Best Watch Insurance Providers

Jewelers Mutual offers the best coverage at an affordable rate

We publish unbiased reviews; our opinions are our own and are not influenced by payments from advertisers. Learn about our independent review process and partners in our advertiser disclosure.

Watches mean different things to different people. For some, a watch is simply a means of telling time. For others, a watch is an investment. If you own an expensive timepiece or collect watches, you might consider purchasing watch insurance. Watch insurance providers protect your timepieces from damage, theft, loss, and mysterious disappearance. 

The best watch insurance companies cover your watches against all major perils, anywhere in the world, with a low deductible or no deductible at all. The top watch insurance companies also make it easy to purchase a policy and a file claim, whether online or through a mobile app, without needing an appraisal to verify your watch’s value.

Best Watch Insurance Providers of 2021

Best Overall : Jewelers Mutual


Jewelers Mutual

Jewelers Mutual

  • Free Appraisal: No
  • No. States: 50 states
Why We Chose It

Founded in 1913, Jewelers Mutual has more than 100 years of experience insuring watches. The company offers comprehensive coverage, affordable rates, and flexible deductible options. 

Pros & Cons
Pros
  • Option for $0 deductible

  • No appraisal needed to purchase coverage

  • Easy to get a quote online

Cons
  • Doesn’t offer free appraisals

  • Some negative reviews for poor claim handling

  • No mobile app

Overview

Jewelers Mutual is the best overall watch insurance company because it covers most types of watches for damage, theft, disappearance, and loss anywhere in the world, with the option of a $0 deductible. It’s also one of the most reputable companies, with partnerships with the American Gem Society, Jewelers of America, Jewelers' Security Alliance, and many others.

The cost of watch insurance from Jewelers Mutual is generally affordable, but it depends on the piece. The company says that watch insurance will cost between 1% and 2% of the item’s value. You can apply for an insurance quote online to see how much you will pay. The coverage limits will vary by state, but the deductible is flexible. You can even choose a $0 deductible.

If you need to file a claim, you can do so through the online customer portal, or by calling the company during business hours. Keep in mind that if your jewelry is lost or stolen, you may need to submit a police report as part of the claim process.

One of the downsides of Jewelers Mutual is that it doesn’t offer free appraisals. However, you don’t need one in order to purchase a policy. We also found that the company has some negative customer reviews around claim handling, like issues with payouts that were considered to be unfair.

Best for Smartwatches : Lemonade


Lemonade logo
  • Free Appraisal: No
  • No. States: 28 states (renters) and 23 (homeowners)
Why We Chose It

Lemonade’s homeowners and renters insurance is a great option for smartwatch owners who want to protect their gadgets from a wide range of covered perils without paying a huge premium. 

Pros & Cons
Pros
  • Easy to get a quote online

  • Option to purchase extra coverage for higher limits

  • Coverage is typically very affordable

Cons
  • Must have a Lemonade homeowners or renters insurance policy

  • Not available in every state

Overview

We chose Lemonade as the best watch insurance company for smartwatches because it’s a digital insurance company. Smartwatch owners who are already accustomed to using their devices will enjoy the ease and convenience of purchasing coverage, managing their policies, and filing claims right from their phones.

You must have a Lemonade homeowners or renters insurance policy in order to access this coverage. However, Lemonade is one of the most affordable property insurance providers on the market. 

Renters insurance starts at $5 per month and homeowners insurance starts at $25 per month. The standard policies come with $1,500 in coverage for smartwatches, but you can also purchase extra coverage if your watch is worth more than $351. According to Lemonade, the average cost to insure a watch is just $9.46 per month.

You can get a personalized rate quote for Lemonade smartwatch insurance online or through the mobile app. If you have owned the watch for less than five years, a receipt is required to insure it. If you’ve had it for more than five years, or if you don’t have a receipt, you’ll need to get an appraisal. Unfortunately, Lemonade doesn’t offer free appraisals.

In terms of reviews, customers are mostly satisfied with Lemonade’s user interface, low rates, and good customer service. The biggest downside is that you can’t purchase renters or homeowners insurance coverage in every state.

Best for Luxury Watches : AXA


AXA

AXA

  • Free Appraisal: No
  • No. States: 50 states
Why We Chose It

With comprehensive coverage options, as well as scheduled and blanket insurance policies, AXA is the best watch insurance company for luxury timepieces.

