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Jewellery Insurance

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What Does Watch Insurance Cover?

Q Report Team
Updated on November 11, 2022
3 min read

A luxury watch does more than tell the time. It brings an element of elegance into your everyday life. Whether you received your watch as a gift or bought it yourself to celebrate a milestone, your watch is precious. It’s also expensive, and replacing it might cause financial heartache.

Worrying about the possibility of losing or damaging your watch might lead you to leave it on your dresser instead of wearing it to the office. You’ll miss out on the enjoyment of glancing down at it throughout the day. Why bother owning a luxury watch if you don’t wear it?


Watch Insurance is the Answer

Instead of locking it up in a safe or keeping it tucked carefully away in its box, wear that Rolex as often as you like.

With watch insurance, you can.

The concept is simple. You purchase specialised watch insurance for your timepiece, and then if something happens to it, you can return to your preferred watchmaker for repairs or replacement.

But what does watch insurance cover? And how does it work?


What Does Luxury Watch Insurance Cover?


Sadly, luxury watches appear on the list of top ten items stolen during burglaries in Australia. Why?

Thieves love watches. They’re small enough to slip into pockets, but they’re valuable enough to raise significant cash. Home burglaries aren’t the only way thieves snatch watches. Travellers sometimes lose their Patek Philippes and Vacheron Constantins to pickpockets or hotel room burglars.

Wherever theft happens, you’ll need protection. Fortunately, our specialised watch insurance protects your favourite timepiece. Once we have a few basic documents from you, we’ll get your claim processed.



It’s your worst nightmare: losing your favourite luxury watch. Can you imagine losing your grandfather’s Daytona or the Breguet presented to you at retirement?

Fortunately, Q Report watch insurance covers the loss. Strange things happen sometimes; we’ve heard plenty of stories. People lose watches in storms, in airports, in gyms. With adequate cover, your timepiece will be restored to you.



Did you know that a rare Rolex Cosmograph Daytona recently sold at Sotheby’s Honk Kong for HK$25.3m (AU$4.59)? With its platinum case and lapis lazuli dial, the watch is historically significant. It’s thought to be the only chronograph ever produced by Rolex. The 40mm timepiece is powered by a 4030 Zenith automatic movement calibre, which is still considered one of the most accurate chronograph movements ever created, even though it’s now nearly 50 years old. 

Damaging such a masterpiece would be horrific, but skilled watchmakers can (and do) repair all kinds of problems in all types of watches. Could you finance costly repairs to your favourite luxury watches? With Q Report watch insurance, you can.


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Repairs or Replacement from Your Chosen Watchmaker

Let’s say you bought your vintage Audemars Piguet Royal Oak from Swiss Watch Box, one of our fantastic Q Certified Jewellers. You appreciate their reputation for quality and customer service, and you know they have the models you love.

If you lost your Royal Oak to an in-home burglary, you’d probably want to return to them for a replacement. With Q Report watch insurance, you can do just that. We’ll never tell you where you have to turn for repairs or replacement; the choice is yours.


150% Cover

Watch insurers don’t always pay the amount shown on your policy in the case of a claim. Even if you’re paying a premium on the insured value shown, they can replace your watch at the lowest price that they can find. But that’s not how we operate at Q Report.

Your watch insurance policy provides agreed value cover, which means we’ll pay the actual amount shown on your policy minus a flat $100 excess if you lose your luxury watch. And we don’t stop there.

Our luxury watch policy also includes a 150% cover benefit. If your timepiece can’t be replaced for the amount shown on your policy, we’ll pay up to an extra 50% to make sure what you receive matches what you lost. Why is this important? Many watch models are known to increase in value so the 150% benefit gives you the cushion you need to cover these potential costs.


The Unexpected

When it comes down to it, watch insurance protects you from the unexpected. No one plans on dropping an Omega Speedmaster on a stone floor and watching the crystal shatter. But it happens.

Q Report Watch Insurance makes it right. Instead of mourning the loss of your favourite timepiece, you can rest assured that it will soon be repaired and ticking away happily on your wrist once more.

Ring us for more information, or fill out this form for an instant quote. You’ll find the process simple and pleasant, and you’ll soon feel that comforting peace of mind that comes with generous cover.


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