Guide to insuring luxury watches

Insuring luxury watches: A guide for enthusiasts

If you own a luxury watch such as a Rolex, a Patek Philippe, Jaeger Le Coultre or a Cartier, then you have made a significant investment. But have you ensured that your purchase is fully protected? Especially in the case of pre-owned or rare luxury watches, replacing a lost, stolen or damaged model can be a headache, so the right insurance really is essential.

However, in the case of such valuable rarities, bog-standard household insurance simply isn’t going to do the job when it comes to achieving the full value of the piece in an insurance claim. So to help you make the right decisions on insurance here are some useful tips from our experienced luxury watch specialists.

Invest in safe storage:

The best way to avoid an insurance claim is to protect your timepiece in the first place. Especially if you own more than one luxury watch we strongly advise that you invest in a suitable safe to store your beloved possessions securely. Not only will this reduce the chances of a disaster, it could also help to lower your insurance premiums when you negotiate your rates. Try safe making specialists such as BrownSafe or Buben and Zorweg to locate the correct piece of equipment.

Keep the right records:

If you ever have to make a claim you may find that your insurer will adhere to the market value of the watch at the time when you took out the policy. So make sure that you keep ALL the paperwork that comes with your purchase – from its certificate of authentication and serial number to the payment receipt, details of the vendor and photographs and descriptions of the piece. Because luxury watches can be so unique and complex in their make-up, this is the only sure fire way to confirm the value of your possession with your insurer should the worst ever happen.

Don’t give in to vanity:

This may seem obvious, but there are some occasions when sporting your beautifully crafted timepiece simply isn’t a good idea, no matter how tempted you are to show it off. Think about why you are wearing the piece and where you are going to have it on show, from avoiding scenarios where the watch could easily be damaged, to avoiding situations where you might be vulnerable to theft. Naturally the joy of a luxury watch is in the wearing, but if your instincts are making you feel unsure then follow them - and leave your watch securely at home.

Look for specialist insurance:

To recoup the full value you need an insurer who understands your market. What’s more, you should carefully and regularly check the details of your insurance policy so that there are no nasty surprises if you ever have to claim. Your policy may stipulate that you should update the item’s valuation on a regular basis, for example, or may set out certain conditions where your watch may not be covered.

If you are unsure about how to find the right insurer, get in touch with luxury watch specialists David Duggan. We can advise on the right way to insure your watch and point you in the direction of reputable insurers you can trust.