Whether you’ve just purchased your first luxury watch or you’ve been building up a collection of high-value timepieces for years, you might wonder, is it worth getting insurance on a watch? Not only is it worth it, but doing so is a lot easier than you might think.
You can purchase watch insurance policies, compare and contrast insurance rates, and even file a claim, all online on your own time. The entire process will take less than an hour.
This level of comprehensive coverage is available for both individual luxury watches but also entire watch collections, as well as pre-owned models and antique and vintage watches. Policies cover nearly all high-end watch brands, from Rolex watches to Patek Philippe timepieces and beyond.
Keep reading for a step-by-step guide to answer any questions you may have, including:
- Who do you insure your watches with?
- What does watch insurance cover?
- How much does watch insurance cost?
- How does the claims process work?
What You Will Learn
Before You Start Shopping: Items You Need for Insuring Watches
When you’re ready to start gathering quotes, it’s essential to have some items prepared to make the process seamless. First, you may need to present certain documentation related to the watch, such as proof of purchase.
In many cases, getting a watch insurance quote will also require an appraisal before the underwriting review. This should be done with professional jewelry specialists that can accurately determine the current market value of your timepiece.
How Much Does Watch Insurance Cost?
Determining watch and jewelry insurance cost will depend upon the market value of your piece. While premiums will vary from provider to provider, BriteCo’s coverage starts at 1% of the value of your watch’s appraised value per year. So, if you purchased a valuable watch for $30,000, your coverage would cost at least $300 per year — a small price to pay for total peace of mind.
What Does Watch Insurance Cover?
For that relatively nominal price (and zero deductible!), here’s what BriteCo’s watch insurance covers:
- Accidental damage
- Mysterious disappearance
- Theft
If your watch is damaged or lost due to any of the above factors, you can replace or repair it with no financial loss. There are only a few rare instances in which BriteCo’s coverage won’t be able to protect your watch, such as intentional damage, or if it was damaged under extreme conditions, such as military action.
How Does the Claims Process Work?
If you do need to make a claim on your watch insurance policy, it’s much easier than making a claim on your homeowners insurance policy. You won’t need to pay a deductible and cross your fingers that the provider will give you enough to cover the full repair cost.
Instead, when you file a claim with a provider like BriteCo, all you need to do is provide your documentation, a photo, and similar details, and you’ll be reimbursed with the full amount needed to repair or replace the watch — up to 125% of the cost, adjusted for an increase in market value. BriteCo will even work with your preferred jeweler to coordinate any repairs, making the process as simple and streamlined as possible.
Is Insurance for Watches Worth It?
The short answer is yes. Here are just a few reasons why protecting luxury watches is always worth it.
1. Everyday life can pose hazards to your watch and jewelry collection.
While you would expect normal wear and tear to occur, no one ever expects to be the victim of a burglary or pickpocket. And no one wants to think what might happen if they accidentally bang their hand against a sharp countertop corner, resulting in a scratched or shattered watch. You may not also believe you’re capable of accidentally leaving your watch behind in a hotel room. But these things happen all the time, and more often than you’d think.
2. A standard homeowners policy or renters insurance only goes so far.
Your homeowners or renters insurance will only cover valuable items to a certain degree. More often than not, your policy contract will dictate that you must not only pay a deductible, but also pay the majority of the cost to replace or repair expensive items, such as fine jewelry or luxury watches. Even if you purchase additional homeowners insurance riders to account for these items, the policies are still limited in how they’ll cover claims. For example, homeowners and renters policies never cover accidental damage.
3. Watch warranties are also very limited.
While many jewelry and watch brands will give you some sort of protection plan or warranty if you purchased the piece directly from them, these plans are likewise limited. Typically, warranties will cover costs to repair or replace an item only if it begins malfunctioning or breaks for no obvious reason. A warranty won’t cover any repair or replacement if you accidentally break or lose your watch, or if it’s stolen. Additionally, many warranties will mandate that you meet specific requirements to use it. For example, some jewelry brands require that you take your piece in every six months or so to have it inspected for any potential damage.
While these types of limited coverage can be helpful, it’s only under very specific, limited circumstances. They’re not ideal for everyone and they certainly don’t give you the robust coverage that you can expect from a specialized jewelry insurance policy.
How to Insure a Luxury Watch FAQs
What Does Watch Insurance Cover?
Watch insurance typically covers the cost of repair or replacement in the event a watch is stolen, damaged, or lost. Most policies will not cover normal wear and tear. Additionally, policies will not cover you in the event that you damaged the watch on purpose. Likewise, the coverage typically does not apply to extreme or rare circumstances, such as major disasters or warfare.
Where Can You Find Professional Advice on How to Insure Watches?
Check out the BriteCo blog! Not only do we offer guides to insuring various brands of watches, but we also offer tips on watch collecting in general.
How Much Will Watch Insurance Cost?
You can expect watch insurance to cost about 1–5% of your piece’s value every year. That means if you paid $10,000 for a watch, your rate would likely start at $100 per year.
What Types of Watches Are Covered By Insurance?
Specialized watch insurance covers all sorts of valuable watches, including brand-new and pre-owned watches, as well as antique and vintage timepieces.
What Brands of Watches Can Be Insured?
Most high-end brands are able to be insured, including Rolex, Piaget, Omega, Breitling, Tag Heuer, Cartier, Patek Philippe, and more.
Explore Your Watch Coverage Options with BriteCo!
Now that you know how best to insure a watch, take the next step to secure comprehensive, worldwide coverage. There’s no need to walk through life worried that your daily activities will somehow result in your precious timepiece being lost, stolen, or damaged. Luxury watch insurance always has your back.
Get started with a free BriteCo quote!
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