Should I Insure a Luxury Watch?

If you own a Rolex, Cartier, Patek Philippe or other luxury watch, you may be on the fence about insuring it. Yes, it can make sense to insure a luxury watch but it can also be a poor financial decision. How do you determine what makes the most sense.

Insurance can protect your watch from theft, damage, and loss. It can also cover repairs for approved claims. Since luxury watches can increase in value over time, insurance can help protect your investment. Insurance can put your mind at ease, especially if the loss of your watch could impact your finances. 

The very first thing you need to do is appraise your watch. This will tell you how the watch might be valued by an insurance company. In other words, it will help determine the amount of coverage you need. Insurance rates can vary by location, depending on factors like crime rates, local risks, and regional insurance regulations. All of these things will factor into the process of insuring your watch.

So you need to take a step back.

Do you own your home? If so, your homeowners insurance very likely covers every possession in your house. You should get in touch with an expert to see how much would be covered in the event your watch was broken or stolen. If you rent your home, do you have renter’s insurance? The same process applies. The point is that you may already have good insurance.

However, it’s likely supplemental insurance will help if you have a high-end luxury watch worth a great deal of money. It's best to talk directly to an insurance expert to get full information.  If you're buying retail, keep all the receipts, paperwork, and packaging when you get a luxury watch. If you're buying at auction, request a condition report or any kind of appraisal documents.

If you’re looking for a luxury watch, reach out. For a pre-owned Rolex in San Diego, you can’t beat Bert Levi Family Jewelers. In fact, no matter what brand you’d like, get in touch. We’ll help you. If I don’t have your model in stock, I’ll help you find it. So get in touch. You’ll be glad you did.

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