Logo
Press Release

Why You Should Insure Your Luxury Watch

Edgware United Kingdom
Categories: Non-Engineering / United Kingdom Tags:
rolex insurance

Insurance is a no-brainer when making a significant purchase like a house or a car. You want to protect your investment and ensure that accidental damage, theft, or loss doesn't ruin you financially.

But what about luxury watches? These timepieces can cost thousands, so is it worth paying for insurance?

Protecting Your Assets

Let's not beat around the bush: Insuring high-value wristwatches is necessary. Luxury watches aren't just mere accessories. They're investments that often retain their value over time. Not only that, but a genuine high-end watch can cost more than your average car!

It's in your best interest to keep the item as safe as possible, and insurance policies can do just that. Rolex insurance, for example, sometimes offers hundreds of thousands of dollars in coverage.

Of course, you don't have to buy a million-dollar timepiece to consider insurance. Generally, advisors recommend insurance if the overall value of the piece is significant enough to cause a dent in your financial well-being. Would paying the total cost of the item to replace it be difficult for you? If so, it's undoubtedly worth getting insurance, no matter the cost of the luxury watch.

Types of Insurance to Consider

There are a few different kinds of insurance available for watches. Before you do anything, make sure to gather all the documentation you need to get coverage. That includes retail receipts, authenticity paperwork, and condition reports from auctions. Some insurers will not provide coverage if you cannot prove the value.

From there, you can choose a plan that caters to the watch. If your timepiece is worth $2,000 or less, homeowners' or renter's insurance should suffice. Make sure to familiarize yourself with any coverage limits or deductibles.

Consider a personal article floater for watches valued at more than $2,000. You can get these as endorsements on your existing homeowner's policy or as a separate policy entirely. Typically, you'll pay a small fee for every $1,000 of coverage.

For those super high-value watches, you'll need to go to specialty insurers. Some insurance companies work exclusively to cover items valued at $100,000. Others only cover goods worth more than $1 million!

Protecting Your Bottom Line

Insurance is paramount if you own a premier watch from high-end brands like Rolex. Rolex insurance can cover your investment in the worst-case scenario. Even if your timepiece isn't as pricey, consider your insurance options. It always pays to have peace of mind.