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


Jewellery Insurance

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Watch Insurance vs Warranty: Are You Covered?

Q Report Team
Updated on March 04, 2024
4 min read

You’ve finally strapped a Rolex Submariner Ref. 5513 on your wrist, just like James Bond wore in Live and Let Die (1973). The Submariner is effortlessly cool--the inspiration for countless dive watches over the years. It’s timeless, with a mix of vintage and modern stylistic features. And the last thing in the world you want to think about is possible damage, theft, or loss.

But the truth is, a timepiece like that needs protection, and with so many options, it can be challenging to decide which coverage to trust. For instance, should you rely on a warranty or watch insurance? Or both? And what’s the difference between the two?

This article explains the differences between watch insurance and watch warranties, so you can make a confident decision about how to protect your favourite luxury timepiece.

Definitions: Warranty and Insurance

Before we start talking about the details, let’s get the definitions straight.

Warranty for Luxury Watches

Warranties cover consumers for manufacturing defects, and this protection lasts for a limited time. It’s a guarantee that a product has been made correctly and that you are getting what you paid for.

Australian Consumer Law provides warranty protection for most products (including luxury watches). In simple terms, when you purchase a watch, it comes with an implicit warranty that it will function correctly when you wear it under normal conditions. If it doesn’t, the manufacturer will replace it.

However, if you dropped the watch on a tile floor and the crystal shattered, you would be responsible unless you had insurance.

Insurance for Luxury Watches

Watch insurance provides coverage against loss and damage to your jewellery. A luxury watch policy doesn’t need to cover manufacturing defects; that’s what your warranty is for. But if your Rolex is lost, stolen or damaged, insurance will cover the cost of repairs or replacement. Some policies, like Q Report, even cover mysterious disappearance and loss or damage caused by a natural disaster. 

As you can see, these two types of protection, which are often confused, cover very different scenarios.

Limitations of Warranties

Luxury watch manufacturers typically offer generous warranties. First, let’s look at Rolex’s warranty.

The Rolex international five-year guarantee, issued by Rolex itself, will be completed and dated by your Official Rolex Retailer at the time of purchase and registered with Rolex.

The guarantee is valid only if (1) the watch has been sold by an Official Rolex Retailer; (2) the guarantee card has been completed in full by the Official Rolex Retailer at the time of purchase; and (3) the guarantee card is presented with the watch, either to an Official Rolex Retailer or to an Official Rolex Service Centre.

For five years, Rolex will guarantee its product under certain conditions. What are the limitations?

The Rolex guarantee excludes normal wear-and-tear (notably the wear-and-tear of non-metal bracelets and straps), loss, theft, or damage due to misuse. The substitution of components with, or the addition of, components or accessories not manufactured by Rolex will invalidate the guarantee.

As you can see, Rolex doesn’t protect your watch from loss, theft, or damage “due to misuse.” So if you drop your watch or leave it at a hotel, you’ll have to absorb the loss. And the warranty expires five years from the date of purchase.

What Additional Protection Does Q Report Watch Insurance Provide?

To wear your Submariner with confidence, you might need more protection. That’s what we provide:

  • Theft coverage
  • Loss coverage
  • Damage coverage
  • Mysterious disappearance coverage
  • Natural disaster coverage
  • Worldwide coverage
  • Return to your preferred watch boutique for repairs or replacement
  • Annual revaluation
  • Agreed value policy
  • Additional 50% cover
  • Low, fixed $100 excess
  • No-impact claims

What kind of cover will you get with a Q Report policy?

Luxury Watch Experts

Unlike general insurance companies that cover everything from refrigerators to roofs, we live and breathe luxury watches. So we’re passionate about protecting your Rolex, Vacheron Constantin, Omega or any other brand of luxury watches. 

World-Leading Insurer

When you protect your timepiece with Q Report, it’s backed by a world-leading fine arts and valuables insurer.

Smooth, Easy Claims

We’ll be there for you when you need us, and we won’t pass you off to some other department or company. If something happens to your watch, we’ll make the claims process as painless as humanly possible.

Always Enough Cover

Q Report has the expertise to accurately revalue your watch at no charge to you, so you’ll always know you have sufficient cover.

Real Experience

We have a rich heritage in the jewellery industry, and we’ve worked hard to forge an excellent reputation among jewellers and jewellery consumers.

To get a quote on insuring your luxury watch with Q Report, ring us at 1300 882 018. Or, you can fill out this online quote form--you’ll be surprised by how affordable it is to protect your favourite timepiece.

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