Best Watch Insurance

Jewelers Mutual will help you find the right coverage for your watch

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Watch insurance is a type of insurance that is specific to watches or other fine jewelry. This type of insurance coverage can pay for repair or replacement if your watch is damaged, although some policies also offer replacement value in cash if your watch is stolen, lost, or damaged beyond repair. Watch insurance may seem like a luxury, but this type of coverage could be essential if you own a vintage or collectible watch that's worth a handsome sum. After all, a sought-after Rolex could easily cost as much as a house, so owners need coverage against various perils as well as loss and theft.

While a standard homeowners insurance policy usually provides coverage for specialized jewelry and other luxury items, including watches and furs, policy limits can leave you in the lurch if your watch is lost or stolen. In fact, the Insurance Information Institute says many homeowners insurance policies have limits as low as $1,500 for instances of theft. If you're in the market for a watch insurance policy, the best policies come with coverage for all major perils, reasonable deductibles, and a quick and easy claims process.

The Best Watch Insurance in 2021

Best Overall : Jewelers Mutual Insurance Group


Jewelers Mutual Insurance Group

Jewelers Mutual Insurance Group

We chose Jewelers Mutual Insurance Group as our best overall due to their long company history, excellent financial ratings, and coverage options for all major perils.

Pros
  • Easy, online quote and claims process

  • $0 deductible coverage options available

  • Coverage is for "all perils"

  • No appraisal required to start coverage

Cons
  • Long list of exclusions for coverage, including rodent infestations, leaving jewelry in an unattended car, and voluntary parting

Jewelers Mutual Insurance Group has been protecting watches and other fine pieces of jewelry since 1913, and thus have been around longer than most providers who made our ranking. This company also has an A+ rating from AM Best for financial strength. Another reason they scored the top spot is their all perils coverage, as well as the fact you can tailor your policy and choose an option with or without a deductible.

Jewelers Mutual offers an easy online quote process that doesn't require you to share your contact information, and you can also file and manage your watch insurance claims online. Coverage is also for any loss, theft, damage, or disappearance that is not explicitly listed as an exclusion by the company. Just keep in mind that your coverage may not apply in an array of situations, such as if you sell your watch to a third party and their check bounces after the fact. 

Generally speaking, watch insurance from Jewelers Mutual Insurance Group will set you back 1% to 2% of the cost of your piece. This means that a $10,000 watch might require $100 to $200 per year in jewelry insurance premiums.

Best No Deductible Coverage : Zillion


Zillion

Zillion

We chose Zillion as the best option for no deductible because all of their policies come with $0 deductible for replacement and repairs. This company also offers worldwide coverage and has a zero impact claims policy.

Pros
  • Easy online claims process

  • Worldwide coverage with $0 deductible on all plans

  • Filing a claim won't impact your premiums

  • All major perils covered

  • Money-back guarantee for 30 days

Cons
  • No coverage for war/military/government action, nuclear hazard, normal wear and tear, deterioration, or intentional acts

While Zillion may not be a household name, their policies are underwritten by AXA XL, which boasts an A+ rating for financial strength from AM Best. This means you can rest assured your policy will provide the coverage you pay for in the event of a loss. However, we chose Zillion for our ranking due to the fact that all of their policies come with a $0 deductible for repair or replacement. 

There are plenty of other reasons to consider Zillion for watch insurance, including their 30-day money-back guarantee and the fact that filing a claim won't impact your premiums. Also, note that this company gives you worldwide coverage that kicks in no matter where you are in the world, and that all major perils are covered. This includes theft, loss, disappearance, damage, and even natural disasters.

Zillion says that their policies typically cost 1% to 2% of the value of your watch every year. In addition, they offer a seamless online quote process that lets you know how much you might pay for watch insurance in a matter of minutes.

Best for Automatic Coverage : Chubb


Chubb

Chubb

We chose Chubb for our ranking based on the automatic coverage they offer for new items. When you buy valuables insurance from this provider, you get automatic coverage for new items for up to 90 days, giving you time to add them to your policy.

