Nothing feels as terrible as losing a lovely timepiece, but you know, we all know life happens and unexpected circumstances occur. So what buffer do we have up against these situations, at least to lessen the severity of the loss?
As you already know, wristwatches are costly and can be easily susceptible to damage and loss. Therefore, owners are always advised to care for and protect them, especially if they have any intention of passing it down to the next generation.
This is where insurance comes in.
Against what most people think, having homeowners or renters insurance does not necessarily cover your wristwatch specifically. And this is why it is important to have a committed policy that specifically protects it against loss, damage, or theft.
Today, a good number of companies offer insurance to wristwatches. Let’s look at the five companies with the best insurance package.
Jewelers Mutual Insurance Group
With a history that dates back to 1913 and A+ superior ratings, the company provides coverage for damages, loss, and world-wide travel for expensive timepieces and other types of jewelry. The price of the watch insurance policy varies based on the price and the owner’s ZIP code. If you have a timeless piece like Maurice Lacroix or you intend to get one, you can insure them with Jewelers Mutual group that has a long-standing history in business and outstanding customer reviews.
Policyholders can either begin the claiming process online or through a phone call. All they need to provide is proof of ownership like receipts, appraisal, written statements of how it got lost. After this, the policyholder can choose a vendor to either replace or repair the item while paying only the deductible (where applicable).
Policies here are tailored according to the needs and amount of coverage a particular customer needs. So you can either choose a deductible or decide not to have a deductible. And the limits of your policy will vary depending on the appraised value of the watch you want to cover.
AXA Insurance Reinsurance
Collecting rare and valuable watches is a hobby that is slowly becoming mainstream, and the insurance market is developing alongside it.
AXA works in partnership with MiniCo Insurance Agency. It covers items from one millionaire dollar. Apart from timepieces, it offers coverage for wine, rare books, art, and more.
It covers accidental breakage, water damages loss, or burglary. The policyholders can lay claims via emails, phone calls, or fax. Some documents will be required for documentation, including one that describes the item lost. Annual premiums vary by location and value of an item.
JIBNA Personal Jewelry Insurance
This company offers insurance that allows you to work with an agent to acquire your policy and file any claims. This idea of having an agent to help navigate the coverage is a major plus to many customers.
It ensures only personal pieces of jewelry and also has unique underwriting techniques that allow them to determine accurately the amount of coverage a client needs for each piece. So one gets an appraisal for each piece of watch they plan to insure.
It eliminates guesswork and covers all kinds of risks, including mysterious disappearance. But file claims cannot be made online because the website doesn’t permit it. Rather, an agent is assigned to each customer to provide personal support.
This is best for people who love to maintain their privacy as it gives a free online quote for your jewelry without requesting any personal information apart from your zip code. Its coverage is worldwide, and it covers all kinds of risks.
It does make exceptions, however, especially for highly valued items and wristwatches. It’s a household name for pieces of jewelry insurance providers and partners with Berkley Asset Protection as its underwriting partner. A policy for an item ranges from 1% to 2% of its value annually.
The insurance policies from Zillon come with no deductibles for replacement and repairs. So there are no sudden surprise charges when you file a claim. Its coverage is also worldwide, and it offers a 30 days money-back guarantee.
But you may not qualify for coverage if you’ve been convicted of any crime within the last five years, and you would have provided a considerable amount of personal information before getting a free quote.
Its coverage includes protection against theft, disappearance, damages, and natural disasters. You can cancel your policy with them at any given time of your choice. So if you want a policy that doesn’t come with any pricey deductible, Zillion is the best insurance company for that. It also does not have hidden charges.
If you have not insured your timeless timepieces, go through any of these companies and request an insurance policy. Gone are the days people moped over a missing expensive watch. Today, with any of these companies, you are covered and loss would be minimal in case of any unfortunate occurrence.