Tommie at Property Wealth Insurance Brokers explains how typical insurance policies may not respond to losses in the way you might expect despite it being specified on your home insurance policy and how to protect yourself from it.
Certain watch manufacturers limit the number of sales to protect their brand and as a result the second-hand value can change, so obtaining a full settlement on the “Grey Value’’ can be difficult.
Take your Rolex Submariner you paid £6,500 new. The next day this could appreciate to £12,000 on the second-hand market.
Typical Home insurance policies operate on a “New for Old’’ basis so, using the example above; following a theft/loss, a standard policy tends to:
- Provide a similar new model (worth £6,500)
- Provide you with a cash or voucher settlement (minus the discount they receive from the retailer) leaving you closer to £5,200
But what if I want to replace my watch with the same version and year? You may need to move away from typical home insurance policies you find online or on the high street and arrange cover with a Bespoke provider.
At Property Wealth Insurance Brokers, we understand this and arrange cover that allows you to be confident that the cover you receive will meet your expectations.
For more advice, contact Tommie and the team who will be delighted to help.
Property Wealth Insurance Brokers LLP and is an appointed representative of A-One Insurance Services (Bmth) Ltd who is authorised and regulated by the Financial Conduct Authority.
A. First Floor, Hemings House, The Square, Wickham, Fareham, PO17 5JT
E. Tommiew@pwinsurance.co.uk
T. 0333 222 1193
W. www.pwinsurance.co.uk
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