Reasons You Should Purchase Watch Insurance

Are you a watch collector who takes pride in the collection of rare and expensive watches? Luxury watches are a style statement and a hobbyist’s dream. Apart from the hefty price tag, they also have sentiments associated with them. The value of luxury watches also increases with time, making them an investment for a few. This makes it imperative to secure them against theft or damage. Watch insurance is the best way to protect yourself financially if your rare luxury watch needs repair or replacement.

Watch insurance will cover the present market value of your watch and keep you at peace if your watch is damaged or stolen.

Below are some reasons why getting watch insurance is a wise decision:

• Increase in watch thefts: Watches are difficult to trace and easy to sell; this makes them an attractive item to steal for thieves. This has caused a spike in the number of watch thefts over the years. Another reason for these thefts is that an increasing number of people now know about the value of luxury brands. Watches worth millions have been robbed or stolen in the past, and these threats continue to loom around us. With increased risk, it is now more important than ever to opt for watch insurance.
• Your home insurance may not cover your watch: While a general home insurance policy covers a modestly priced watch collection you may have at your home, it may not cover an extensive collection that costs a huge sum. This is because the sum insured may be too low to cover it, or watches may not be included under coverage. A watch insurance allows you to secure your expensive watch collection up to its market value. Some watch insurance plans also allow you to list multiple watches under the same policy.
• You frequently travel: When you travel frequently, the possibility of theft or damage to your watch increases significantly. Sometimes your work may cause damage to the watch, or you may be in an accident. Since they are easy to hide and steal, removing and leaving luxury watches at a hotel or storage facility may not be completely safe either. The X-ray scanning machine may also damage some watches at airports if you are required to place them in a tray for security procedures.
• A luxury timepiece doesn’t belong in the safe: What is the point of buying a Rolex or a Rado if you have to keep it in the bank locker? Also, roaming around with the fear of losing or damaging something so expensive is not what you may have visualized when you bought the watch. Thus, watch insurance allows you to wear your watch with pride and rightfully flaunt your taste and style.
• You own a vintage piece: Have you inherited a rare watch from your ancestors or scored a gorgeous collector’s piece at an antique sale? These watches appreciate in value and thus are more likely to be stolen. While watch insurance cannot restore the exact piece, it can at least compensate for the monetary loss.
• A watch insurance will cover you against disasters: Your watch may get damaged in a flood, earthquake, or fire. While that is devastating, your watch insurance has your back. It will cover the monetary losses in case of both natural and man-made disasters.
• The premiums on watch insurance policies are low: A watch insurance policy offers high coverage for a low premium, and this makes it a wise investment. It is just a small sum to pay for peace of mind and financial protection.

Whether you are a watch collector or someone who saved for a long time to buy the luxury watch of your dreams, your watches are a prized possession for you. An unfortunate event such as a burglary, accident, or natural disaster that involves your watch may leave you devastated or rip you off a significant sum. Some watches made using precious metals, diamonds, and other gemstones are passed down as family heirlooms and thus require extra care and caution. A watch insurance policy is a good way to protect yourself against the financial implications of losing or damaging your watch. If you are a student, insurance makes even more sense because you may not have adequate income to cover you against the loss of an expensive heirloom or a precious thing that you saved very long for.