A common question, and one we hear so often in-store too, is, “Should I insure my jewellery and watches?” We decided it was time to dedicate a blog post to this important topic. After all, it’s a vital question for anyone who owns beautiful pieces of jewellery and branded watches, and this is a decision that really needs to be made sooner rather than later.
Hopefully, none of our readers will ever be in the situation where they lose a precious piece of jewellery or have it stolen. Unfortunately though, the loss and theft of jewellery and watches is a fact of life, in much the same way as mobile phones and wallets. Jewellery can be stolen via burglary, mugging, trickery and more. If you don’t have insurance, you’ve not only lost something precious that no doubt meant a lot to you, but you have also lost the money that was spent on it.
Is jewellery insurance worthwhile?
If you are concerned about burglary at home, then it might be worth checking with your home contents insurance provider, as some will be happy to add items of jewellery on to your insurance for a fee. However, these fees can add up, and your jewellery won’t be covered once it is outside of the home – when you’re at work, out with friends, or abroad, for example, which are generally the times you are more at risk. Cover for loss is often an extra charge with this type of insurance too.
Home insurance usually has a single item claim limit of £1,000-£2,000, so if you own pieces of jewellery or watches worth more than this, additional fees will again be added. And because this type of insurance is generic, it doesn’t take into account matching sets of jewellery – so, for example, if you own one necklace or ring of a two-piece set, you will only be reimbursed for the one you own.
Robert Gatward jewellery and watch insurance
If you are going to have your jewellery and watches insured, we would recommend doing it properly, and opting for a full and comprehensive cover. Our Robert Gatward Jewellers insurance will fully cover your pieces when you are anywhere in the world for loss, accidental damage and theft. It really is that simple.
Our insurance package is available for new purchases only and covers the customer’s item for 12 months. This insurance is currently an in-store only option.
How much does our insurance cost?
The cost of our insurance is worked out as a ratio of the item’s value, making it specific to your purchase, so here are a few examples:
> For an engagement ring costing £1,150 to purchase, the insurance would cost just £40.25.
> The TAG Heuer Ladies Carrera Calibre 9 watch, costing £3,700 to purchase, would cost just £129.50 to insure.
> For a diamond necklace costing £530 to buy, the insurance would cost £18.55.
After the initial 12-month period, we can then reassess the value of the item(s) and reinsure it/them for a further 12 months, and so on.
The importance of jewellery valuations
If you have jewellery and watches you haven’t just purchased but would like insuring, you will need to get these items valued for insurance purposes (as opposed to the valuation of an item to sell on). This step ensures that, in the unfortunate event of loss, theft or damage of your jewellery, you will be reimbursed to the correct amount.
This service is currently instore only, and our stores are in Oxfordshire, Suffolk and Berkshire. This service takes roughly 3 weeks to complete, and we keep each piece of jewellery safe on site during that time. The cost is based on the final valuation, and it is worth noting that combining items into one valuation service proves cheaper than getting them valued separately.