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Thread: Watch Insurance Question

  1. #1
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    Watch Insurance Question

    Hey, have a question for fellow CWC's who have watch insurance (preferably in the GTA).

    How much of a premium for you pay to have your watches insured? I ran a quote with a company for house insurance without watches and it was ~$350/year. When I ran it with watches I turned out to be ~$1,440/year. Is this type of premium normal?

    Can anyone suggest any insurance companies (I already tried Jewelers mutual).

  2. #2
    Senior Member Bocian's Avatar
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    The spread seems high. My home insurance in Oakville is $1380 And covers my watches. My neighbors not mentioning watches is Just under $1200. That rate for home insurance sans time pieces sounds really low. So $1440 depending on the area and home sounds pretty spot on

  3. #3
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    Quote Originally Posted by jtli202 View Post
    Hey, have a question for fellow CWC's who have watch insurance (preferably in the GTA).

    How much of a premium for you pay to have your watches insured? I ran a quote with a company for house insurance without watches and it was ~$350/year. When I ran it with watches I turned out to be ~$1,440/year. Is this type of premium normal?

    Can anyone suggest any insurance companies (I already tried Jewelers mutual).

    It all depends on value of the watch for starters

    generally house insurance will cover up to $5000 per item and some policys will cover up to $10000 per item

    usually anything over $10000 needs to be scheduled separately and depending on value the premium will differ.

    this topic has been discussed many of times on this forum. i will say this. assume nothing and get the FACTS from the horses mouth and not heresay.

  4. #4
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    Quote Originally Posted by jtli202 View Post
    Hey, have a question for fellow CWC's who have watch insurance (preferably in the GTA).

    How much of a premium for you pay to have your watches insured? I ran a quote with a company for house insurance without watches and it was ~$350/year. When I ran it with watches I turned out to be ~$1,440/year. Is this type of premium normal?

    Can anyone suggest any insurance companies (I already tried Jewelers mutual).


    did you just say your house insurance is $350 before adding watches?

    you live in someones shed?

  5. #5
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    Quote Originally Posted by snakeeyes View Post
    did you just say your house insurance is $350 before adding watches?

    you live in someones shed?
    I live in a condo and rent that is probably why. I about $80,000 of insurable contents sans watches. Was quoted for $385 sans watches.

  6. #6
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    Quote Originally Posted by jtli202 View Post
    I live in a condo and rent that is probably why. I about $80,000 of insurable contents sans watches. Was quoted for $385 sans watches.
    got it.

    bottomline. your insurance will vary depending on value of watch or watches you want to insure. shop around. use an insurance 'broker' and let them do the leg work. tell the 'broker' what your looking for and they will find you the best policy.

  7. #7
    Senior Member WTOdis's Avatar
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    I live in Oakville and my home owner's policy costs about $800 per year. I looked into a rider to cover watches and jewellry and it was going to cost about $600 additional.
    Rolex GMT Master II 116710LN
    Hamilton Khaki Navy Pioneer
    Steinhart Ocean One Titanium 500
    Seiko Samurai SRPB051
    Casio G-Shock Solar G-9300

  8. #8
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    Quote Originally Posted by snakeeyes View Post
    got it.

    bottomline. your insurance will vary depending on value of watch or watches you want to insure. shop around. use an insurance 'broker' and let them do the leg work. tell the 'broker' what your looking for and they will find you the best policy.
    Thanks. Could you recommend a broker?

  9. #9
    Senior Member nickw's Avatar
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    We got a great rate with TD Bank using their premium level insurance. Up to $1million for rebuilding and possessions, with a $50K total limit on Jewellery (no appraisal needed) for about $750 annually, with a $1000 deductible. TD was easily the best rate.

  10. #10
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    Quote Originally Posted by nickw View Post
    We got a great rate with TD Bank using their premium level insurance. Up to $1million for rebuilding and possessions, with a $50K total limit on Jewellery (no appraisal needed) for about $750 annually, with a $1000 deductible. TD was easily the best rate.

    Clearly you are uninformed about your policy. no chance you can have an 'individual' item insured up to $50000 w/o an appraisal. The $50000 is your TOTAL where its either $5000 PER item or $10000 per item.

    This has been beat to death on this forum. i implore you to call TD again as your misinterpreting your policy.

    to be insured UP to $50000 is normal however thats NOT per item.

    I will say it again to people. UNDERSTAND your policy do not assume.

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