How Much Is Watch Insurance?

Watch insurance is a specialised type of insurance policy designed to protect your watch against loss and damage.

Luxury watches are high-value items.

According to The Watch Register, UK consumers are planning on spending an average of £6,600 on a high-end watch in the next two years and, alongside this growing appreciation, there's a rising demand for proper protection to ensure these valuable assets are well safeguarded.

But how much does watch insurance cost?

How much does watch insurance actually cost?

Below we've set out the monthly premium it would cost you to take out watch insurance with Coverbase, according to the value of your watch.

We've used age 38 as a reference (the average age of a man in the UK) and Windsor (where we're based) as the insured location.

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Why do you need watch insurance?

The simple answer is that unless you can afford to replace your watch if it gets stolen or lost you should probably insure it.

Many assume that their home insurance provides adequate coverage for their watch but this is often not the case, especially for high-value watches.

Home insurance policies typically have limits on the value of individual items, which can leave high value watches significantly underinsured or not covered at all.

For more information, you might be interested in 'Does Home Insurance Cover My Watch?'

It’s a depressing fact but luxury watch thefts are on the rise in a BIG way in the UK. 15,058 watches were reported as stolen across the UK in 2022, well-more than double the number stolen in 2015.

How much will it cost if I’m not insured?

You should ask yourself if you could afford to replace your watch if it was stolen. Do you have a spare £6,000 (for example) lying around to spend on a new one?

And what about repair costs if your watch gets damaged? It depends on what’s required of course, but the cost to repair a Rolex will typically be somewhere in the range of £500 - £1,500.

Insurance takes the pain of these big ad-hoc costs out of the equation.

What affects the cost of watch insurance?

There are various factors that will affect the cost of your watch insurance.

With Coverbase, the four initial quote criteria are watch make, watch value, your age and postcode.

It’s just a fact that some watch makes are more desirable to thieves than others.

For example, in theft data published by the Met Police, the number of Rolexes stolen in London in 2022 was 7 times higher than any other watch make. This increases the risk from the insurer’s perspective and pushes the premium higher.

Clearly, the higher the value of the watch, the higher the premium. And the older the wearer is, the more responsible they are deemed to be by Coverbase and therefore less at risk.

We ask for your postcode as our algorithm uses this data to decide how safe your neighbourhood is in relation to risk of theft.

As well as these key criteria, the cost of your premium also reflects the increased risk from worldwide cover if you’ve added that.

How much should I insure my watch for?

If your watch is new, you should insure your watch for its full replacement value in the UK i.e. what it would cost you to replace the watch with a brand new one.

If your watch is second hand, you should insure your watch for the amount it would cost you to replace it with one of the same make and model and of the same age and a similar condition in the UK.

If you were given your watch, you can choose either of the two options above to decide how much to insure it for.

It’s important to be as accurate as you can when you tell us your watch’s value.

If the declared value of your watch is lower than its true replacement value then you will be underinsured. In which case, any claim payment will be reduced by the amount by which your watch is underinsured. In other words, your cover is inadequate for your needs.

How do I get a quote for watch insurance?

Our quote process is quick and easy and you can get an initial quote in about 30 seconds.