Why Should I Insure My Watch?

Search “Rolex” on Google, then click the subheader “News” and see what comes up. Most results are reports of thefts or of court cases involving thieves.

Unfortunately, if you own a Rolex – or any other fine watch – you’re a potential target for the unscrupulous. Best to be insured, and to take some simple anti-theft measures.

Photo by David Hilowitz

“But wait”, you say? “My homeowner’s insurance will cover me”. Sure it will, to the tune of $1000, or maybe $1500, depending on the policy. What did you pay for that new Batman GMT-Master II? How dear is your Grandpa’s two-tone Datejust? Does your wife enjoy her Lady YachtMaster?

Yes, insurance is a good way to go. But be smart about it. Check with your agent about your homeowner’s policy. See if you can schedule your watch(es) separately, and thus, have them properly covered. Get a quote and compare it to a policy from an insurance company that specializes in jewelry insurance. A specialty company like Jewelers Mutual or Lavalier will likely be cheaper, and you can buy coverage online.

How much to insure your timepiece for? That’s where appraisals come in. To insure properly – that is, for the right amount so you’re paying the right premium – you need to have your watch appraised. And make sure you have an experienced, capable wristwatch appraiser do the work. Appraising watches is a different thing than appraising fine jewelry. Here at Beckertime, we use Garner Wallace.

Finally, the cheapest additional insurance is to take some anti-theft measures. Consider having a safe installed in your home. If you wear the watch only on rare occasions, you may want to store it in a safe deposit box at your bank. Be sure to check the rules and requirements of your insurer regarding this kind of storage. Some insurers require that they be notified when you remove your watch from a bank safe deposit box.

Anti-theft measure will help keep your watch from being stolen in the first place. But if you run into some bad luck and a thief gets your prized Rollie, good insurance can help take the sting out of the loss. Be smart – on both counts.