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Jewellery insurance info, helpful guides, resources and industry-leading insights.

 

Jewellery Insurance

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You finally have the Rolex of your dreams. It’s chic, sophisticated and beautifully made. Whether you’ve pined after a Submariner or GMT-Master, wearing it gives you a sense of satisfaction with its just-right weight on your wrist.

We insure our most valuable possessions for good reasons. Insurance enables us to repair or replace our cars after a collision. If a fire damages our home, insurance provides a way to restore the building to its former level of comfort and protection.

When you buy any expensive or valuable item, such as a gold Rolex, specialised insurance can protect it in the same way. Instead of worrying about theft and damage, you can wear your luxury watch with confidence, knowing it’s covered.

If you can’t easily afford to replace your watch, an insurance policy can reduce your risk and offer significant peace of mind. But what insurance options are available for you? How can you secure adequate protection at a reasonable price? In this article, we try to explain what you need to know.

 

Ways to Insure a Luxury Watch

Luxury watch owners have several options for insuring their treasures. Let’s start with home and contents insurance.

 

Home and Contents Insurance

If you already have home and content insurance, read the policy carefully to determine your exact coverage. The allowance might suffice for an entry-level Rolex watch or a lower-end luxury watch from Omega or Patek Philippe. You’ll need to check the per-item limitations imposed by your home and contents policy.

However, the majority of Rolex owners, especially those who own limited editions or high-end models, will find that standard home and contents insurance will not fully cover loss or theft. In these cases, you have two main options: itemisation on your home and contents policy or luxury watch insurance.

When you purchase watch additional coverage with an existing home and contents policy, you keep things simple. That’s the upside. The downside is that most contents policies will only pay you the value of the watch at the time it is stolen, which may not be enough to replace it. Also, this option doesn’t work at all for people who don’t have existing contents policies.

What’s the alternative?

 

Q Report Watch Insurance

Specialised watch insurance covers your Rolex and guarantees full replacement value, even if you’re travelling when it’s stolen, lost or damaged.

A major plus point of getting specialist watch insurance is that, should the worst happen, you’ll work with somebody who understands the intricacies of luxury watches and will have a better understanding of how to deal with your claim. Additionally, you can make a claim without affecting the no-claims bonus on your home and contents insurance. 

 

Ultimate Guide to Luxury Watches

 

How do I obtain insurance for my Rolex?

When it comes to insurance for your Rolex, the cost is typically one of the biggest concerns. As you would expect, the exact cost of insuring your watch depends on several factors, including the current valuation of your watch and the area in which you live. 

You can obtain a free, instant quote for insurance here on our website, or, if you are working with a Q Certified jeweller, you can get insurance at the point of purchase. The advantage of going this route is that your Rolex will be insured from the moment you walk it out of the shop.

Maybe you’ll find a vintage 18-karat yellow gold Rolex Day-Date 36 at SwissWatchBox. Instead of worrying about whether to wear your new watch outside the house, you can obtain specialised insurance for it at the same time you buy the Rolex itself. Wear it out of the store, and enjoy the peace of mind. 

 

Tips For Protecting Your Watch

Of course, even with specialised watch insurance, your Rolex will retain its good looks when you properly care for it day in and day out. Below, we offer helpful tips to keep your timepiece not only safe and secure but also operating optimally.

 

1 - Store your Rolex in a safe

A recent survey found that luxury watches are one of the top ten items stolen during burglaries. Why do thieves like Rolexes so much? They’re valuable, easy to resell, and small enough to slip into a pocket.

If you experience the misfortune of a burglary, owning a safe could make the difference between the saving or losing your luxury watch. Reliable firms that produce quality watch safes include Brown Safe and Döttling.

 

2 - Keep receipts and certificates

Did you know that Rolex offers a 5-year warranty on all their watches? Warranties don’t cover accidents or theft, but you’ll want to keep your paperwork all the same. 

If you ever choose to resell your Rolex, the receipts and certificates will likely increase the watch’s value and make it more collectable. Store these documents in a safe place that you will remember in later years.

 

3 - Avoid wearing your watch in dangerous areas

In almost any country, you can find certain cities or parts of cities that locals warn you about. Some places have a reputation for theft and pick-pocketing. Avoiding taking unnecessary risks not only protects your Rolex but saves you from possible harm. If you do find yourself in an unsafe area while wearing a luxury watch, tuck it inside your sleeve, so it’s invisible to passersby.

 

4 - Only buy from reputable shops

Unfortunately, the market has been flooded with fake watches, and because of their popularity, Rolexes are most frequently copied. Insurance companies won’t touch counterfeit watches. The only way to guarantee that you’re purchasing the real deal is to buy it from a reputable dealer. Be sure to collect all the necessary paperwork for your Rolex.

The valuation you receive with your specialised watch insurance helps you to know you always have sufficient cover for your watch. It’s also helpful to know how much your watch is worth each year, especially as you build your luxury watch collection. 

 

Enjoying your Rolex

There’s so much to love about owning a Rolex watch. Generations have subscribed to the effortless precision and dependable accuracy of the brand’s products. There are good reasons why author Ian Fleming included Rolex watches as James Bond’s accessory of choice. The brand personifies grace under pressure. Isn’t that what we all aspire to?

When you find the perfect Rolex for you, insure it with Q Report watch insurance. We appreciate luxury watches as you do. We love their engineering and fine craftsmanship, and we aim to protect yours from the unexpected. Get in touch with us to learn more, or obtain your free estimate today.

 

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Engagement Ring Budget Calculator

What you need to save to meet your timeframe and budget is:

This has not taken cut, colour, clarity or carat, your financial situation or your partners taste into account. There are many factors that can reduce or increase the value of an engagement ring.


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Speak with one of our Q Certified Jewellers to find out what you can afford, what your partner is looking for and what will financially work best for you.

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