Insurance for watches: A comprehensive guide to safeguarding your timepieces

To a collector, a watch is more than just a timepiece. A watch can be an investment, a statement of personal style, or an heirloom to be passed down to the next generation.   Whether you're the owner of a luxury watch or a collection of prized timepieces, you may want the peace of mind that comes with knowing you’re covered in the event of loss or damage. Knowing some key facts about watch insurance, and being aware of some important limitations, can help make sure you’re not left high and dry.

Can I insure my watch?

You can insure your watch with personal valuables insurance, which may be offered as an optional extra for a home and contents insurance policy. However, depending on the value of your watch or collection, you may need to take out a separate, specialised insurance policy. Insurers often require an appraisal or proof of purchase to accurately document a watch’s value before approving a policy application.

Should I insure my watch?

Does your timepiece hold significant financial or sentimental value? Would you be substantially out of pocket if you had to repair or replace your watch? If so, then watch insurance could be worth considering. 

Luxury watches and heirloom pieces are not just vulnerable to theft, but can also be damaged or lost. A suitable insurance policy can provide peace of mind, knowing that your investment is protected in case of unforeseen circumstances. 

How do I insure a watch?

When purchasing insurance for a watch, you’ll typically need to take the following steps:

1. Determine the value of your watch, either by getting a professional appraisal or via the purchase receipts.
2. Research and compare different insurance providers and policies to find a provider that can meet your particular needs. 
3. Choose a policy that best fits your needs, considering factors such as the limits of the cover, any excess payable upon making a claim, and exclusions.

Does watch insurance cover me away from home?

Most comprehensive watch insurance policies offer worldwide coverage, meaning you are protected even when you lose your watch away from home. However, some contents insurance policies don’t offer cover on contents taken outside of the home unless you hold specific portable contents insurance cover. 

If you plan on travelling with a prized watch and want to make sure you’re covered, it’s important to confirm the specifics of your policy with your insurance provider to ensure your policy meets your needs. For example, some policies may have limitations or require additional coverage for international protection. 

Tips for choosing watch insurance

To help you get the best possible coverage for your needs when selecting watch insurance, consider the following:

• Understand the policy: Know what is and isn't covered. Some policies may exclude certain types of damage or loss.
• Compare options:Use comparison websites to weigh your options. Look for policies that offer the right balance between premiums and coverage.
• Verify authenticity: Ensure that your watch is appraised by a certified professional to accurately determine its value.
• Read reviews: Research customer feedback and reviews of insurance providers to gauge their service quality and reliability.
• Regularly review and update your insurance policy: Doing so will reflect any changes in the value of your watch, and help mitigate the risk of being underinsured should you need to make a claim.

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