Author Topic: Watch Insurance?  (Read 3278 times)

Offline IamJacky

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Watch Insurance?
« on: March 21, 2021, 10:48:12 PM »
Hello all,

Just curious, when I'm browsing on various watch forums in other parts of the world, watch/jewelry insurances seem to be available in the western world. Is there anyone here who has watch insurances in Malaysia, if so, mind sharing which company and how it works roughly?

I've had my home broken in several times before by thieves. Although I have since moved to better neighborhood, it's hard to shake off that concern.

I currently have two heavy duty safety boxes installed in my home in a gated/guarded residential area, still I sometimes wonder if watch insurance is common in Malaysia.

Any insight is appreciated!

Offline pleasuresaurus

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Re: Watch Insurance?
« Reply #1 on: March 22, 2021, 12:11:38 PM »
Its a fair question - I had asked an insurance agent recently about this but was notified that their agency and contacts had no solutions to offer in this regard. Curious to know also, since foreign countries do have these services available like TH March and the like. Best I can see so far is sheer anonymity, and failing that, safe deposit service of some kind.

Offline bulletnos

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Re: Watch Insurance?
« Reply #2 on: March 23, 2021, 08:45:38 AM »
There are certain All Risks policies that can cover your valuable watches. A sample of which - the Premier Client Solutions insurance policy (under Personal Property/Home Insurance) from AIG has an additional extension that you can extend to cover your watches even outside your home.

You can go to their agent locator on their website to find an agent - @ aig.my.

Hope the above helps.

Cheers

Offline IamJacky

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Re: Watch Insurance?
« Reply #3 on: March 23, 2021, 12:43:42 PM »
Thank you guys, I'll look into it, cheers!

Offline pleasuresaurus

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Re: Watch Insurance?
« Reply #4 on: April 08, 2021, 07:34:20 AM »
Here's something new to possibly fit the bill. Back end by Chubb, cover world wide.






Offline dpkong

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Re: Watch Insurance?
« Reply #5 on: April 08, 2021, 08:36:19 PM »

That looks like it could be a hefty bill....

Do you need to insure every watch or just the one you're wearing?

Offline pleasuresaurus

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Re: Watch Insurance?
« Reply #6 on: April 08, 2021, 09:15:42 PM »
It does add up to quite a bit, n that also we dunno the exact details of claims process n wat not. At least there's an option la though. I suppose it would be best to insure the pieces that are most financially valuable n recognizable - no point spending money on say an all steel reverso, Glashutte Original or Parmigiani when most non-watch plebians won't even recognize them unless there's a flash of gold involved.

I do wonder though, would it be possible to talk to Chubb MY directly n ask them if they offer these kinds of coverage, wouldn't that be more efficient n cost effective?
« Last Edit: April 08, 2021, 09:18:15 PM by pleasuresaurus »

Offline bulletnos

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Re: Watch Insurance?
« Reply #7 on: April 09, 2021, 06:40:46 AM »
I believe if you can substantiate the claim - ie. supporting documents, proof of purchase, photographs, etc then it will be easier to evaluate. Also, this seems like a program where each item is identified and insured individually (although under a common policy) - so matching the value of the watch to what was declared makes it easier during a claim - in fact they claim that they can pay up to 150% of the value...I didn't read the full policy wordings but seems to be a big statement. Not sure if they account for market value vs depreciation, etc. Good thing is, there is no "deductible" - in other words, upon a claim, there is not initial loss amount that the insured/owner has to bear for a claim.

insuring a Rolex could be tricky though...price like Bursa...haha

Offline WestFly

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Re: Watch Insurance?
« Reply #8 on: April 09, 2021, 05:54:34 PM »
Take All risk insurance for your beloved watch. A full cover insurance

Offline scannee

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Re: Watch Insurance?
« Reply #9 on: April 28, 2021, 02:02:00 PM »
Always insured watches as named items on a UK home insurance contents policy.

I haven’t found a reliable policy internationally yet.


