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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?
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, 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 watch insurance in contents insurance
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.
What's the best cover for watches?
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.
- It can provide protection for an expensive item
- It can be relatively affordable
- Peace of mind
- 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
- Wear and tear
- 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.
Frequently asked questions
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