Watch/Jewellery Insurance

spiritus

I inherited a Rolex watch some years ago and have been insuring it ever since but this year I am trying to find a more competitive quote and in so doing I'm starting to realise that some of the conditions and exclusions attached to some proposal are very restrictive.

The watch has always gone on my contents insurance as a specified item however, many of the proposals for insurance state that the watch will only be covered if I am wearing it OR if the watch is kept in a safe or bank deposit box (I have neither of these).

Equally as worrying is that the policy also states that the watch has to be inspected by a professional jeweller every year and any defects rectified. The watch has a minor scratch to the face which has been present for many years but I can't afford to have it repaired and nor do I particularly want it repaired.

I am very surprised that acceptance of the insurance policy would mean I would have to repair any defects.

This doesn't happen when you insure a car so why is it any different with an item of jewellery ?

Does anyone else have experience of insuring items of jewellery at affordable premiums ?

lawstudent

You do have to rectify faults on a car for an MOT otherwise it is not roadworthy and your insurance is void. I'm not sure if they would class a scratch on the crystal as a defect, sounds like normal wear and tear to me as long as the mechanism is still working. Just FYI you might want to check out a company named Hertfordshire Horologists trading as Watch Doctors based in Tring. If I remember they charge £35 for a rolex saphire face. If you're not local they work by post also (make sure you get adequate postal insurance). Also not sure if you know this already but if it is a mechanical movement you should have it serviced regularly anyway regardless of what the insurance company say.

InsideInsurance

How much is the watch worth? How proportionate is the watch to the rest of your possessions?

Unless it is worth more than 15k then you could get a standard home policy and just have it included under the unspecified items (Axa and Hiscox both have these levels) and it wouldnt have any special terms applied to the watch.

spiritus

Thanks for the advice guys.

Regarding the rectifying of any defects on the watch it does appear that cosmetic defects are part of the policy requirements as confirmed to me by one of the staff.

I've just run a quote through Hiscox but it comes out at 3 times more than any other quote I've been given to date

The watch is valued at £ 8500 with British Gas and Legal and General willing to insure it without any harsh criteria other than a recent valuation.

Update: Actually, AXA don't appear to have any criteria regarding inspections, valuations or needing a safe and are priced very competitively. Thank you!

InsideInsurance

Hiscox direct's 505 policy is a Mid Net Worth product and so only worth getting if you need the level of cover it provides such as full matching sets cover and All Risks on all your contents etc.

Axa, and their partners like Marks & Spencers will give more sensible prices but simply go through the Aggregators like Confused.com and get prices. At 8.5k some will want it as a specified item but there wouldnt be restrictive clause and very few insurers wouldnt be happy to cover it. Things would be different if it were 85k instead

spiritus

AXA have quoted £ 207 for the year as compared to MoreThan (my current provider) renewal price of £ 577 a year.......like for like.

I have just cancelled my MoreThan policy and lo and behold was offered a "special discount" of £ 100.

I then proceeded to have a 5 minute debate with the advisor as to why they don't offer their best price in the first place instead of keeping it in reserve only when customers threaten to leave.

Alas, the poor lady was too brainwashed to see the logic in that argument.