Would you purchase a new car without taking out car insurance? No. Do you live in a house without home insurance? Probably not. Would you start a family and raise children without considering life insurance? The chances are slim, right? In this day and age, we are, in some respects, ‘programmed’ to think of the worst-case scenario.
We don’t want to run the risk of losing, breaking, or damaging our belongings because that would incur a cost to replace the item. We pretty much take out insurance on everything we own now, from phones to family heirlooms to things that we need for our professions. Most of us would agree that our phone is the most valuable item that we keep with us at all times of the day. But for many, a watch is a close second.
Who wants to rummage in our bags or shuffle around in our pockets for our phones, anyway? True watch lovers will agree that nothing is more satisfying than referencing the time by our wristwatch – the traditional way. So, it makes perfect sense that we get our pride and joy insured. Not everyone will take out jewelry or watch insurance.
But, then again, not everyone values wristwatches to the same degree. How important is your watch to you? The chances are, if you’re reading this article about watch insurance, your timepiece is probably quite valuable. You know your Audemars Piguet watch from your Patek Philippe watch, and you know your TAG from your Rolex. You’ve probably been toying with the idea for some time.
If your watch holds substantial value to you, either sentimental or monetary, you’ve more than likely asked yourself the question, “what would I do if I lost my watch?” or, “what would I do if my watch was stolen?” It’s probably time to stop putting that thought to one side and actually cover yourself in case that worst-case scenario ever happens.
And if you’re having trouble justifying the question “do I need watch insurance?” then take a minute to consider how you’d feel if something happened to it and you hadn’t taken out watch insurance. Instead, ask yourself, “how would I feel if I ever lost my watch?” and if that question makes your heart sink to the bottom of your stomach and makes your hands sweat a bit, then you probably need to take out insurance on your watch.
Before insuring your watch, there are a few things you may want to consider. You’ll want to make sure the jewelry or watch insurance provider covers the cost of replacing or repairing your original timepiece. This is because many companies, especially those not specifically designed to cover jewelry and watches, in particular, can have a reimbursement limit.
You’ll also want to think about whether you can trust your chosen watch or jewelry insurance provider to supply you with a realistic replacement if your watch has since become discontinued during the time you owned and lost or damaged it.
Consider how much deductible you want to pay too. The more deductible you agree to pay, the less your premium will cost and vice versa. To make sure you’re opting for the best package that suits your financial situation, ask yourself the question, “How much money am I willing or able to afford out of pocket to replace or fix my watch if something unfortunate was to happen to it?” Decide from there.
If you travel a lot on vacation or take your watch with you for business while traveling from one country or state to another, your insurance is going to need to cover your watch wherever you wear it to. Make sure your insurance company gives you peace of mind that wherever you are in the world, should you lose, damage, or experience having your watch stolen, it’s fully protected and covered.
Because unfortunate circumstances happen to our valuables all of the time, claiming your money back after losing your watch is not always that simple. Ensure your jewelry or watch insurance provider covers you for all eventualities, including the loss of your watch in a flood, a fire, and mysterious disappearances, to name just a few examples. Here are the top three best jewelry insurance providers to consider, including one of the most popular jewelry insurers, the Jewelers Mutual insurance company.
Lavalier watch insurance
Lavalier insurance is the type that provides an “all-risk” policy, so it offers the most comprehensive coverage for your watch. Even if you’ve taken out insurance on timepieces from your watch collection with other providers, Lavalier is undoubtedly the type of insurance policy we’d recommend you to take out on a high-end wristwatch.
The company boasts an A.M. Best financial strength rating of A+ Excellent. As well as covering any new timepiece that you purchase before adding it to your current policy, it will also cover you for theft, damage and mysterious disappearance. An “all-risk” insurance policy from Lavalier will guarantee that your claim is unlikely to be denied. They will pay the cost to either repair or replace your timepiece or pay the cash value for it.
Jewelers Mutual Insurance
You may have heard of Jewelers Mutual before. Jewelers Mutual Insurance is an insurance company that has been in operation since 1913. Having received endorsements from the American Gem Society, Canadian Jewellers Association, and Jewelers of America, amongst many other prestigious companies, Jewelers Mutual offers an advantage over others since it provides a plethora of cover from theft, loss, disappearance, and damage.
If you always take your timepiece away on vacation, or if you travel on business with it often, this may be the watch insurance company to go with. This is since your timepiece will be covered for loss all over the world, no matter where your travels take you. If you don’t have the disposable income to be able to pay a deductible should something happen to your pride and joy, there’s also a zero-deductible policy option at Jewelers Mutual Insurance, which won’t increase the cost of your insurance premium!
Chubb watch insurance
If it’s the deductible that bothers you most about taking out watch insurance, however, Chubb is an insurer that is rated “A++” Superior in financial strength by A.M. Best. They will give you a choice between two options; a stand-alone policy or a floater to a homeowner’s insurance policy.
If it’s the stand-alone policy you’re looking to take out, your wristwatch will be covered worldwide and with a zero deductible set-up if that’s what you want. Inflation protection is also included for up to 150% of your policy amount. You can also get cover for up to $50,000 for any new wristwatch you purchase up to 90 days before adding it to your policy.
Expert tip
Something to look out for when taking out insurance on your wristwatch, is whether your chosen watch or jewelry insurance provider offers you a “like kind” policy or “same kind” policy for loss or damage. Replacement cost coverage will ensure you receive the amount of money to replace what you insured at the time, not what the timepiece was worth when you lost or damaged it.
This is a situation that may otherwise incur additional costs for you after you put a claim in, once depreciation is factored. Always contact your provider and ask them to provide you with an email stating the terms of conditions.
The email should break down exactly what you’re covered for, subject to terms of service, and should also document the detailed information in the small print, normally seen on the company website.
Choosing the right watch or jewelry insurance for you all depends on the value of your timepiece and how much you want to protect both it and yourself should something unfortunate happen.
The key to choosing the best watch insurance is, first and foremost, to go with a trusted and reliable provider. Lastly, before making a final choice, weigh up the terms and conditions of each insurance policy before highlighting what the most important factor in insuring your watch is to you.
Is it the fact that you want your timepiece to be covered for all eventualities including mysterious disappearance, theft, and damage? Is it that you want your insurance to protect your wristwatch even when you’re thousands of miles away from home? If so – opt for Jewelers Mutual. Or is it that you want as close to a zero deductible option as possible? Consider all these things when looking for insurance.
