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How & Why You Should Insure Your Luxury Watch

Last updated on March 04, 2024

For some, mechanical watches pull them out of this fast-paced, hectic world. For others, a luxury watch serves as a constant reminder of a loved one or life achievement. Whatever your motivation, a luxury watch can be life-enriching and rewarding.

But wearing an expensive watch can also be nerve-wracking. The thought of damaging or losing your watch may cause you to leave it at home on your dresser. But this defeats the purpose.

Luxury watches are designed to be worn, admired and treasured. But what if you’re nervous about wearing it because it could be lost, stolen or damaged? In this article, we’ll look at the how and why of luxury watch insurance.


The Why

Home and Contents Insurance Probably Won’t Cover It

Most home and contents policies place limits on coverage for individual items. If your contents insurance has a limit of $1,000 per item for luxury goods like watches, you may not have the means or motivation to replace your treasured timepiece.

Instead of relying on your home and contents insurance to cover your luxury watch, obtain watch insurance, which always provides enough resources for a full replacement.


You Don’t Want Your Replacement to Be a Downgrade

When people use travel insurance or home and contents to protect their watches, they’re often disappointed that their policies use a depreciated market value figure when calculating claim benefits.

Instead of entirely replacing your watch, you might only be able to afford a lesser model or previously owned timepiece. At JewelCover, our goal is to restore your watch to you in its original condition.


Watches are Heirlooms

Once you start collecting luxury watches, you’ll find that part of their appeal is their lasting quality. Few personal items withstand the effects of time. Clothes wear out, and cars break down. Gadgets and devices outlive their usefulness and find their way to the charity shops.

But watches never lose their timeless allure. In fact, some watches appreciate over time. One watch owner literally fell over when an Antiques Roadshow appraiser informed him that his Rolex Oyster Cosmograph would likely fetch $500,000 to $700,000.

Even if your watch doesn’t become a highly-sought collectable item, it can become a treasured family heirloom. Take care of your watch, and leave something to your family or friends that will remind them of you and your attachment to beautiful things.


The How

Acquiring insurance for a luxury watch may sound difficult, but nothing could be easier. Here’s the process.


Get In Touch

The first step is to reach out to us. You can do this by filling out our quick-and-simple online form. Or, if you’re more of a talker, you can ring us at 1300 522 808 and talk to a real person.


Review the Policy

With detailed information about your watch, we’ll give you all the details you need to make an informed decision about the policy, from the annual premium to the agreed insurance value. Our comprehensive, standalone luxury watch policy includes the following benefits:

  1. Worldwide cover
  2. Coverage inside and outside the home
  3. Return to your chosen watchmaker for repairs or replacement
  4. Agreed value (not an amount “up to” the insured value)
  5. Complimentary revaluation of your watch every 12 months

We strive to make the insurance process as seamless as possible, from the first time you reach out until after claims are paid. We love luxury watches as you do, and we understand the sentimental value attached to them. Our goal is to protect your watch and restore it to you if the unexpected happens.

So reach out to us. We’d love to team up with you to protect that treasured timepiece. Talk to you soon.


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