A luxury watch is so much more than a time tracker. Some luxury watches are cherished heirlooms with significant nostalgic value. Others are investment pieces of unrivalled quality, style and engineering prowess. Perhaps your timepiece is all of the above.
Whatever type of watch you own, we are here to help you ensure it is properly protected. If your luxury watch is stolen or lost, for example, having the right watch insurance protection can be essential.
Luxury watch insurance is protection for your high-value watch. In the world of insurance, a watch is considered jewellery. A standard home insurance policy covers jewellery, which includes watches; however, coverage is limited, often to about $5,000. If you own an expensive watch, such as a Rolex, Patek Philippe, Breitling or Omega, a standard home policy likely will not cover your watch to its value. You can increase jewellery insurance protection to get extra coverage under your residential policy by purchasing an additional line of coverage, often called a scheduled article or a jewellery rider. This enables you to get the appropriate protection for a high-value watch without the use of your policy deductible. It can be a good protection option.
Regarding specifics, watch insurance protection can include numerous perils from theft to loss, depending on how it is insured. Expert advice from an insurance broker is recommended to ensure appropriate protection.
Yes, watch insurance is well worth purchasing to protect your valuable watch against problems such as theft, damage, loss and others. The cost is a reasonable investment considering the protection received on a valuable item. The best watch insurance protects against significant perils and has global/worldwide coverage, a small or limited deductible, and a quick and easy process of claims. These are some of the essential details an insurance broker can help with. A broker will begin by asking about the watch you are looking to insure. The broker will explain the coverage offerings and get you several competitive watch insurance quotes from different companies with the protection you want. This means you can get the coverage and pricing that's best for you.
Yes, your watch should be insured, particularly if it's valuable. Your watch and jewellery will be insured under a standard home, condo, or tenant's policy, but protection is limited. The coverage limit on a standard home insurance policy is often about $5,000 for jewellery and watches. Exclusions and limitations may also apply. The value of one luxury watch alone can far exceed these basic coverage limits. If you have standard residential coverage and let's say your luxury watch is valued at $20,000, the maximum you will receive is far less than the piece's worth. We recommend purchasing insurance to protect your watch to its appraised value. Think of the coverage this way: Luxury watch insurance is a good investment if the price is reasonable compared to the piece's value.
Watches of all types can be insured. We can provide luxury watch insurance for brands such as Rolex, Patek Philippe, Cartier, Omega, Breitling, Bremont, TAG Heuer, and many more. When you contact us, we will discuss the specifics of your expensive piece and begin finding the right watch insurance coverage for you.
In most situations, an appraisal or bill of sale will be needed to insure an expensive watch to its value. Also, given that fine watches appreciate over time, it's beneficial to have professional valuations. Documentation of a watch's accurate valuation protects both you and the insurance company. You want your watch appropriately insured. The insurance company wants to know what it is insuring, and its value.
There are many factors that will determine the cost of luxury watch insurance. Some factors pertain to the watch itself such as the watch's value based on the appraisal, the attributes/features of the watch, and if the watch was customized. Other factors include how often the watch is worn (daily or only on special occasions), how you store your watch, if your home has a monitored alarm, and much more.
To provide some examples of the average insurance premium for luxury watches, we have provided a chart below.
To receive an accurate luxury watch insurance quote, please contact one of our experienced brokers. We are here to provide the best coverage and service.
AVERAGE PREMIUM (per year)
Hublot Big Bang Tourbillion
$1,875 - $2,500
Patek Philippe Complications
$1,031 - $1,375
$270 - $360
$42 - $84
Watch insurance can cover a variety of losses including loss, theft, damage, and disappearance. The coverage available for a watch depends on the way in which your item is insured such as on a home policy or on a home policy with an endorsement to protect your watch to its value, for example. Watch insurance is like a safety net for your special timepiece. If your watch is stolen or lost while you are travelling, the right watch insurance can make a bad day a whole lot better.
