9 December 2019

Call time on underinsurance


Is your watch collection your prized possession or do you have a single watch that might be a family heirloom or maybe a special birthday present? Whatever the situation may be, you should always make sure your watches are insured at the correct value to avoid disappointment in the event of a claim.  In order to ensure you are correctly insuring your valuables, a valuation is paramount.

If you bought and insured a watch a number of years ago and have not had it revalued, it is more than likely that your watch is now underinsured and in the event of a claim, you may not be able to replace the watch with the same make and model.

For example, Rolex increased their prices across all models by 10% in November 2016 and a further 5% in October 2018.  In a recent article by Doerr Valuations*, a company we recommend our clients to, they have shown an increase of 296% from 2000 to 2019 for the Gentleman’s steel Oyster perpetual Submariner bracelet watch.

We recommend that your watches are valued every three years as the increase can be significant.

This can mean if you insure your Rolex at £10,000, but the value has increased since your last valuation, your claim will not be paid in full and you may be out of pocket. Regular valuations can help you avoid disappointment in the event of a claim.

We recommend that your valuables are valued every three years as the increase can be significant. We work with a number of valuers and would be more than happy to ask them to contact you to discuss your collection and a valuation.

Most of our insurers offer Extended Replacement Cover on items of jewellery that are supported by a valuation that is dated within the last three years. This means that you will automatically benefit from an uplift on the sum insured ranging from 25% to 50%, depending on the insurer. For example, if your Rolex was valued at £8,000 in 2018, but following a theft claim, you find that it will actually cost £9,000 to replace, your insurer will cover the difference at no additional cost to you.

If you would like advice on valuations, call 0207 543 2800 or click here to request a call back.

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