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Difficult, difficult, lemon, difficult

Offline Gary30624700

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Re: Watch Insurance?
« Reply #10 on: April 29, 2021, 08:24:04 PM »
i think you need a home safety alarm system before a watch insurance.
( a piece of cake compare with those luxury watches)

Most thieves hear the alarm just run

add more secured and strong grill at the windows

or maybe get a bulldog
this is life

Offline Varma8

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Re: Watch Insurance?
« Reply #11 on: May 31, 2021, 03:28:08 PM »
You can insure your watches/jewellery under the home insurance plan. There’s a section for valuables which includes watches and also handbags. So , it’ll be the estimated value of your watch that you key in rather. Tho, I’m not sure how the claim process will be in the event a theft happens. Perhaps , someone with experience or in the insurance line can help to explain
I like lots of watches but can only afford a few

Offline hmkpwatches

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Re: Watch Insurance?
« Reply #12 on: June 02, 2021, 12:07:39 PM »
I'm looking into this at the moment but the issue would be how they would value your watch. You can list a panda daytona but if something happens would they recognize the premium on the watch or would they cover the 50k retail

Offline bulletnos

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Re: Watch Insurance?
« Reply #13 on: June 02, 2021, 04:02:33 PM »
Usually it will be based on purchase documentation…so if u bought from an AD at retail, the claims will be paid based on that receipt value as a start, where some insurers may have depreciation clauses. But if you bought from a grey dealer, just need to furnish the receipt from them. And when declaring the item in the policy upfront, ensure you state the itemized value. Insurers usually do not pay based on prevailing Market Value for such watches , but will be based on documentation. If no documents available, they may most likely pay based on Retail as a basis.

And if it has precious metals in it (ie gold, diamond)need to ensure that the value of the watch is within the allowed limits of your insurance policy - such as certain home contents policy(up to 1/3 of total sum insured of all contents in your home). But if under All Risks cover, usually the limits are better / no preset limit.

Hope i didnt confuse further. Also, different insurers may have different practice. Important to check clauses.

Ps: im in the industry…tho not selling it directly

Offline hanteong

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Re: Watch Insurance?
« Reply #14 on: August 30, 2021, 06:24:47 PM »
i dont think malaysia house insurance cover luxury items
Sporty and Watch lovers

Offline dpkong

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Re: Watch Insurance?
« Reply #15 on: August 31, 2021, 10:00:34 AM »
i dont think malaysia house insurance cover luxury items


heard AIG got...

Offline dpkong

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Re: Watch Insurance?
« Reply #16 on: August 31, 2021, 10:22:19 AM »
thanks for information

double check with the agent.. I was told they have and it cover international losses as well but not sure how it all works. I don't use it

Offline bulletnos

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Re: Watch Insurance?
« Reply #17 on: August 31, 2021, 02:18:35 PM »

Offline Cocas

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Re: Watch Insurance?
« Reply #18 on: July 03, 2022, 06:26:56 AM »
i dont think malaysia house insurance cover luxury items


heard AIG got...

Yup they do.

https://www.aig.my/personal/home-insurance/premier-client-solutions

But not sure they could cover the watches at premium price or not. They only cover the watch at official retail price or invoice amount whichever is lower.

Offline Ckyap

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Re: Watch Insurance?
« Reply #19 on: July 03, 2022, 07:08:31 AM »
I believe they got higher package to cover the premium price,but of course at higher insurance charges.
But the process to claim the insurance might be long...need investigate team to do their job then only will come out the final report then only close case.just my opinion..

Offline bulletnos

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Re: Watch Insurance?
« Reply #20 on: July 03, 2022, 08:35:18 AM »
i dont think malaysia house insurance cover luxury items


heard AIG got...

Yup they do.

https://www.aig.my/personal/home-insurance/premier-client-solutions

But not sure they could cover the watches at premium price or not. They only cover the watch at official retail price or invoice amount whichever is lower.

I understand they will cover at invoice value...so if you bought from say Rolex at retail, then they cover retail, just have to declare upfront when purchasing the policy. And in the event of a claim, produce the receipt. If you bought it from say a grey dealer with a proper invoice, then it is possible to cover that too with the similar steps.

I just updated by own policy that's why I know. lol 8)