Pros & Cons
Pros
  • Available in all 50 states

  • Comprehensive coverage for luxury watches

  • Option to choose a scheduled or blanket policy

Cons
  • Can’t get a quote online

  • Limited information about coverage limits and deductibles

  • No online claims

Overview

If you own a luxury watch, like a Rolex or Patek Philippe, AXA is our suggestion for watch insurance. AXA will cover your luxury watches on an all-risk basis, anywhere in the world. You can also purchase a scheduled policy or a blanket policy, depending on the value of your watch and the number of pieces in your collection. 

With AXA, your watches are covered pretty much anywhere you keep them, whether in a watch case in your closet, in a home safe, or in a bank vault. So, if you wear a $10,000 Cartier watch as your daily timepiece, you can rest assured that the watch is covered wherever you go.

While AXA offers reliable coverage for expensive watches, it doesn't have the most user-friendly website. You’ll need to call the company and work with an agent to get a quote, manage your policy, and file claims.

We also found that AXA doesn’t include much information online about what its watch insurance policies cover. To find out what policy limits and deductible options are available, you should contact the company. We also recommend asking whether or not your watches need to be appraised in order to purchase coverage, which is not stated on its website.

Best for Collectors : Wax Insurance


Wax Insurance

 Wax Insurance

  • Free Appraisal: No
  • No. States: 50 states
Why We Chose It

Wax Insurance was designed by watch collectors, for watch collectors. The company specializes in insuring watch collections of all sizes, and all of your watches can be covered under a single policy.

Pros & Cons
Pros
  • Manage your policy exclusively through the mobile app

  • Simply snap a picture to add watches to your policy

  • Wax’s partner network ensures you get the lowest rate

  • Policies are underwritten by other companies

  • Newer company with less reputability than competitors

Overview

We recommend Wax Insurance for watch collectors, whether your collection is small or extensive. You can cover all of your watches with one policy, and there’s no need to get your pieces appraised. Using the mobile app, you’ll simply take a photo and the Wax team does the rest.

One of the things we like most about Wax Insurance is that the company is entirely mobile. Whether you want to get a quote, file a claim, or add watches to your policy, you can handle everything through the free app. However, there are agents on standby if you need to talk to a real person. 

With Wax Insurance, watch collectors can get coverage for collections up to $1 million, with higher limits available if you need it. There’s also a $0 deductible option if you don’t mind paying a little more for coverage.

The company doesn’t advertise the price of its policies, so your best option is to get a customized quote through the app. However, Wax Insurance doesn’t underwrite its own policies. When you apply for a quote, it matches you with the lowest rate from one of the providers in its network. This can be both a plus and a drawback.

Best With No Deductible : HODINKEE Insurance


HODINKEE Insurance

HODINKEE Insurance

  • Free Appraisal: No
  • No. States: 50 states
Why We Chose It

If you purchase watch insurance from HODINKEE Insurance, you’ll never pay a deductible if you have a claim. The company only offers $0 deductible policies, which are underwritten by Chubb.

Pros & Cons
Pros
  • Exclusively sells $0 deductible policies

  • Policies are underwritten by Chubb, a reputable provider

  • Appraisals aren’t needed for pieces under $100,000

Cons
  • Doesn’t offer free appraisals

Overview


HODINKEE Insurance sells watch insurance policies that never have a deductible, which gives you added peace of mind in the event that your watches get damaged, stolen, or lost. Additionally, HODINKEE Insurance’s policies are underwritten by Chubb, which specializes in valuable articles coverage.

The cost of watch insurance from HODINKEE Insurance depends on a few factors, including the value of the piece. For instance, an Omega Speedmaster with a price tag of $5,350 would cost about $136 per year to insure. A more expensive Rolex Dayton with a value of $13,150 would cost roughly $335 per year to insure. You can get a free instant quote online for your watch.

Another thing we like about HODINKEE Insurance is that appraisals aren’t required for watches valued at less than $100,000. You’ll just need to take a picture of the watch, go through the five-step signup process, and if your policy is approved, your coverage begins instantly. To file a claim, you get access to Chubb’s 24/7 hotline, so you can start the claim process at any time, day or night.

One of the most unique perks about HODINKEE Insurance is that every policy includes investment protection. When you open a policy, every watch you insure is covered up to 150% of the insured value, up to your policy’s limit. So if your insured watch increases in value before a claim, you don’t have to settle for a lower payout.

