Like many watch enthusiasts, wearing your prized luxury Rolex or Omega watch on vacation seems natural. However, doing so carries significant risks that may ruin your trip. Luxury watches attract attention and make you a target for theft across the globe. Plus, it isn’t something that regular home and contents insurance normally covers, so assuming it is putting your prized possession at risk.
In tourist hubs, professional thieves scout for expensive timepieces, ready to violently mug unsuspecting wearers. Even when not flaunted, keen eyes spot Rolexes and other prestige brands. Keeping your $15,000 watch secured in the hotel safe seems prudent. But room break-ins specifically targeting watches still occur which is why putting jewellery and luxury watches in the room’s safe isn’t the solution.
The volatility of travel also endangers watches. Busy airports and crowded trains increase the odds of accidental bumps and dings. Exposing fine movements to large altitudes and temperature shifts mid-flight can affect timekeeping. Water activities like swimming risk water damage if the watches aren’t properly sealed.
For irreplaceable heirlooms or splurge watches, the safest bet is leaving them protected at home. But if travelling with them, utilise hotel safes, conceal under sleeves, and consider specialist watch travel insurance.
In this article, we’ll go over a couple of luxury watch insurance tips so that you are adequately covered when abroad.
What Does Your Watch Insurance Cover?
Travelling with a luxury watch requires insurance delivering extensive protections, especially for theft, loss, and accidental damage thus you need adequate cover.
A key coverage is mysterious disappearance, which kicks in if the watch vanishes with no evidence of theft. Standard policies require signs of forced removal, but specialist travel cover includes this essential protection. You will want to read the fine print if you are not sure.
Theft coverage is also a must, even if you take precautions concealing your Rolex. Crafty pickpockets and bold snatch-and-runs still occur which means your watch is in as much danger as your expensive engagement ring. Ensure your insurer replaces stolen watches or compensates for what it is worth without depreciation fines.
It’s also vital that watch travel insurance or so-called Rolex Insurance, also covers accidental loss. Despite your best efforts, watches can easily be left behind in taxis and airport lounges amidst the hustle of travel. Insurers like Centrestone offer loss buffers, paying a portion of the watch’s value if it permanently disappears. You can read our watch insurance faqs for more information about this or contact us.
Accidental damage, though less likely, is also worth covering. Bumps and knocks or water exposure on trips can damage a watch as it can any other mechanical asset. However, you should make sure there is a list that highlights what is covered under accidental damage.
Does Portable Contents Cover Include Luxury Watches?
Portable contents insurance aims to cover personal items you take outside the home, like jewellery, watches, and electronics. Rather than listing every item, you nominate a total insured value for all portable possessions under one policy.
This insurance is designed for frequent travellers who have high-value portable assets. Cover activates whenever you leave home with protected items in tow. You’re shielded against theft as well as accidental loss and damage worldwide.
While convenient, portable content cover has limitations to consider. Single item limits, often $2,500, likely won’t cover that $15,000 Rolex. You must accurately set the total insured value to avoid underinsurance. Claims processes can be arduous, needing detailed item proof.
Generally, a portable cover works best for low-value items like sunglasses and headphones. Those with expensive watches and jewellery exceeding item limits need specialist covers. Though easy to purchase bundled with home insurance, evaluate if portable contents adequately cover your luxury watch.
We strongly advise that you buy specialised insurance, for true peace of mind when travelling. That way, you can be assured that in addition to your personal possessions, your watches are also covered.
Your personal belongings are technically separate from your luxury watch collection when it comes to insurers. Even though the insurance policy may cover certain items, it may not cover everything. That’s why it is best to get specialised jewellery insurance and luxury watch insurance when travelling.
At Centrestone, we make the process of getting watch travel insurance easy. Not only do we provide cover, but you can make a claim when needed via our swift and easy-to-use system.
Contact us today for a free quote.