If you’ve spent thousands on a high-end watch from Hamilton, Rolex, or another prestigious brand, it’s worth insuring your valuable timepiece. While home and contents insurance policies offer some cover, luxury watch insurance delivers greater protection tailored to your specific needs.
Unlike standard policies, many dedicated watch covers include mysterious disappearance – so you’re compensated if the watch vanishes without a trace. Home policies normally have paltry jewellery limits inadequate for luxury watches, like those with $1500 maximums.
Specialist watch insurance policies provide sufficient replacement value if yours is pinched or lost. You’ll have peace of mind knowing your $ 5,000 TAG Heuer or $35,000 Omega is protected and certainly not underinsured. Some insurers even cover damage from drops, falls, and accidents – mishaps home contents don’t cover, and that’s another reason why purchasing watch insurance makes great financial sense.
It is important to start by evaluating your watch’s value and finding an appropriate cover that fits your risk tolerance. Higher excesses lower premiums. Our team can help by explaining policies and recommending the right policy for your expensive watch or watch collection.
Don’t leave your expensive investment vulnerable – protect it with tailored watch insurance today.
How Does Luxury Watch Insurance Cover Work?
As luxury watches grow in popularity across Australia, more owners are wisely opting for specialist watch insurance over standard home policies. Why the shift? Because general insurance simply doesn’t provide adequate cover and features tailored specifically for valuable timepieces. Your watch requires comprehensive insurance, which is only possible if you opt for dedicated insurance coverage.
Putting your prized Rolex or Audemars underinsured on contents insurance exposes you because it cannot adequately cover the watch’s price. Many policies impose low overall jewellery limits, so your $15,000 watch could only be covered up to $2000. A specialist watch insurance policy accounts for the full replacement value. Plus, they (specialised insurance) include key protections like worldwide coverage, mysterious disappearances, damage from drops, and theft.
Specialist insurers like Centrestone offer policies with higher limits, loss buffers, and flexible excess options to suit your needs. Your watch deserves insurance by an insurer who understands luxury watches – not a mere footnote under general contents cover. That is where we can help and why we have the best watch insurance in Australia.
Why Do Luxury Watches Require Cover?
Thefts targeting expensive luxury watches are surging across the globe, with robberies up nearly 30% in Los Angeles and 60% in London this year. High-profile athletes and celebrities flaunting their expensive timepieces on social media have fuelled this crime wave, but most policies don’t include theft coverage. Even well-secured watch retailers have been hit, with £15 million in timepieces nicked from a Berlin vault.
As criminals increasingly target Rolexes, Omegas and other prestige brands, owners must take precautions. The biggest risk for many people comes while travelling, where watches are vulnerable. Never wear your Rolex through unfamiliar areas, and consider leaving it secured at home or the hotel. Thus, maintaining solid home security and getting specialist watch insurance is critical.
Even carefully hidden at home, luxury watches remain ripe targets for savvy thieves which is why the insured value should cover the watch’s price adequately. Since watches are portable assets, home insurance policies impose low jewellery limits that won’t cover a $15,000 Rolex.
For pieces worth thousands, skimping on insurance makes no sense, and thus, your insurance will need to have portable contents covered. An inexpensive annual premium gives you the peace of mind of knowing your heirloom or splurge purchase is protected, whether you’re targeted at home or abroad. Dedicated watch insurance understands the unique risks facing luxury timepieces. Don’t wait until it’s too late – get quality cover that matches the value of your investment today.
Today, with watch theft ballooning, never assume you’re immune. Take smart preventative steps like limiting social media exposure, securing the watch at home and reviewing insurance needs with a member of our team.
What Does Insuring Watches Cost?
Starts from $27 annually on average, but the price of luxury watch insurance can vary depending on the price of the item. Most people assume that it will be covered with jewellery insurance or some type of watch warranty from the manufacturer, but that’s often not the case.
If you are in the market for watch insurance, we can provide you with a free, no-obligation quote. Click here for a quote.
Disaster strikes, and when it does, replacing expensive watches shouldn’t put a hole in your wallet!