Pros
  • Automatic coverage for the first 90 days for new items (25% of the itemized coverage)

  • No deductible options available

  • No appraisal required on watches (or other jewelry) worth less than $100,000

  • Flexible coverage can be tailored to your needs

Cons
  • Must work with an agent to receive a quote

Chubb has been in business since 1882, although the company was originally founded as a marine underwriting business. The company has grown in leaps and bounds since then, and they now offer a variety of insurance products ranging from homeowners insurance to travel insurance, boat insurance, and valuables insurance. Ultimately, we chose Chubb because they offer automatic coverage on new items in a collection for up to 90 days, which is ideal for watch enthusiasts who are frequently buying new watches and don't want to update their policies every time.

Chubb watch insurance policies can be tailored to your needs with the option to buy coverage for individual items or blanket coverage for a watch collection. You can also start coverage with a detailed description and estimated value (and no appraisal), provided your watch is not worth $100,000 or more. Unfortunately, Chubb does not offer a way to get a free quote online, so you have to work with an agent to determine the policy cost.

Finally, Chubb is known for its agreed value feature, which ensures you'll get 100% of your item's value as a cash settlement in the event of a total loss. Chubb does let you start the claims process online.

Best Value : BriteCo


BriteCo

BriteCo

We chose BriteCo as the best value option due to the low premiums they advertise, as well as the fact they offer a monthly payment option for their plans.

Pros
  • Easy online quote and claims process

  • Monthly payment option available

  • Get 125% of your appraised value

  • Worldwide coverage with no deductibles

Cons
  • Appraisal required for coverage

  • Replacement policy only means you don't get cash when you file a claim

BriteCo was founded in 2017; the company's policies are all underwritten by Glencar Insurance Company, which has an A+ rating for financial strength from AM Best. We chose this provider as the best value option because their advertised premiums are on the lower end of average, and they let customers pay for their policies on a monthly basis. This means you don't have to come up with a year of premiums upfront. 

As a modern jewelry and watch insurance provider, BriteCo offers a seamless online quote and claims process, and they even have a mobile app. They also offer worldwide coverage with no deductibles, and you can get 125% of the appraised value toward another piece of jewelry if you face a total loss.

BriteCo offers coverage for damage, theft, mysterious disappearance, and loss. You can even add a spouse or partner to your policy for no additional cost. Just keep in mind that these policies are good for replacement only, so you won't get cash back if you file a claim for a total loss.

Best for Bundled Coverage : Lemonade


Lemonade logo

We chose Lemonade as our best option for bundled coverage based on how easy they make it to add insurance for a watch to one of their homeowners insurance or renter's insurance policies.

Pros
  • Cover your watch by adding extra coverage to a Lemonade homeowners or renter's insurance policy

  • Coverage for damage or disappearance available

  • Online quote and claims process

  • Mobile app available

Cons
  • Must be a Lemonade homeowners insurance or renter's insurance customer

  • Minimum value of $351 required for scheduled coverage

  • Photo and appraisal required to start coverage

Founded in 2015, Lemonade is a technology-driven insurance provider that specializes in homeowners insurance, renter's insurance, and pet health insurance. We chose this provider for our ranking based on the fact they let you easily bundle your watch insurance with other Lemonade policies you have, and you can get a quote for all your insurance needs online or through their mobile app.

This provider lets you schedule individual coverage for high-value watches and other jewelry you own, although a minimum value of $351 is required for each item. This coverage will exist as an add-on to your other policies, with major perils like damage and theft qualifying for coverage. Mysterious disappearance is also covered, and you can add additional insureds (like a roommate or partner) for an additional cost. 

Just keep in mind that you'll need to send in a photo of your item and an appraisal for your watch insurance policy to begin. Also, note that you'll need to have a homeowners or renter's insurance with Lemonade in order to gauge the cost for additional watch insurance coverage.

Best for Collectors : Wax Insurance


Wax Insurance

 Wax Insurance

We chose Wax Insurance for our ranking because they make it easy for watch collectors to constantly update their coverage. You can take a picture of your watch and use the Wax mobile app to add new items to your policy throughout the year.

Pros
  • Mobile app lets you take a picture to get a quote

  • Multiple collections can be included under one policy, which works for collectors of many items

  • Coverage available for collections worth up to $1 million (or more in some situations)

Cons
  • Policies underwritten by multiple insurance providers

  • For collectible watches, but not necessarily for everyday wear

  • Short company history (founded in 2018)

Wax Insurance was only founded in 2018, so this company hasn't been around for as long as many of the watch insurance providers on our list. However, Wax offers an excellent value prospect for watch collectors who frequently add new pieces to their collections. Wax lets you take a picture of your watch (or another collectible item) using their mobile app, which lets you get a quote for coverage right away. They also insure collections worth up to $1 million with higher limits in some situations, and multiple types of collections can be included in one single policy earning it the top nod for collectors. This means you could insure jewelry, watches, and other collectibles without having to buy separate policies. 

