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Why is it important to have regular insurance valuations for your watches?

12 Aug

Watch giant and the UK’s biggest Rolex seller, Watches of Switzerland recently announced its plans for a stock market listing, which could value the luxury retail group at up to £800m. Its Chief Executive, Brian Duffy said that the luxury watch market is attractive for investors, with the company’s annual growth running at 18% since 2014.

It’s no surprise then, that reports suggest the market for premium, collectible watches is growing. Mr Duffy said:

“British people realise that they don’t need an expensive watch to be able to tell the time, but they are becoming more and more appreciative of the fact that a watch can be a very resilient investment and a family heirloom.”

Watches are becoming increasingly popular as an investment option. A recent article from Doerr Valuations showed the potential for increases in value over time. In one example, a gentleman’s steel Oyster Perpetual Submariner Rolex watch worth £1,450 in the year 2000 is now worth £5,750 today, which is a staggering 296% increase.

This highlights the importance of having regular insurance valuations for your watch or collection to make sure that you are not underinsured. An up-to-date valuation will also speed up the process of replacing a watch or receiving a cash settlement in the event of a claim.

Need advice?

Get in touch with our Club Signature team today on 02920 855242 or email gareth.williams@thomas-carroll.co.uk. Our experienced, qualified insurance brokers specialise in high-net-worth property and contents and are on hand to discuss your most treasured possessions.