Purchasing a Rolex watch is quite an investment. And like all valuable pieces that you possess, your precious timepiece has both financial and sentimental value. The mere thought of losing it or having it damaged can be devastating. Oh no! You never imagined that you could lose such an expensive piece; the truth be told; the worst can happen even without warning. But, should it happen, you don’t have to worry or be out of your pocket.
You need to ensure that you’ve purchased specialized watch insurance, as your watch can easily be compensated. Knowing that your exceptional quality timepiece is covered helps you to have peace of mind, should the unfortunate befall. Be sure to find Rolex appraiserswho have in-depth knowledge of valuing your high-priced chronometer before buying a cover. A qualified and experienced appraiser ensures that you get the correct evaluation.
Let’s have a look at some ways to cover your Rolex watches.
1. Home Contents Insurance
If you own a high-end luxury watch, you’ll realize that your home contents policy will not sufficiently cover your timepieces. Check the limitations carefully to understand your coverage, as it’ll help you make an informed decision. However, you can contact your home content insurance to have your piece covered under your possessions. You’ll require to have your certificate of valuation and proof of ownership ready for them. The only downside is that there’s no replacement value, as they will only pay your luxury watch value when the loss occurs.
2. Luxury Watch Insurance
Purchasing specialist watch insurance proves to be a better fit for you. If the worst happens, you’ll be glad that fine watches are insured. The policy offers current market value for your expensive piece. If you have several high-end watch collections, purchase specialized watch insurance. This insurance covers you adequately against loss, theft, and damage, irrespective of where you are at the time. An insurance provider will need your Rolex watch photographs, personal details, certificate of valuation, and ownership proof. Dealing with an insurance company that understands the intricacies of fine watches gives you peace of mind.
3. Certificates and Receipts Matters
Be sure to retain the receipts and certificates of your timepiece after purchase. Rolex appraiserswill require this documentation for valuation purposes. It becomes challenging for an insurance company to cover your luxury watches without proof of ownership and purchase receipt. And not to forget, they’re required for your warranty; most luxury watches come with a five-year warranty, including Rolex.
4. Get Watch Valuation
Find a reputable company to do a valuation for your fine watch for insurance replacement. It’s prudent to ensure that skilled and experienced Rolex appraisers do the assessment. Don’t be surprised if the amount you paid for your timepiece becomes irrelevant abruptly, as luxury watches value fluctuates regularly. Updating your valuation will give you the correct value of your Rolex watch.
5. What Determines Valuation for Your Luxury Timepiece?
A skilled Rolex appraiser should consider various factors, including the following;
Complexity: Your fine watches consist of many small intricate parts and numerous mechanical functions. Consider them as works of art, this mechanism performs complex functions, and the level of complexity weighs in on the value of your exceptional quality watch.
Condition: Like all valuables, the current state of your timepiece contributes to its value.
Market Value: Your Rolex appraisers must have in-depth experience assessing your valuable timepiece to avoid under-valuing or over-valuing. Remember, the market value keeps fluctuating.
Material Used: The materials used to make your watch matter and affect your piece’s value.
Rarity: The year your watch was produced matters a great deal, but the number of pieces made in that specific year will significantly affect the worth of your timepiece.
Year: The year your Rolex watch was made will be considered while valuing it. For instance, if you have two same timepieces, but you bought in the eighties and the other in the year two thousand and eighteen, they’ll differ in value.
6. Cost for Your Rolex Insurance
The majority of people worry about the cost of taking out an insurance policy for their luxury watches. But, have you paused to ponder about what would happen should your piece get lost or damaged without an insurance cover? How much you pay for your watch insurance will depend on several factors, but the two most significant are your insurance provider and your timepiece’s value. All in all, the average cost is $1-$2 percent of the total value of your fine watch. Case in point, if the value of your Rolex watch is $10, 000 you’ll pay an annual fee of $100 to $200. Ensure that qualified Rolex appraisers have provided you with the correct valuation of your luxury watch with the current market value.
Your insurance provider will offer several options; it’s worth noting that a high premium budget goes with a low-deductible plan, where you pay less from your pocket when making a claim and vice versa. Ensuring that your valuables are protected comes with a price, though, but it’s nothing compared to your precious watch. The presence of any security system at your homes, such as a safe, alarm, or a vault, will earn you discounted premiums.
7. Buy Your Timepiece from Reputable Stores
Keep in mind that your insurer will not cover a counterfeit model of your Rolex watch. Stay away from dealers that sell fake watches without proper documentation. The Rolex watch is the most common luxury watch to be targeted. For your peace of mind, get your timepiece authenticated and appraised to ensure you have a genuine piece. By doing so, your insurance company will cover your fine watch at full value.
8. Consider Investing in a Vault
Unfortunately, any luxury watch is desirable to thieves as it makes a quick sale. With the luxury watches’ rising trend of late, it has increased watch crime. It’s because many people are now aware of the value of high-end brands. Investing in a vault or safe will help you protect your timepiece from thieves. It can also help minimize your policy premiums if your insurance provider considers you less of a liability.
9. How Does Watch Insurance Work?
It’s essential to know how the insurance functions and what’s in for you. Make sure you understand everything to avoid missing any important aspect of your cover.
- Get to evaluate the value of your timepiece and how much you’d lose should your piece be stolen, damaged, or suddenly disappears.
- Before you settle for an insurance policy, check and compare several insurance companies and the fine prints.
- Fill in your proposal form, attach the required paperwork, and submit.
- Should the unfortunate happen, inform your insurance provider immediately for your claim, and fill in your claim form, attaching the required proof documents.
- Your insurance policy provider will evaluate your claim and either reject or accept depending on their findings.
10. Still, Wondering If You Should Get Watch Insurance?
If you own a high-end luxury watch such as Rolex – considered as one of the most expensive timepieces, by all means, yes! Purchasing specialized watch insurance is highly recommended, but most importantly, ascertain that skilled Rolex appraiserskeep your watch valuation updated. It will safeguard your timepiece market value, helping you get full cost in compensation should the worst happen. Remember, luxury watches tend to go up in value, as opposed to depreciating.
In Conclusion: Buying a Rolex watch is a considerable investment. Protect it by purchasing a specialized insurance policy today; it’s too late to buy one after the worst has happened. We recommend that you get a regular maintenance examination. By doing so, you will note any malfunction or damage in good time. Don’t forget the importance of experienced Rolex appraisers in your luxury watch life.