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Insuring a valuable watch

Do you need to take out specialist watch insurance?

A gentleman's wrist and watch

A classic watch is a treasured thing, often passed down from one generation to the next. Whilst its sentimental value can't be replaced, the financial value can, with the right insurance.

How much is your watch really worth?

If you bought your watch last week, then you'll have a receipt for it and know exactly how much it's worth. But if it was a gift or the watch is a family heirloom, you may not know its full value. And, if you've had the watch for years, its value may have changed during that time.

In the past ten years, the gold price has gone up. So the watch you thought was worth just a few hundred pounds ten years ago may now be worth twice that much.

Valuing a watch for insurance is not straightforward and best done by an expert. Many jewellers will be able to do this for you. Or you can find a professional valuer at the Institute of Registered Valuers.

Why you need to know how much your watch is worth

By its very nature a watch is a portable piece of jewellery and vulnerable to loss, theft and damage. As such, it makes sense to make sure a valuable watch is insured in case it gets stolen or broken.

Do you need to take out specialist watch insurance?

Not necessarily. In most cases, your watch can be insured on your home contents insurance. At LV= we class a watch as a 'valuable' item and therefore it will be covered by your contents insurance up to a value of £1,500.

If your watch is worth more than £1,500, we can still insure it, but you need to let us know so we can list it separately on your insurance schedule.

In most cases, your watch can be insured on your home contents insurance.

What will contents insurance cover you for?

Contents insurance will pay out for loss or damage to your watch as a result of fire or water damage, theft from the home and vandalism.

If you want to insure your watch against accidental damage whilst it's in your home, you will probably need to take out extended accidental damage cover. This will cover your watch against spillages for example, or damage whilst doing DIY.

Are you insured when you take your watch out of the house?

To make sure your watch is insured when you take it out of the house, you may need to add personal possessions cover for when you're out and about - check with your insurer.

With LV= if you lose or damage your watch when you're away from home, you can claim up to £1,500 as standard. If your watch is worth more, just let us know and it can be added to the policy.

You may need to add personal possessions cover for when you're out and about.

How to keep your watch safe

A watch is designed to be worn and many of us wear one every day. Unfortunately, a luxury watch is a target for pickpockets and thieves. Here are our top five tips for keeping your watch safe when you're out of the house.

  • Keep your watch covered up when in a crowd
  • Don't leave it unattended when you go to the gym
  • Don't get distracted on the street – watch theft is all about distraction
  • Check the clasp everyday for wear and tear
  • Be aware of your surroundings

Making a claim for a stolen or damaged watch

If the worst does happen and you find you need to make a claim on your home insurance, we keep it as simple as possible.

If you suspect your watch has been stolen, you need to get in touch with the police who will give you a crime reference number. We need to know this number when you call to tell us about the theft.

We'll check your policy to make sure you're covered for the claim and let you know what excess there is to pay.

We also need to confirm the value of the watch, so we ask for a valuer's report or a receipt. We may also ask for photographs of the watch, so make sure you take photos of all your valuables.

If the watch has been damaged, we'll assess the damage and decide if we can repair it, or if it needs replacing. Sometimes if there's no equivalent replacement, we'll make a cash payment instead.

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