Patek Philippe

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 of my parents house, it seems to get swallowed up in it with little to no increase on the monthly cost. The problem is that i have recently moved out and have to fend for myself against the large insurance companies/banks where the content of my flat is minimal and the highest value items are my watches. I have found a few quotes, but most don't want to insure me. I have my eyes set on a Nautilus which i will be getting in Feb, but getting it insured has been a bit of a problem. I was wondering if you had any suggestions, loopholes and advice you could give me as i seem to have hit a dead and very expensive conclusion so far

Jack

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 to find a company who would insure just my single high risk item, instead of loading heavily the rest of my contents.

As I have got the names of two companies who I have used to insure my contents and watches in the past. And not being sure of the restrictions on naming them in public, I shall pm you with the details.

Regards

Tony 

I am surprised there wasn't a section in the forum relating to insurance as i have always been keen to insure my valuables, as i would imagine most 'purists' do....

Thank you very much for the private messages, i have looked into one of them and came up short. Lets hope this thread will come up with some new companies/ideas.

Jack

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

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 coverage is 24 hours for any type of loss and there is no deductible in the event of a loss and your premiums will not increase. Happy new year,

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.

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. And you shall discuss with your insurer to raise the limits (maybe an extra premium would be required).
 
Second one to insure the watch in any place, for any use.

Of course, the second type of policy is expensive due to the higher risks. Ask to a broker to get different quotes.

For the first one, I believe that the best solution is to rent a safe at the bank. Well, that's the thing I do. And I haven't changed my home policy wording & limits.

Fr.Xavier

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 home in a living space that is prone to robbery.  Scheduling expensive watches and jewelry ifor full replacement value on a homeowner policy is an expensive game and probably not worth it for most people.

 

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, you can try to claim for a recovery from the bank insurer. Banks are insured for the safes contents.

Fr.Xavier

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 inform the insurance agent via email and then they will start
the out of safe policy which is more expensive.
*CL

This type of event can be covered by a BBB (bankers blanket bonds) policies subscribed by the banks.

Fr.Xavier

that insured actress Betty Grable's legs. it was said that they would insure anything...for a price.



Bob

If you took some time to acquire the funds for any of your watches then you should go with a specific valuables policy. That way if you are unfortunate enough to lose a watch in the street or all of your watches are stolen from your home, you;re covered for replacement costs. If on the other hand replacing one of your watches is "petty cash" then a safe at home is probably a good bet.

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