Wed 11 Jul 2007
Insuring and Protecting your Watch Collection
Posted by The Breitling Source under General Posts , Watch Tips & TricksNo Comments
Have you ever looked at your watch collection and thought to yourself.. what would happen if it were stolen? What would happen if your house burned down and thousands of dollars worth of timepeices were destroyed? Well then you may want to consider a few ways of safeguarding your collection.
There are a few ways you can protect your investment, either with insurance (you’ll need specific insurance as most basic ones won’t cover the high value associated with watches). I’ll talk about a few of them here.. and their pros and cons. Obviously having a home security system such as an Anti-Burglar Alarm is a benefit to not only your watches, but everything else. Additionally, these can help:
1. Third-Party Insurance.
Remember with third-party insurance you need to make sure they will cover the entire value of your watch collection. Most will only cover a few thousand worth of jewellry, and if you’re like me, that’s only one watch, if that! You can look at insurance through a bank such as TD Canadatrust or RBC, or a non-bank affiliated insurance company such as Cooperators if you are in Canada. In the US there are many private insurance companies such as Jewelers Mutual and in the UK there is a huge abundance… T H March has been recommended by some people I’ve talked to.
Third-party insurance is a great way to protect your investment and give you peace of mind, however it is still a passive method of protection.
2. Home Safe.
A home safe is a better active method of protecting your investment, but is difficult to implement sometimes and requires some planning. Bolting the safe to the ground is important, especially with larger valued watch collections. There are even some high-end safes that have winders built in such as the Scatola Del Tempo Time Safe. Of course these things will cost you more than your average watch.
3. Safety Deposit Box
Doesn’t get much safer than this. My father used to store his watches this way, but that means wearing the same watch for a week or two and then going to the safety deposit box to swap them. Perhaps a combination of methods rather than just a safety deposit box.
4. Get a Dog.
The right dog can be great for protection your wristwatches and jewelry! Just make sure it’s a vicious one. Always on the lookout when your valuable watches are sitting at home in the watchwinder/safe/what-have-you.
At any rate, I hope this article gives you a bit of insight into the situation and helps you decide what you want to do.