The experience of investing in a luxury timepiece transcends a simple experience for many people – it is a treasured piece to be cherished by the next generation.
Therefore, Gregory Jewellers recommends our Insurance Partner, Centrestone Jewellery Insurance, as a means to protecting your beautiful timepiece for the future.
We catch up with Lachlan Renshaw, the Managing Director at Centrestone, to discuss what Watch Insurance is all about.
How common is Watch Insurance?
Insurance policies that cover watches comprehensively are extremely rare.
Most home & contents policies will not cover watches and for those that do, the coverage is often not tailored to the needs of a luxury watch that goes with you wherever you go.
Why Centrestone Jewellery Insurance?
Centrestone provides portable contents insurance that has been specifically designed to meet the needs of cover for watches and jewellery. As a jewellery insurance specialist, we understand that treasured items such as a luxury timepiece need a specialised policy to ensure that if anything ever happens, there is piece of mind that your item will be replaced like-for-like or repaired back to it’s original condition.
What is the difference between Centrestone and Home & Contents Insurance?
Home & Contents Insurance is designed to cover your home and standard household items such as your TV, fridge or couch. Centrestone provides a policy tailored for the needs of watches and jewellery and we set ourselves apart from Home & Contents by including:
- Worldwide cover for accidental damage, loss and theft, not just cover inside the home and then additional exclusions when you leave the home
- Centrestone provides 125% cover of the insured amount as often the replacement costs of luxury watches increase over time and rare watches can appreciate significantly over an insured period.
- In the event of a claim, you can return to your preferred jeweller for the repair or replacement, not to the insurer’s preferred jeweller
- $50 excess on all claims, not thousands of dollars to make a claim which will then affect your Home & Contents premiums for years to come
- Free annual revaluations to match replacement cost. Home and contents puts the responsibility on the owner to have valuations done each year to ensure the item is insured for the correct amount.
What do you need to insure my watches?
All we need is a copy of the invoice of valuation from your jeweller and some clear photos of the item.
How long does it take for the insurance to take effect?
As soon as payment of the premium is made, cover is in place instantly.
There are no waiting periods!
Is it insured for the purchased or retail price?
Generally, the watch should be insured for retail price. This is because if an watch has been purchased with a discount, there is no guarantee that that discount or sale will be available if the item needs to be replaced 12 months later.
My watch came with a warranty. Is this different to insurance?
Warranty cover manufacturers defects such as mechanical issues with the watch that have not been caused by any external event.
Insurance covers your watch for damage, loss and theft.
Can I have multiple pieces (jewellery/watch) covered under the one policy?
Absolutely. As your collection grows you can add additional watches and jewellery to your policy at any time.
Will I be covered if I travel overseas?
Centrestone’s policy is the same everywhere in the world.
There are no additional exclusions when you leave the country. The best travel insurance policies will only cover up to a few thousand dollars per item, so make sure you check the fine print before you think that you are covered under travel insurance.
What do I do in the event I need to make a claim?
The circumstances for claims are always different, but what we will need is a signed statutory declaration along with supporting documentation for the claim. For example, if you were at a hotel, we would request the accommodation confirmations and correspondence with the hotel regarding the loss.
How much is the excess when making a claim?
The excess is always $50
How long does the claim process take?
Once Centrestone receives all of the requested information concerning the claim, claims are processed within 3-5 business days.
What happens when it is time to renew my policy?
Your policy will automatically roll over unless you tell us otherwise so that the cover for your watch continues uninterrupted.
What happens if the value of the watch changes?
If the value of the watch increases during the insured period and it cannot be replaced for the insured value, Centrestone will cover up to an additional 25% so you’re not out of pocket.
When it comes time for your renewal, we do a complimentary revaluation of the insured item to make sure it is insured for the current retail replacement cost.
Centrestone Jewellery Insurance offers a policy that has been specifically tailored to offer the maximum protection for your most precious timepieces.
You can get an instant quote for insuring your watches with Centrestone on their website here, or by visiting your local Gregory Jewellers boutique where you can also set you up a policy in store.