If your watches are some of your most cherished items, insurance is a must.
Yes, some timepieces are irreplaceable but at least you would be compensated should it be lost or stolen.
Luxury watch insurance generally offers global coverage and is based on the current market value of your watch.
Watches are often stolen because they are next to impossible to trace and really easy to sell. And unfortunately, watch crime has been on the increase over the last few years.
Tips for Insuring Your Luxury Timepiece
Here are a few things to keep in mind as you start your search for the best insurance.
Schedule Regular Valuations
When you know what your watch is worth, you can arrange sufficient coverage. It also means you won’t end up paying more than you need to on a monthly basis. The luxury watch market is always changing, so you never know when the value of your timepiece could change. Having a watch evaluated annually is generally enough to keep your insurance accurate.
Invest in Storage
Ideally, you want to avoid insurance claims altogether, so it helps to invest in quality storage for your luxury timepiece. Not only does this keep your watch protected, but you will probably find that it reduces your insurance premiums too. You can even ask a potential insurer for recommendations on acceptable storage.
Choose Your Insurer Carefully
It makes a real difference when you use an insurer who understands the luxury watch market. It’s also highly recommended that you pay close attention to the specifics of your policy. Many insurers require you to update the value of your watch on a regular basis. There may also be certain circumstances when your timepiece won’t be covered.
We are insured through T H March & Co Limited, Chartered Insurance Brokers for both our business and personal arrangements. If you require obligation-free advice on how best to protect your watch, or other valuable items, why not give them a call on 01822 855555, quoting AM157T.
Keep Your Paperwork Safe
Make a point of hanging on to all the paperwork you received when you purchased your timepiece. Most insurers will request this should you ever need to submit a claim. This includes everything from the certificate of authentication to the details of where you bought it. Luxury watches are complex, so the more information you have on yours, the better.
Be Selective When Wearing Your Timepiece
Another way to ensure you don’t need to deal with unnecessary insurance claims is to be picky about when you wear your luxury watch. Think twice about where you will be going before you leave the house with your favourite watch.
By keeping these tips in mind and shopping around for the right insurer, you can enjoy the peace of mind that comes with knowing your timepiece is as protected as possible.