Insurance for watches
Compare the Market doesn’t currently compare speciality watch insurance policies. However, you can still get quotes for standard contents insurance from a range of policies online through our comparison tool.
Expert tips on insurance for watches
Our resident home and contents insurance expert, Adrian Taylor, has some tips for safeguarding your watch.
Adrian Taylor
Executive General Manager – General Insurance
Consider specified personal effects cover for more expensive watches
Like other items, insurers typically have dollar limits for jewellery and watches. If you have an antique timepiece or an expensive watch like a Rolex, it’s worth considering listing it individually on your policy with specified personal effects cover.
Keep records of receipts and photos of your insured items
Take photos of things like receipts and certificates of valuation from jewellers and store them on an external hard drive or cloud-based storage. Having this documentation can help you prove your ownership of these items in the event of a claim.
Secure your jewellery in a safe place
Some items might not be covered by your policy if they’re left out in the open. Consider putting any high-value watches and jewellery in a lockable case or safe when you’re not wearing them for some additional peace of mind.
Insurance for watches
How can I insure my watch?
Watches can be covered by contents insurance, but you may need to add personal effects cover (or portable contents cover) to your policy.
You could also cover your timepiece with a speciality watch insurance policy. Please note that Compare the Market doesn’t currently compare these products.
What’s the difference between contents insurance and personal effects cover?
Contents insurance is a standalone insurance product that offers cover against damage, theft or loss of the personal possessions in your home. This may include items such as watches, furniture, appliances and clothing.
Personal effects cover is an optional extra you can add to your contents insurance. It typically provides cover Australia-wide for items you regularly take with you outside of your home, such as watches, handbags and bicycles.
What is the best personal effects cover to get for my watch?
There’s no single best insurance to cover your watch, as it’ll mostly depend on the overall value of your watch.
If you have a common store-bought watch like an Apple Watch or a Fitbit, unspecified personal effects cover could be an adequate amount of insurance for your watch. Reading the PDS can help give you a better idea of whether a policy’s item limits will be enough to cover your personal items.
Conversely, if your watch is worth thousands of dollars or is an antique or family heirloom, you might consider adding specified personal effects cover to your policy. This additional cover allows you to list more expensive items separately on your policy, such as luxury watches, engagement rings and other valuable jewellery.
Contents insurance
What does contents insurance cover?
It’ll depend on your insurance provider, but the following table provides a guide for the damages and losses that are usually covered and excluded by contents insurance.
| Insured event | Is it usually covered? |
|---|---|
| ✓ | |
| ✓ | |
| ✓/Optional extra | |
| Earthquake and tsunami | ✓ |
| Movement of the sea | ✗ |
| Vandalism | ✓ |
| Theft | ✓ |
| Impact damage (excluding deliberate damage) | ✓ |
| Damage from vermin (including rodents and insects) | ✗ |
| War and uprising | ✗ |
| Optional extra | |
|
Escape of liquid (excluding the leaking item, e.g. burst pipe) |
✓ |
| Removing debris | ✓ |
| Damage from renovations | ✗ |
For more information on all inclusions, exclusions and item limits, always read the relevant Product Disclosure Statement (PDS). The Target Market Determination (TMD) could also help you figure out if a product is right for your circumstances.
Personal effects cover
What does personal effects insurance cover?
Personal effects cover can provide financial protection for portable items if they’re stolen or damaged. Insurers will typically cover these items across Australia, and some may even cover them overseas for a certain period of time.
There are two types of personal effects cover you could purchase for your portable items:
- Unspecified personal effects. Offers general cover for several portable items up to a certain limit. If your watch is worth less than your policy’s individual item limit, unspecified personal effects could adequately cover it.
- Specified personal effects. Covers individual items listed on your Certificate of Insurance (COI). This is typically for more expensive items like Rolex or Patek Philippe luxury watches, and other valuable items that might be worth more than your policy’s item limits.
For more information on all inclusions, exclusions and limits, always read the relevant PDS.
What's not covered by personal effects cover?
Personal effects insurance usually comes with some general exclusions to be aware of, such as:
- Business or trade equipment (e.g. company laptop or tools)
- Sporting gear or recreational equipment while in use
- Motor vehicles and their accessories
- Drivers’ licences, passports or other documents
- Items left unattended in public places or lost due to lack of care
- General wear and tear.
How can I get cheap contents insurance for my wristwatch?
Depending on the value of your watch, it might be difficult to find cheap contents insurance to cover it. However, some ways you could potentially save on your cover include:
- Paying annual premiums is usually a cheaper option in the long run than paying fortnightly or monthly, since instalments can attract additional processing fees.
- Increasing your basic excess could lower your contents insurance premium, while lowering your excess could increase it. Before opting for a higher premium, always make sure it’s an amount you could afford to pay in the event of a claim.
- Taking advantage of online discounts when you purchase cover through certain insurers could help you save money on your contents insurance policy.
How do I make a claim on my contents insurance?
You can contact your insurance provider’s customer support line to start the claims process for a stolen or damaged watch. You may be asked to provide the following documentation and evidence to assist your claim:
- Your policy number
- Receipts of the item you’re filing the claim for
- Photos of the damaged item
- A police report if the claim is for theft or malicious damage.
Always read the PDS for more detailed information on how to make a claim with your insurer, including the phone number you’ll need to call to start the process.
Meet our home and contents expert, Adrian Taylor
As a General Insurance expert with over 13 years’ experience in financial services, Adrian Taylor works to make it easier for homeowners, renters and landlords to protect their home and contents. He believes it’s important for all residents (whether they rent, own or lease) to have adequate financial cover for their property and belongings in case the worse should happen.