Is it worth getting insurance on cheaper watches?

Insurance is something you buy but hope you never have to use. From that perspective, what situation are you trying to insure against?

Here’s some sample situations that I hope no one has to go through:

1) Robbery - if it’s not expensive, thieves will probably not target you and if they do, just give it up and walk away. File a police report and hope it’s recovered but if not, it’s easily replaceable.

2) Home robbery - take pictures of all valuables and keep receipts if possible and if your house gets broken into, your home insurance might already cover the loss. Check with your insurance carrier for limits of coverage and any deductible.

3) Fire/water - same as #2 and check with insurance.

4) Travel loss - some credit cards provide a level of protection against lost or damaged luggage.

Long story short, it depends on your level of risk aversion. Personally, insure larger purchases such as cars and houses, and invest in health insurance. At the end of the day, watches are just objects that can be easily replaced.

Excellent topic!! I double down with both: watches in bank safe deposit box plus insurance rider. Naturally, the protection is geared towards watches having “substantial” value. One thing to obviously avoid is the accumulated premium paid to your insurance company NOT eventually exceeding the actual watch value…lol, so there’s a degree of careful planning/selection. Good luck! 🤙❤️🤙

My JLC, Tudor, TAG and Longines are insured. Nothing else. Basically, if it costs over $1000, then yes, I insure it. Otherwise? Nope, not worth the premiums.

My friend insures his Rolex and other nice stuff on his property insurance policy as floaters. He pays a small additional yearly premium, but it makes sure he isn't screwed by policy limits for watches/jewelry if there was a loss.

He probably would still have to pay a deductible if he claimed, whatever that is ($1K is common).

Maybe check your existing policy and see if you want anything covered past those limits?

Source: loose working knowledge from working for an insurance company as a summer student in college lol. Purgatory I tell you....

I've added mine into our other expensive personal property. Might not ever need it, but would like stuff replaced if __________ fill in the blank.

I have pictures and serial numbers too.

I insure anything over 1K on a Personal Articles Policy: inexpensive, no Exclusions and covered anywhere in the world. Every piece sits in a safe when not worn. Fire resistant and anchored to the floor... beyond that walls, gates, motion lights/sensors,alarm, dogs, and firearms. Maybe I'm paranoid or maybe that's just the times.

Dang Fred, I now know not to use your driveway to flip my car around! 😂😝😂🤙

Great question,joker.you guys know who I’m calling first thing tomorrow morning.

LOL! If the gate is open no problem BUT you will be hit with a lot of lights. You can feel like a movie star for a moment 😎

I think special insurances for watches could be expensive and only worth if your watches are expensive as well.

Insurances are always a kind of a gamble. You should estimate the risk of being robbed in relation to the watch collection vallue.

Check also the insurances you allready have or other kind of insurances which covers not only your watches.

I have for example an insurance which covers my household in case of catastrophs or break ins. That is quite comon here in germany. Some limited kind of jeweleries and art work are included. Except if I store 10 daytonas and Picassos in my living room.

My insurance company always has an updated list of all watches, jewelry, art objects and musical instruments. Everything under 2000CHF falls under the household insurance, where there is a corresponding entry for it.

The items over 2000CHF have a special insurance for jewelry, art object and musical instruments. Insured are higher sums with lower deductible also in case of travel in case of loss, theft, damage by third parties and by me. Either the potential value of the watch or the new value of the watch is insured.

So it is worth every few years to lose a watch 🤣🤣🤣

20'000 CHF insured objects cost me 150CHF per year.

Don't own anything you can't afford to lose at any moment and, not only will you be not upset if something gets nicked one day, you'll never have to pay hundreds, thousands of dollars for insurance, either.

Good topic, commenting so I can follow.

My Seamaster 300 is insured, but my other watches (which add up to more than the SM300) aren't insured. ...maybe I'd better look into that!!

Less expensive watches are probably covered under youor home owners/renters insurance, up to a set amount. More expensive watches are best covered by a jewelry insurance policy, like Jeweler's Mutual. Hopefully you never have to use it.

Anything under £2,000 is covered under my home insurance, anything worth over that amount I have to declare the replacement value otherwise the insurance will only cover the first £2k