Omega Watch Insurance: What You Need to Know
If you’ve been shopping for a luxury watch, you’ve likely considered buying an Omega watch. The historic, high-end brand stands alongside others such as Rolex and Patek Philippe, offering timepieces worth the investment.
The average Omega watch costs thousands if not tens of thousands of dollars. And when you make that sort of monetary investment, you’ll want to protect it in case it’s lost, damaged, or stolen. This is where Omega watch insurance comes in.
What You Will Learn
Do You Really Need Insurance for Omega Watches?
Yes! You’ve just spent a lot on your new watch, and the minute you take it home, it’s already at risk. Even if you consider yourself a responsible watch owner who always takes great care to ensure your collection is in great condition and safely stored, many factors are out of your control.
Accidental damage can easily occur when you least expect it: You reach out to grab a glass before it falls off the kitchen counter, and your watch smacks against the hard counter corner, leaving a significant scratch on the metal bracelet. Theft can also impact anyone, any time: Your watch might be stolen from home, your gym locker, or your hotel room while traveling.
It’s not fun to think about these risks, but they exist. The right insurance policy can help. When you properly insure Omega watch purchases with specialized coverage, you can repair or replace the timepiece without shelling out more money.
What About the Omega Warranty?
Rather than buying a policy from an insurance company, why can’t you just rely on the international warranty coverage that automatically comes with your Omega watch?
A watch warranty can help you under certain circumstances, but it’s not a comprehensive coverage option. For example, the Omega international warranty covers material and manufacturing defects for five years. Beyond the relatively short time limit, it’s only valid if you have a warranty certificate that an authorized Omega retailer completed at the time of purchase.
Items the Omega Warranty Won’t Cover
- Issues with the watch battery
- Defects from normal wear and tear
- Accidental damage or damage resulting from neglect
The warranty will also be voided if you’ve taken the watch to an unauthorized business for service or repair.
As you can see, there are many instances — such as damage, theft, and loss — in which Omega’s warranty is basically useless.
What About Renters Or Homeowners Insurance?
Your renters or homeowners policy will protect personal items to a certain degree. However, the coverage you get from your home insurance, even with a separate rider, can be quite limited.
For example, some policies may only offer you a few thousand dollars for jewelry-related claims, after your deductible, rather than reimbursing you for the full replacement value of the item.
One Example of Homeowners Shortcomings
If you’ve purchased an Omega watch for $10,000, have a $1,000 deductible, and only get $2,000 from your insurance company, you’ll be left to pay $8,000 to replace the watch.
Additionally, renters and homeowners policies will only cover jewelry under very specific circumstances, such as theft, fire, and some natural disasters. They do not cover loss or damage.
The Watch Insurance Omega Watches Need
While there are multiple options for insuring and protecting your Omega watch, only one option will give you true peace of mind: specialty watch insurance.
The Benefits of Specialty Watch Insurance
These full-service policies are designed to cover all risks impacting luxury watches.Typically, it will cover the total value of your watch, allowing you to replace or repair it at no cost to you, under the following circumstances:
The best part is you can insure your watch for a shockingly low price. The cost of a comprehensive policy like BriteCo offers is typically just 1–5% of your watch’s total value.
Securing Specialty Insurance for Omega Watches
When working with BriteCo to protect your Omega watch, you can get a quote and purchase coverage on the same day. You’ll just need to enter some quick information regarding your watch or watch collections on our quote request form. However, note that most models will require an appraisal.
Once you have your quote, you can choose from two payment options: month-to-month or annual. If you choose to pay for your policy annually, you’ll even get a discount.
If you ever need to make a claim related to repairs or replacement during the course of your policy, the process is equally simple. Just fill out a claim form online, and our customer care team will work with you quickly to get things in motion.
Omega Watch Insurance FAQs
Have more questions about watch insurance? We have answers.
How Much Does Watch Insurance Cost?
Watch insurance costs 1–5% of your watch’s total value. It’s important to note that the value may differ from the original purchase price. This is why getting an appraisal for your watch is so important to the coverage process.
Does BriteCo Cover Secondhand Watches?
Yes, BriteCo covers watches purchased new and pre-owned, as well as vintage and antique models.
What Will Watch Insurance Cover?
If you’ve purchased a specialty watch insurance policy, it will cover an array of issues. From random malfunctions, such as if the time zone on your GMT is not displaying correctly, to accidental damage, theft, mysterious loss, and disappearance, you’re protected.
When Should You Buy Watch Insurance?
You can buy watch insurance at any point, but it’s best to do so as soon as you purchase the timepiece. This will ensure it’s fully protected at all times. Thankfully, you don’t have to wait long to get coverage: With BriteCo, you can buy a policy the same day, so there are no gaps in protection.
What Will Watch Insurance Not Cover?
While most policies will cover just about anything that could damage your watch, that does not apply to intentional damage or damage that occurred during extreme circumstances, such as military action.
Now’s the Time to Protect Your Omega Watch with BriteCo
Whether you purchased a brand-new watch from Omega as your very first timepiece in your growing collection, or you’ve been a long-time Omega collector for years, BriteCo covers it all. From theft to loss to damage, BriteCo will help repair or replace your timepiece, ensuring that your financial investment is always protected.
Learn more about our comprehensive coverage and get your quote now.
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