Best for Claims : BriteCo


BriteCo

BriteCo

  • Free Appraisal: No
  • No. States: 50 states
Why We Chose It

BriteCo is the best watch insurance provider for claim handling. You can file a claim online at any time, and you’re allowed to work with any jeweler of your choice for repairs.

Pros & Cons
Pros
  • Easy online claim reporting

  • No deductibles required

  • Includes market value protection, up to 125%

Cons
  • Doesn’t have local offices

  • Appraisals are required to purchase coverage

Overview

Out of all the watch insurance companies we reviewed, BriteCo stands out as the best for claim handling. You can file a claim online at any time, without contacting an agent. And, every policy includes market value protection, which pays up to 125% of your item’s insured value after a loss if it appreciates.

BriteCo covers most types of watches, including high-end brands like Rolex, Breitling, and Chopard. Watches are covered worldwide against common perils, including theft, mysterious disappearance, damage, and loss.

Watch insurance from BriteCo has flexible coverage limits, and you never have to pay a deductible. It’s easy to get an instant rate quote online by visiting BriteCo’s website. According to the company, most policies cost between 1% and 2% of your item’s appraised value.

With BriteCo, the biggest downside is that appraisals are required in order to insure any watch, regardless of the value. It’s also not the best insurance provider if you want to work with an agent to buy coverage or manage your policy. You can reach a BriteCo agent via phone, but they don’t have local offices.

Final Verdict

Watch insurance can be a great investment if you own valuable timepieces. While there are several top contenders for the best watch insurance companies, we found that Jewelers Mutual is the best provider overall for watch owners. 

Jewelers Mutual offers the most comprehensive coverage for a wide variety of watches, whether you own expensive pieces that are reserved for special occasions or watches that are worn daily. The coverage is generally affordable, and you can choose a $0 deductible policy. Not to mention, Jewelers Mutual is backed by some of the world’s leading jewelry organizations.

Compare the Best Watch Insurance Providers

Company Price  Coverage Limit  Policy Types
Jewelers Mutual
Best Overall
1% to 2% of the item’s value Varies Watch insurance
Lemonade
Best for Smartwatches 
Varies  Varies  Included coverage with home and renters insurance 
AXA
Best for Luxury Watches
Varies  Varies  Watch insurance 
Wax Insurance
Best for Collectors 
Varies  Up to $1 million (higher limits are available) Watch insurance 
HODINKEE Insurance
Best With No Deductible 
Varies  Varies  Watch insurance 
BriteCo
Best for Claims 
1% to 2% of the item’s value  Varies  Watch insurance 

Guide for Choosing the Best Watch Insurance Providers

Is Watch Insurance Worth It?

Everyone has different insurance needs and varying levels of risk tolerance. If you own valuable watches that would be expensive to repair or replace out-of-pocket, having watch insurance may be worth it, especially if your pieces are family heirlooms or rare collectibles.

On the other hand, you might not need watch insurance if you find that your homeowners insurance or renters insurance policy provides adequate coverage. Most policies cover anywhere from $1,000 to $3,000 in personal belongings, including valuable items.

So, for example, if you own a Movado that is only worth $400, the insurance policy you already have would cover it. But if you own a Tag Heuer that cost you $5,000, having watch insurance would be more beneficial if something happened to it.

Comparing Watch Insurance Providers

Not all watch insurance providers are created equal. Before you choose a carrier, it’s important to do your own research and compare your top contenders based on a few key factors.

  • Premium: Your premium is the cost of keeping your policy in force. The cost of watch insurance will depend on your location, the insurance company, the value of your watches, your coverage limit, and your deductible.
  • Coverage limit: Your coverage limit is the maximum amount of money your insurer will pay after a covered loss. If you have a very expensive watch, you will want to look for carriers that sell policies with high coverage limits.
  • Deductible: Your deductible is the out-of-pocket cost you have to pay toward a covered loss. Many watch insurance companies offer $0 deductible policies, while others offer flexible deductibles between $200 and $1,000.
  • Appraisal requirements: Depending on the watch insurance company you go with, and the value of your piece, you might have to get your watch appraised before you can purchase a policy. However, not all providers require it.
  • Customer service: Look at customer reviews online to see what current policyholders think of the company. Oftentimes, customers will voice concerns around customer service or the claim process, which is helpful to know before you purchase a policy.
  • Ease of use: Many of the watch insurance companies we reviewed make it easy to set up a policy, get a quote, file claims, and add new watches to your policy. Some providers even have a mobile app, so you don’t have to rely on an agent to help out.

