How much does it cost to insure my luxury watch?

This short article, as featured in The Times, gives you the tools needed to calculate the insurance cost for a luxury watch or a collection of luxury watches. Presently, few stand-alone watch insurance products are on the market for reasons outlined in our four reasons for increased premiums on watch insurance articles. As a result, base rates for luxury watch insurance are on the rise.

The cost calculator below is for one watch and assumes you’ll wear the insured watch daily. If you’re looking to insure a watch collection, chances are you’d only need cover for a fraction of the total collection value when away from the home. Insuring luxury watch collections attracts nuanced discounts, which I’ve not accounted for in the calculator below. For an exact cost on an extensive watch collection, you’d be better placed to give us a call.

Rating factors stand-alone watch insurance

  • The watch value. Typically, it is 2% of the watch’s value, regardless of make or model.
  • The risk postcode. Your area affects the premium for better or worse.
  • The age of the prospect. Various rates apply depending on age. 
  • The claims history. Claims made in the past five years can increase premiums.
  • Insurance premium tax [IPT]. Currently, 12% of the insurance premium.
  • A broker administration fee. For Stanhope, this is £25.
  • Total cover for watches outside the home (floating limit). You may only require a certain level of cover outside the house for extensive watch collections. The lower the level, the lower the premium will be. 

The minimum premium for our in-house watch product is currently £109, including our £25 new business fee and 12% insurance premium tax.

The magic formula for an estimated cost:

Value of watch x 2% (base rate) x 1.12 (IPT) + 25 (broker fee) = estimate cost.

I.e. £10,000 x 2% x 1.12 + £25 = £249 estimate cost.

Get a quote now

Your name(Required)

Hidden


Specific Insurance Cost Examples

How much will it cost to insure a £10,000 Rolex Datejust?

You want to insure a £10,000 Rolex Datejust; you live in our lowest-rated area, are 55, and have had no claims in the past five years. The rate for this would be circa £186.28 to £224.35, including a £25 fee and IPT.

How much will it cost to insure a £5,000 Tag Heuer?

You want to insure a £5,000 Tag Heuer Aquaracer, live in our middle-rated area, are 35 years old, and have had no claims in the last five years. The rate for this would be circa £110.16 to £137.45, including a £25 fee and IPT.

How much will it cost to insure a £55,000 Patek Philippe Nautilus?

You want to insure a £55,000 Patek Philippe Nautilus, live in our low-rated area, are 60 years old, and have had no claims in the last five years. The rate for this would be circa £1,036.46 to £1,259.55, including a £25 fee and IPT. (Find out more about the Patek Philippe story).

How much will it cost to insure a £45,000 Audemars Piguet Royal Oak?

You want to insure a £45,000 Audemars Piguet Royal Oak, live in our high-rated area, are 45 years old, and have had no claims in the last five years. The rate for this would be circa £977.56 to £1,037.45, including a £25 fee and IPT.


General Insurance Cost Examples

How much will it cost to insure a Rolex Datejust 36mm stainless steel?

Cost of watch: £3,500-£9,000
Estimate cost to insure: £104- £205

How much will it cost to insure a Rolex Oyster Perpetual 36mm stainless steel cost?

Cost of watch £4,600-£13,000
Estimate cost to insure: £117-£285

How much will it cost to insure a Rolex Submariner stainless steel black dial/bezel?

Cost of watch: £7,000-£12,000
Estimate cost to insure: £165-£265

How much will it cost to insure a Rolex Daytona Stainless Steel?

Cost of watch: £16,000-£25,000
Estimate cost to insure: £345-£525

How much will it cost to insure a Rolex GMT stainless steel?

Cost of watch: £9,500-£16,000
Estimate cost to insure: £215-£345

How much will it cost to insure a Patek Philippe Nautilus stainless steel?

Cost of watch: £40,000-£80,000
Estimate cost to insure: £825-£1,625

How much will it cost to insure a Omega Seamaster Diver Stainless steel?

Cost of watch: £1,000-£3,500
Estimate cost to insure: £104

Written by Matthew Ashton

I started working in the insurance industry in 2004. Four years later, I left to focus on theological studies, working as a youth worker and then as a ministry director in Seattle, USA. When returning to the UK, I had an opportunity to work for the late Andrew Marchington. I joined his firm as a sales advisor when it had around ten staff members. Within three years, I was Head of Ops with a staff team of over 30 people. After a chance encounter in 2019 with Rachel Living and Will Cooper, I co-started Stanhope to build a high-value home, luxury watch, and jewellery broker synonymous with trust. I love being with Donna, my wife, and four kids when not working, cramming in the odd row, or running when I can. I am fortunate to love what I do and consider it a blessing to grow the Stanhope brand.

Matthew Ashton

Date: Wednesday 14th February, 10:10am

More blog posts