you compare it to the cost of other insurances though since you might get better value out of a home insurance policy.
Specialised jewellery and watch insurance There are a few insurers out there, like Q Report and JewelCover, that specialise in insuring jewellery and watches. You'll probably have to pay a little more for this specialised insurance since it also offers things like valuations of your watch and the ability to choose your own jeweller if your watch needs replacing or fixing.
Get insurance for your watch through jewellery insurance
Compare contents policies to get watch insurance in Australia
Consider taking out contents insurance to protect your watch. Compare benefits and features, then get a quote (or multiple!) directly from a home insurer. Make sure to compare policies so you get the best price for you.
Do you already have a home insurance policy?
You can always try to switch up your home and contents insurance to see how much you can save, while adding cover for your watch. Otherwise you can call your insurer and ask it to add cover for your watch on your existing policy.
How to find the best watch insurance in Australia
We can help you figure out how to get the best cover for your watch, but there's no one-size-fits-all insurance policy. You'll also need to think about what's going to be the best policy for your situation.
In our opinion, the best insurance policies for watches will have the following benefits:
Cover for wherever you are. Some policies may only cover your watch for when you're at home (but how often will you lose your watch at home?); it would be great to get a policy that will cover your watch outside of home, and sometimes even outside of the country.
Cover for the right value. If you really love your watch, get it valued so you can insure it for the right price. Don't forget to take depreciation into consideration as well.
Your choice of repairer. If you have a really expensive or valued watch, you may want to be able to choose who repairs it or replaces it.
If you're thinking about getting home insurance to cover your watch, it might be helpful to look at what makes the best home insurance policies as well.
What can watch insurance cover?
Specialist watch insurance and home insurance policies can provide cover for the following:
Accidental loss, damage or theft
Worldwide travel cover
Fire, flood or other weather event
Revaluation of your watch every year to match replacement cost
Cover for additional valuable items
Pros and cons
Weighing up the pros and cons can be a helpful way of working out if watch insurance is for you.
Pros
It can provide protection for an expensive item
It can be relatively affordable
Peace of mind
Cons
You may be covered by a watch warranty
You'll still have to pay an excess if you make a claim
You can get cover with home and contents insurance, which can protect a lot more
What it doesn't cover
All policies have exclusions. Your watch most likely won't be covered for the following:
Cleaning and renovations, e.g. for any damage caused by cleaning, alterations or repairs
Existing damage
Gradual deterioration
Breakdown
Wear and tear
Mould
Contamination
Dishonest or intentional acts
Confiscation, e.g. for any loss or damage caused by the confiscation of your watch by any government
Here's the bottom line
Whether you're happy to go with specialist watch insurance, or want to add portable item cover to your home and contents insurance policy, it's definitely worth protecting such a valuable item.
Why you can trust Finder's home insurance experts
We're free
You pay the same as buying directly from the home insurer. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare policies.
Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of home insurance brands, making it easier for you to find a good deal.
We're here to help
Since 2014, we've helped 150,000+ people find home insurance by explaining your cover options simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.
Frequently asked questions
A watch warranty is a type of guarantee that a manufacturer has made regarding the condition and standard of its product. It's different from watch insurance because it will have a limitation – meaning it only needs to adhere to that condition and standard for a specific length of time. Generally, it only covers faulty products and not all types of loss or damage, like accidental damage.
Yes. Single item insurance may be worth getting if you're only interested in insuring your watch. Some policies won't cover you for accidental damage though, so keep an eye out if this is the policy type you opt for.
Gary Ross Hunter is an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, news.com.au, The Telegraph, Explore Travel and Escape. Gary holds a Kaplan Tier 1 General Insurance (General Advice) certification and a Kaplan Tier 1 Generic Knowledge certification which meets the requirements of ASIC Regulatory Guide 146 (RG146).
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