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Are your watches insured?

  • Yes

    Votes: 13 59.1%
  • Some of them

    Votes: 4 18.2%
  • No

    Votes: 5 22.7%
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Discussion Starter · #1 ·
At WAX, when we talk to other watch collectors, we are always surprised by how misled so many of us are when it comes to insurance. We’re also shocked by how many collectors have procrastinated insuring their insanely valuable collections because it's just too much to think about.

Regardless of how long you’ve been into watch collecting or how deep you are into the hobby, you probably have the same disposition toward insurance as the next collector. Regardless of whether they’re a veteran collector of high dollar watches or if they just kicked off their collection by splurging on a Speedmaster, most of us don’t want to have to think about insurance.

Insuring what you care about can get pretty overwhelming.

When it comes to quotes, deductibles, blanket policies, claims, retail value vs. declared value, coverage eligibility, etc… it’s pretty easy to get lost in the mix. Let's take a few steps back and start from square one.

Will my homeowners insurance cover my watch?

When dealing with insurance and watches, the first assumption most of us make is that homeowners insurance and renters insurance can be relied on to cover our hard earned assets.

If you think your watches are covered by an existing policy, read it thoroughly and evaluate whether or not you’re comfortable with that level of coverage. Standard homeowner’s policies often provide limited protection and frequently exclude accidental breakage and don’t favor fair market valuations.

If you’re dealing with a high end collection, in most situations, we would strongly advise seeking out a separate policy that is dedicated to your watch/collection.

And shameless self promotion...we would be flattered if you chose WAX to insure your grails.

Keep your coverage standards high



Above said, a better title for this thread may have been “What SHOULD watch insurance cover?” because while there isn’t a standard across the industry, there is certainly a standard that you should aim for when seeking coverage for a high end watch or collection of watches.

If you are reading this, your main concern is probably what types of unfortunate events and occurrences will warrant you reimbursement or replacement from an insurer.

What to look for in your policy
A policy that we would consider acceptable or up to par should cover the following claims and losses:
  • Accidental breakage
  • Fire
  • Lightning
  • Water damage
  • Mysterious disappearance
  • Loss in transit
  • Burglary
You want to make sure that your bases are covered in the case that something happens outside of your control. Oh, and by the way; WAX will have you covered for all of these things.

Beyond losses and claims, what some watch owners fail to realize is that they should be getting covered for the declared value of their watch. Declared Value is the current fair market value of your item. It is the price that you would need to pay in order to replace it.

Why is declared value so important?



Hypothetically speaking, let’s say you were one of 10 lucky people to get whatever ultra limited edition watch AP just released at retail value.

What you possess is worth a fair amount more than what your receipt says, and if something were to happen to your appreciated asset, you want to make sure your insurer can replace it or will willingly give you compensation for its declared value. Otherwise you’re losing on your investment.

The key to getting the right amount of coverage on your watch is to find an insurer who has an idea of what they are dealing with. If you are looking for watch insurance and the agent you’re working with has never heard of an Audemars Piguet you’re probably in the wrong place.

So where can you find great watch insurance? Download WAX Insurance for iPhone and Android today and give it a go. Just snap a pic of your watch in our app and request a quote. Now all you have to do is sit back and wait for one of our experts to reach out to get you covered. Use referral code ‘WATCHU’
 

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Discussion Starter · #3 ·
Will WAX insure customers in Canada?
We are only in the U.S. at the moment but working hard to get Canada on our books. In the meantime you can still use WAX as a tool to catalog and manage your collection.
 

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Discussion Starter · #5 ·
I was unable to find an AM Best rating for WAX Insurance; can you comment on this?
Of course! Our policies are written through AXA XL and Markel - both of whom are A rated.
 
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