There are a selected few watches which through their exquisite craftsmanship, brilliant design, and unparalleled accuracy can change the way you experience and perceive time. As a connoisseur of luxury, if you are the proud owner of such elegance, then you know that its value is much higher than what the tag says. Whether it is part of your family heritage or a treasured gift from someone special, the watch holds a special place in your life.
Hence any damage to the exquisite piece can prove to be a financial setback. Having a luxury watch insurance would at least help you recuperate the financial damages suffered. Read on to know the benefits of having this insurance to protect your prized possession:
Coverage against theft
Despite significant development in surveillance and security, luxury items including watches are prone to theft. This kind of theft can take place anywhere including public places or your area of work. A luxury watch insurance policy gives you a financial cushion in case your watch falls victim to theft/loss/damage.
Loss of a RADO or ROLEX can burn a big hole in your pocket. However, with a watch insurance policy, the insurer reimburses the losses suffered. In other words, you get the required funds to replace the lost watch.
Coverage for accidental damages
Apart from coverage against theft, this type of insurance also provides a financial cushion in case your watch suffers accidental damages. These types of damages occur due to acts of negligence such as spillage or breakage at home or anywhere else.
Repairing a luxury watch due to accidental damages can be a tall order and can strain your finances. However, with a luxury watch insurance policy, the insurer pays for the costs on your behalf.
Cushion against damages suffered due to natural disasters
A natural disaster can strike anytime without prior notice. Along with life and property, your favourite belongings can also fall victim to it. A luxury watch insurance prevents dipping of your finances in such a situation. All the costs incurred towards getting your watch back in shape is taken care of by the insurer.
Important things to watch out for
While a luxury watch insurance offers you financial cover against a multitude of factors that might inflict damage to your favourite watch, there are certain exclusions too. Even the best smartwatch insurance policies in India will not offer coverage against:
- Natural wear and tear
Damages to your watch due to cleaning, dyeing, servicing, preventive maintenance, restoring, bleaching or those arising from natural wear and tear, insects, or any other incidents are generally not covered by the insurance policy.
- Electrical or mechanical breakdown
Financial costs incurred due to mechanical or electronic breakdown of the watch are not covered. Also, damages like over winding, denting, or internal damages are not covered.
- Consequential loss or legal liability
If you engage in activities that increase the risk of damage to your watch, then the same is not covered by your insurance policy.
Prior to buying a luxury watch insurance policy, it’s essential to go through the offerings from multiple insurers before making a choice. This type of insurance is relatively new in the market and therefore there are chances that you will not find many offerings.
Having said that, it’s essential to do comprehensive research before availing this policy. It’s important to compare policies based on various parameters including coverage amount, policy inclusions and exclusions.
Pocket Insurance from Bajaj Finserv offers a gamut of insurance solutions for a range of needs including lifestyle, health, and domestic travel insurance among others.