Why is it worth insuring my watch collection?
Updated: Feb 20
Watches are timeless pieces that were primarily used as time-telling machines to later become collectible luxuries.
In a modern world where an increasing number of people reach their phone to get the time, watches may seem outdated. Nonetheless, many people continue to buy watches as a luxury, an investment, or simply because they enjoy their aesthetics.
Thus, building one’s own watch collection is a great way to diversify your portfolio and while it can be financially rewarding, accidents still occur. In this article we have encompassed some of the risks that result from having a watch collection and how insuring it will minimize such exposures.
Don’t mind damage with a solid insurance policy
Watches can be extremely resistant to various external hazards. Some watches are built to last for decades, if not centuries.
However, damage may still occur when wearing it. The easiest way to damage your watch is to drop it. Whether you are dropping your watch from a canyon or your kitchen's table, the watch’s contact with a solid surface increases the likelihood of damage.
Other incidents such as getting too close to magnetic fields, over winding as well as going underwater at extreme temperatures may harm your watch. Because you can never fully prevent damages to your watch, it is recommended to insure your watch collection.
Theft: expect the unexpected
As much as we would like to think that theft only happens to others, it is, unfortunately, a prevailing risk that must not be ignored.
While it is difficult to assess worldwide watch’s theft, such incidents continue to take place. Whether it is in a restaurant, outside in the streets or in the safety of your own place, your watch is continually exposed from malevolent acts of robbery.
Instead of carrying this mental burden and ceaseless worriedness to see your precious time-piece stolen, insuring it with the proper insurance coverage will relieve you from such potential theft.
The risk of temperature imbalance
When you are not wearing your watch, you must remember that proper storage can increase its longevity. Storing your watch in rather extreme temperatures can impair its movements.
Moreover, switching from cold to hot temperatures within a rapid period of time is also dangerous for your watch and may create irreparable problems over the long term.
Similar to modern phones, luxury watches are sensitive to extreme heat and cold, which may occur independently of your will.
Thus, getting the right insurance coverage for your watch collection will allow you some peace of mind and give you more room with storage conditions.
The benefits of insuring your watch collection
Insuring your watch collection allows you to cover damage, loss, petty theft, newly acquired pieces (up to 3 months from the purchase date) as well as a drop in your watch’s market value.
Indeed, if a piece was subject to damage, the loss in market value incurred as a consequence of it will be compensated as well as the repairs paid for.
You will just need to provide the appraisal of your watch collection to set up your premiums and may use purchase receipts to calculate the collection’s value.
Watches are no exempt to potential loss, damage, wear and theft. While it is not always possible to prevent such unfortunate circumstances, the financial loss should not add up to the emotion of seeing your favourite time-piece vanish. Properly insuring your watch collection will relieve you from such mental strain.
Moreover, BLACAZ. will provide you with the proper guidance regarding wording and exclusions as well as plan benefits to ensure the long-term viability of your watch collection.
Insuring your watch is a formidable way to acquire some peace of mind wherever you go in the world. Possessing a watch and building a watch collection should remain pleasurable and not a ceaseless worry that follows in your daily routine.
Watches are no exempt to potential loss, damage, wear and theft. While it is not always possible to prevent such unfortunate circumstances, financial loss should not add up to the emotion of seeing your favourite time-piece vanish. Properly insuring your watch collection will relieve you from such mental strain.
BLACAZ. is an insurance intermediary company that is committed to finding the optimal insurance coverage policy for corporate and private client needs.
Losing or damaging a watch does not need to be a problem, as BLACAZ. helps you to safely preserve your collection. Contact us for further enquiry.