Watch enthusiasts usually own a collection of rare, luxurious or vintage timepieces which hold tremendous sentimental or personal value. Replacement of such prized possessions in case of theft or damage can cost significantly. Ensuring the timepieces with a watch insurance plan is, therefore, essential to ensure financial protection even after warranty.
Approach an insurance provider who understands your requirement and offers you adequate coverage limit. The best watch insurance policy provides comprehensive coverage against the incurred expenses in case of loss, theft or damage.
Why should you buy an insurance plan for a wristwatch?
Expensive wristwatches come with a high risk of theft, especially if you use any one of them for your daily use. The growing desires for luxury timepieces have increased the number of watch theft in recent years. Along with this, owners are also exposed to risks of loss or accidental damage.
This is when an insurance scheme for wristwatches financially safeguards your rare collection.
What are the features of a watch cover?
Affordable cost of insurance plan
With reliable insurance providers, you can enjoy a coverage limit up to Rs. 25,000 at a premium of only Rs. 549. For a higher limit up to Rs. 50,000, you need to pay a yearly premium of Rs. 999 only.
Coverage for accidental damage
In case your expensive wristwatch damages due to riot, strike, fire, and other unexpected situations, be assured of receiving coverage for the financial loss.
Note that insurance providers come with their set of terms and conditions. Make sure to check out the factors covers and exclusions before buying a scheme.
Sufficient policy tenor
Generally, an insurance policy remains valid for one year, after which you may opt to renew the same.
Easy buying and claiming process
Most insurance providers prefer to keep the purchasing and claim settlement processes convenient for policyholders. One can buy a watch insurance plan online and lodge a claim via phone or SMS with ease.
Some prominent financial companies in India now provide customised insurance policies for watches. Bajaj Finserv is one such company that offers several Pocket Insurance schemes including watch cover. You can secure your possession at a nominal yearly premium.
How does a watch cover work?
Before purchasing an insurance policy, you must understand how it works to avail maximum benefits. It is also crucial to find the current market value of your luxury watches for the best insurance plan.
Evaluate the cost of the timepiece and get an approximation of cost suffered in case of a loss.
Check if your preferred insurance plan provides adequate coverage as per your requirement.
Once you finalise, submit a duly-filled online application form along with all the necessary documents.
Pay the annual premium via a convenient payment mode including UPI, mobile wallet, debit or credit card, online transfer, etc. to complete the purchase.
The process to claim the insurance is also very simple. Contact the insurer immediately after an incident, and follow the below-mentioned process.
Fill up the claim form and submit the same along with relevant documents.
The insurer will conduct an assessment before accepting or rejecting your claim.
There are many pocket insurance plans to address the lifestyle needs of customers.
For example – along with the watch, you may choose to protect your expensive glasses with a spectacle insurance policy. This scheme covers the expenses incurred in case of loss, damage or theft of your spectacles.
Insuring your valuable possessions gives peace of mind. While you cannot prevent unexpected incidents, you can certainly avail an insurance policy bear the financial losses incurred in such situations. Choose the best watch insurance scheme according to the value of your watches.