Yes and no. Your home's contents policy protects your watch to a specific limit. So yes, you are insured. But no, your watch may not be adequately insured. Insurance companies have different limits for jewellery, which includes watches. If your watch is worth more than the standard home limits for jewellery - usually about $5,000 - your best bet is to get additional coverage. We recommend discussing this with an insurance broker to ensure proper coverage. No one wants to suffer a loss and find out their luxury watch is not adequately protected.
Yes, your watch is protected when you are outside your home. Your watch is meant to be worn and enjoyed. Providers of insurance know we wear our watches everywhere, maybe even 24/7, and they know things will happen. Depending on how it is insured, you will want to make sure you have mysterious disappearance coverage, as this will likely be the cause of a claim. This coverage is sometimes not included in stand-alone watch policies. This is why we almost always recommend watch coverage be added to a home or tenant policy to get the most comprehensive protection. Coverage choices vary by the insurance company. A broker will explain the particulars of watch insurance coverages offered by different insurers, including worldwide coverage offerings.
Yes, your watch will be covered by insurance if it is stolen. Just as your home policy provides contents insurance coverage for your belongings, the same principle applies to your watch.
Your watch can be covered for loss as long as you have coverage for mysterious disappearance. This coverage would respond if you have your watch one minute, and the next thing you know, it's gone, and you are not sure what happened to it. Maybe you are out to dinner and it is lost, or swimming in a lake and it's suddenly gone. It was not stolen or damaged, but it is just gone. As awful as this situation would be, this coverage ensures you will not be left without. Mysterious loss is the most common cause of loss for all jewellery.
Depending on which insurance company insures your watch, it may or may not be covered for repairs or replacement if there is water damage. Expert help from a broker can be essential in explaining policy details about this kind of protection. An insurance broker will get you numerous quotes and explain the offerings of each so you can choose the policy that's best for you.
Coverage for repairs would depend on the reason for the repairs. Regular wear and tear would not be covered. However, if it was due to an insurable loss then it would be covered. Think of it like auto insurance where regular maintenance is not covered but repairs in a claim scenario would be covered. For example, if your watch was stolen and damaged, this kind of repair would be covered. Suppose, however, that your watch simply stops working after many years of wear, this repair would not qualify for coverage.
Policies always have coverage exclusions. Depending on how your watch is insured and which insurance company insures it, you can expect exclusions such as water damage, and wear and tear. An insurance broker will provide details on exclusions that come into play depending on how you insure your item.
Yes and no. Yes, deductibles would apply if the item is simply covered under the special limits of a home or a tenant's policy or if it is insured on its own separate policy. No, deductibles would not apply if the item is insured as a scheduled article as an additional part of a home or tenant's policy, which is an excellent perk.
Yes! The claims process is very similar to how home and auto claims are handled. You may need to supply proof of purchase or ownership, depending on how your watch is insured. A receipt for the purchase or an appraisal (valuation certificate), which is the best practice, will suffice. The insurer will review the details of the piece as thoroughly as possible. This detailed description will be sent to a jewellery vendor who will assess and quote the replacement cost. This process is similar to what happens in an auto or a home claim. Your insurance broker will always be there for you, as with any claim. Brokers do not work for insurance companies. Brokers are independent experts who work for our customers to ensure they get the best protection, care, service and claims resolution.
How your watch is insured will determine the scope of protection you will have. We recommend speaking with an insurance broker who knows watch insurance. The broker will discuss your needs, coverage options, pricing and more. The broker will help you find the exact coverage you want to protect your watch. We are here to help make your insurance experience easy.
You can buy luxury watch insurance from Morison Insurance. Our expert brokers know watch insurance and will help you to determine if your home or tenant's policy already provides adequate protection for your timepieces or if you should have more coverage. When you contact us, you will immediately speak with a watch insurance expert who will take time to discuss your needs, get you several quotes, go through these with you and help you to compare them. Get started today by calling 1-800-463-8074 or by filling out the form on our website. Our goal is to provide well-priced watch insurance that delivers protection and peace of mind.
This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.