Wax lets you tailor your policy to your needs, and options with $0 deductible are available. While the app doesn't insure your watches directly, Wax only works with underwriters who have an "A" rating or better for financial strength from AM Best.

No appraisal is required at application, and coverage is good for accidental damage, fire, lightning, water damage, mysterious disappearance, burglary, and more. While Wax makes the quote process easy with their mobile app, they don't disclose an average range for pricing upfront.

Final Verdict

Watch insurance helps protect your cherished family heirlooms, collectible watches you own, or even pieces you love that you wear every day. Going without this important coverage means you could be left filing a claim with your homeowners or renter's insurance policy in the event of a loss, which could have incredibly low limits or exclusions.

Ultimately, you're better off having specific coverage for watches and other high-value jewelry you own, and this features the best of the best. As you shop for watch insurance, make sure to compare companies based on their coverage options, deductibles, coverage area, and pricing to give you peace of mind for a price you can afford.

Compare the Best Watch Insurance

Company Worldwide Coverage Minimum Deductible Online Quote? Average Cost Per Policy
Jewelers Mutual Insurance Group
Best Overall
Yes $0 Yes 1% to 2% of watch value
Zillion
Best No Deductible Coverage
Yes $0  Yes  1% to 2% of watch value 
Chubb
Best Automatic Coverage
Yes  $0  No Not disclosed
BriteCo
Best Value
Yes  $0  Yes  0.5% to 1.5% of watch value
Lemonade
Best for Bundled Coverage
No Varies Yes  1% to 2% of watch value 
Wax Insurance
Best for Collectors
Yes  $0  Yes  Not disclosed

Frequently Asked Questions

What Does Watch Insurance Cover? 

Some watch insurance policies cover less than others, but typical perils covered include loss, theft, damage, and disappearance. Make sure to check for exclusions on your policy. For example, some policies specifically include certain instances where damage or loss could occur, such as rodent infestation, wear and tear, intentional acts, and fraud that occurs during a sale. 

What Is the Difference Between Watch Insurance and a Watch Warranty? 

Watch insurance is an insurance policy that can pay for repairs, provide a replacement, or award you with cash if your watch is stolen, lost, or damaged. By contrast, a watch warranty is a guarantee against defects in your watch, including problems with materials or workmanship. 

Watch warranties cover specific components of your piece, including watch movements, hands, and dial. Generally speaking, warranties come with new watches that you purchase and only last for a specific coverage period. Watch insurance, on the other hand, can be purchased for a watch of any age.

How Much Does Watch Insurance Cost? 

Generally speaking, watch insurance costs 1% to 2% of the value of your watch every year. This means that a $10,000 watch might require $100 to $200 in annual watch insurance premiums. Meanwhile, insuring a $4,500 watch might set you back $45 to $90 per year. 

Keep in mind that other costs may be involved in buying watch insurance, such as the cost of any deductible required to file a claim. The best way to get a fair price for watch insurance involves shopping around with at least three or four different companies.

When Is It Worth Insuring a Watch?

Buying additional insurance makes sense any time you own something of value that you want to protect. While there are no hard and fast rules on value, Lemonade suggests buying extra insurance for any watch or piece of jewelry you own that is worth $1,000 or more. Also, be aware that some insurance providers require your watch to be worth a minimum amount to qualify for insurance. Lemonade sets this amount at $351 per item.

Methodology

We researched 10 companies that offer watch insurance and evaluated each insurer based on factors such as coverage options, deductibles, financial strength, company reputation, and claims process. We also considered factors such as online presence and functionality, as well as the ease at which you can apply for a quote or begin your coverage. 

Ultimately, we chose the best watch insurance companies that offer transparency about their plans, fair pricing, and additional benefits like automatic coverage options or $0 deductibles.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. Insurance Information Institute. "Special coverage for jewelry and other valuables." Accessed April 14, 2021.

  2. AM Best Information Services. "AM Best Assigns Credit Ratings to Glencar Insurance Company." Accessed April 15, 2021.

  3. LinkedIn. "Wax Insurance." Accessed April 15, 2021.