Alternative to insurance

I find insurance to be a rather expensive option, plus i do not trust insurance companies these days. I am reasonably careful and after many years of collecting watches and traveling to most parts of the globe, i have not had any watches stolen. i use a small well hidden safe at home, and as long as it is well hidden and well installed, it will stop all but a super pro thief. Real life is very different to the movies and 99% of burglars could not get past a reasonably alarmed home and well hidden safe. I tend to wear a Rolex sub ( not a super rare one) as my day watch, and i figure if i get successfully mugged, it is not the end of the world, but so far so good. Like most things in life i find that there are certain watches for certain occasions, the beach is not great for a Patek, and neither is a night club. If you really feel the need for a a Patek or similar in one of these places, then why not use a fake and keep the real deal safe at home. Good luck with your collecting and Happy New Year

Watch Insurance !!!

By: J.W.B : December 30th, 2010-09:31

Hello .... I have been an avid reader of this forum since i got a Rolex for my 18 birthday present and think its fantastic, i am rather young at 21 and have a few issues with watch insurance. The main way i insure my watches is through the content value o...

Jack, firstly welcome to the forum............

By: Topcat30093 : December 30th, 2010-10:09

Secondly, I see that you live in the UK, so I shall follow this thread with some interest, as I am about to renew my current policy and I'm in the same position as yourself i.e. my watches far out weigh any other item for value. Ideally I would just like ...

Many Thanks

By: J.W.B : December 30th, 2010-10:44

Insurance

By: Nat : December 30th, 2010-13:33

In the US, the most economical way is the "schedule" the watches on a homeowners insurance policy. There are companies that will insure high value items separately, but they will definitely extract a higher price. Best of luck. Nat

Agreed, schedule the valuable items

By: emcquillan : December 31st, 2010-18:42

Your policy will have a detailed list of insured valuables over and above your basic contents. The cost is roughly 2% of the replacement cost per year with discounts if you have monitored security, good claims experience, valuables in a safe etc. The cove...

2%

By: J.W.B : January 1st, 2011-04:23

Thank you for the ideas, i would happily pay 2% if i could its just a pain in the ass finding it. The bank idea does seem to be good, but i don't think i have the maturity to keep going back and fourth.

There are basically two types of insurance

By: foversta : December 30th, 2010-13:36

First one to insure the watch as a luxury item in the house or flat contents. In that case, you shall carefully read the clauses because the deductible and the calculation of the value of the watch in case of claim can lead to a much smaller compensation....

Safe Deposit box

By: autowind : December 31st, 2010-07:02

For the record, in the US, a regular home owner insurance policy does NOT cover items in a safe deposit box at a bank. If the bank were robbed (extremely rare), you'd be out of luck. I think theft of a watch is extremely rare unless you leave a watch at h...

It's true and it's also the case in Europe.

By: foversta : December 31st, 2010-08:08

Of course, the contents of the bank safe is not covered by the home insurance. My point of view is when the insurance covers are not satisfactory, you shall reduce the risks. So I have nothing at home except the watch on my wrist. If the bank is robbed, y...

I doubt bank's safe are insured....

By: CL : December 31st, 2010-13:14

first of all, bank does not know what you put in the safe, so how can they insure it? What I do is I put the watch in the safe and buy an external insurance to cover them. It's very cheap when the watches are in the safe. When I need to wear them, I will ...

Patek Philippe