Luxury Watch

Why Should You Get Your Luxury Watch Insured

Why Should You Get Your Luxury Watch Insured

Individuals often spend a substantial amount of money to buy watches that are luxurious, hand-crafted, or have an extensive list of features. However, these watches are susceptible to accidents and other unforeseen incidents, but the warranty offered by the manufacturer may not cover these accidental damages.

In such scenarios, owners may face a considerable financial loss. However, to mitigate this risk, an owner can opt for a watch insurance cover policy, which will assist them in managing such scenarios.

What is a watch insurance cover?

Watch insurance cover policy is an insurance plan that aids expensive watch owners in case their watches suffer any damages and need repair or replacement. Watch cover insurance policies protect owners from such expenses.

Who needs this policy?

Individuals who are planning to purchase an expensive watch like a Rolex, which usually costs a few lakh, should purchase a Rolex watch insurance plan to avail coverage against any damages to it.

Apart from Rolex, other luxury watch brands like Omega, Tag Heuer, Tissot, IWC, Jaeger-LeCoultre, Breitling can opt for such policies as these watches typically cost a substantial amount to buy.

Benefits provided under the best watch insurance policy

  1. It offers coverage against accidental damages. In case your expensive watch suffers any damages and needs repair and replacement, this plan will provide coverage.
  2. It also provides cover in case your expensive watch is stolen owing to burglary or theft.
  3. Any damages to your watch due to fire, implosion, and explosion are covered under this watch insurance plan. Additionally, this plan also provides cover against natural calamities like cyclones, floods, earthquakes, etc. and against man-made incidents like strikes, riots, etc.

Individuals who already own such an expensive watch can consider opting for a watch insurance policy such as the Watch Secure insurance plan provided by Bajaj Finserv under Pocket Insurance & Subscriptions. With this policy, the insured can benefit from;

  • Minimum premium payments of Rs.449.
  • Coverage up to Rs.40,000 along with Rs.15,000 as a complimentary watch insurance plan.
  • Additionally, this plan offers the facility of debit and credit card blocking with just one call. In case anyone loses their wallet along with their watch, they can use this service to alleviate the risk of unauthorized charges on their payment cards.
  • Along with the other benefits, this plan also offers emergency travel benefits. In case a policyholder suffers a burglary or theft and loses his/her wallet along with the watch, this policy will provide financial assistance up to Rs.20,000 in India and Rs.40,000 in abroad locations.
  • Individuals can easily purchase this watch insurance cover by applying for it online. They can pay for this policy through online payment methods such as UPI, mobile wallet, debit/credit cards, net banking, etc. without any hassle.

Along with this policy, customers can also purchase a mobile screen insurance policy to financially safeguard themselves in case of any accidental damage to their mobile display.

In addition to both these policies, customers can purchase a wallet care insurance plan, which will provide them additional benefits. This plan offers coverage against card fraud, provides travel assistance, SIM blocking, ID card replacement, etc.

Expensive watches are not only hefty investments, but they also hold specific sentimental value to their owners too. Thus, damages or theft to these prized possessions creates a problematic scenario for its owners. Hence, owners can opt for a watch insurance cover to at least protect them financially.

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