Insurance for High Value Item Bought Whilst Abroad

hannhol

I dont' know if anyone can help me, but I'm hitting a brick wall with this one, so any suggestions welcome.

I'm planning to buy my boyfriend quite an expensive watch when on holiday in the States next month. The reason for this, is becuase this particular watch is quite hard to get hold of in this country, and the nearest jeweller to me that stocks it is in Chester (I'm in London) and I don't really want to buy it online without seeing it in the flesh first.

I've found somewhere to buy it at my holiday destination, and a jeweller is holding it for me. However, if I purchase watch insurance (I've spoken to TH March who seem to be a main insurer for this area), it will only cover me once I re-enter the UK, and travel insurance limits are so low, the most I can find is £500 and the value of the watch is c. £2k.

Does anyone know if house contents insurance will cover the item if I buy it on holiday (rather than already owning it and taking it out of the country with me)?

Does anyone know of a travel insurer who will insure high value items?

I can't believe I'm the first person to have bought an expensive item whilst on holiday!

InsideInsurance

First of all remember if you are buying it in the states you will have to (or at least should) pay VAT (20%) and import duty (4.5%) when you bring it back into the country as you are clearly going to exceed your allowance of £390 each.

Obviously you could try and get away with it by going through the green channel rather than red but if caught then you have bigger issues - having receipts and boxes etc for your watch isnt going to help you!

Home insurance will cover the items, just check your personal possessions limit (total and single item) and if needs be adjust the total and/ or specify the item if it exceeds the unspecified item limit.

What is the make and model of the watch? I find it hard to believe you cannot buy it in London!

There is a very good chain of jewellers in the Netherlands that give a discount to forum members of a certain watch forum and them being in the EU means you have no tax issues!

hannhol

Hi InsideInsurance - thanks for your comments, which I appreciate.

It's a Rado watch, there may well be a jeweller that sells it in London, but not that I can find online and short of trawling the streets...

Suffice to say, I'm not an expensive watch buying regular, and I would like to see the watch before buying it

InsideInsurance

I wouldnt buy it without seeing it either personally either but a european brand is almost always cheaper in europe than in the states even ignoring the tax issue.

Rado is stocked by the Goldsmiths group, Ernest Jones and Frasers (and seeing as your in london Harrods too) to name but a few. At least one surely can get the watch in for you?

Goldsmiths group also have duty free stores at Gatwick and Heathrow so if you were to have a little trip to the continent you can save yourself 20% - I did the same when buying the misses an expensive watch

Of cause if you want to buy it in the usa and run the risks with customs then Home insurance will be fine

hannhol

I've tried the main stream jewellers, but they are a no go. But Harrods is a good point, hadn't thought of that! Thanks for your help!

InsideInsurance

http://www.rado.com/stores_locator/default.htm

Allows you to find all their official stockists.... at least one must give reasonable service

hugoshavez

Failing all else, might be easiest to view the one in the States, then order onliine when you got home?