Applying for Watch Insurance

Once you’ve settled on a watch insurance company, the next step is to apply for a policy. Depending on the provider, you can either start the process online or you can call an agent directly. None of the providers we reviewed have local offices. 

During the application process, the insurance company will first ask you to verify the watch. That could include taking a picture, uploading a copy of the receipt, or providing a professional appraisal form. Some insurance companies require an appraisal, but not all. Typically, more expensive watches require an appraisal.

Once you select your coverage limit and deductible, you will get a quote for the policy. If you’re satisfied with the quote, you’ll just need to provide your billing information and choose when you want your coverage to start. 

Frequently Asked Questions (FAQs)

What Is Watch Insurance?

Watch insurance is a standalone policy or optional add-on designed to cover the cost of replacing or repairing high-end watches, typically valued at thousands of dollars. This is often referred to as a "personal articles policy" by insurance carriers, which is a scheduled policy that lists high-valued items, such as jewelry, artwork, and other valuables such as watches.

Basic homeowners or renters insurance policies don’t typically cover valuables like these over a certain dollar amount, generally $1,500.

What's Required for Underwriting Watch Insurance?

Since typical homeowners policies don't cover valuables beyond about $1,500, people with fine watches may consider purchasing what's known as a "floater" insurance policy to cover the exact cost of any item, in this case, a watch. If that's the case, you will likely need the original receipt or professional appraisal to determine the value of your watch, an additional expense beyond the cost of the insurance.

Watch Insurance vs. Watch Warranty

Many watches come with a manufacturer’s warranty, which, the Federal Trade Commission explains, is a manufacturer's attempt to stand behind their product. Warranties have limitations, however, as they do not last forever or cover all types of product failures and repairs. In the case of Rolex, for instance, the company's guarantee provides coverage for five years from the date of purchase, not inclusive of wear and tear, loss, theft, or damage. And no extended guarantee is available. That's why watch owners may want to opt for insurance for greater protection of their investment.

What Do Watch Insurance Providers Cover?

Watch insurance companies cover watches against a list of specific perils. This often includes events like theft, loss, disappearance, and damage. Some watch insurance policies cover less than others, so it’s a good idea to check for exclusions on your policy.

For example, some policies specifically exclude certain instances where damage or loss could occur, such as rodent infestation, general wear and tear, intentional acts, and fraudulent sales. If you’re not sure what your policy covers, call the company or look through your policy documents.

What Does Watch Insurance Exclude?

Individual watch insurance policy exclusions vary by provider and policy, but most policies exclude coverage for things like wear and tear, war, intentional damage, or pests. It’s important to check with individual insurers and policy documents to confirm specific lists of exclusions.

How Much Does Watch Insurance Cost?

The cost of watch insurance varies based on a few factors, the biggest one being the value of your watch. For instance, insuring a watch that costs $300 is much less expensive than insuring a watch that costs $10,000. Your location, coverage limit, deductible, and the provider you choose will also determine the price. 

To give you a sense of what you might pay, Jewelers Mutual says that its policies typically cost between 1% and 2% of the watch’s value. That means that a $10,000 watch could cost $100 to $200 to insure, whereas a $4,500 watch might set you back $45 to $90 per year. 

Do Watch Insurance Providers Require an Appraisal?

Some watch insurance providers require an appraisal, while others do not. In fact, none of the best watch insurance companies that we reviewed require an appraisal in order to purchase a policy. Typically, appraisals are only required for insurance if your watch has a very high value. If your watch is valued at $100,000 or more, you’ll likely need to get it appraised.

However, you can always get a less expensive watch appraised if you’re not sure what it’s worth, or how much coverage you might need. When you apply for watch insurance, most companies allow you to upload documents, like an appraisal form, to help them verify the coverage amount requested.

Is It Worth It To Insure a Watch?

Investing in watch insurance makes sense when the cost to replace or repair the watch is greater than the expense of the watch insurance over the course of several years. Take the example of the $5,000 watch above. If it costs $50 to $100 per year to insure it, it would take anywhere from 50 to 100 years before you paid the full value of the watch again. Without insurance, on the other hand, you might have to pay the full value tomorrow, if something were to happen.

Methodology

To find the best watch insurance companies, we started by reviewing 10 different watch insurance providers. We evaluated each company based on factors like price, area of availability, coverage limits, deductibles, appraisal requirements, company reputation, customer reviews, and the claim process. We also looked at factors such as the online presence and functionality of each company, as well as the ease of getting a quote.