Content Insurance Companies with Good Limits for Watches (Unspecified Items)

shockrave on 11/10/2023 - 11:25

Hi all

Am currently with ANZ insurance and they're changing insurance provider to CGU, with increases in fees and downgrades in coverage, so am looking for a new content insurance.

The thing I liked about ANZ's cover was that watches were covered up to $3K each, and there was no (or very high category limits) for what you could claim on watches. I have a number of watches around that price range so that suited me well.

Looking around, none of the new policies are that good and cost more - best I found is CHU direct with $5k item limit for a total of $25k for their premium cover (doesn't suit me as well given the $25k cap - and fair bit higher premium). Just wondering if anyone has another insurer that has better coverage and is reasonably priced. Next best might be CBA with 25% off sum insured in the category, but it is a fair bit more expensive than CHU.

Have looked at Allianz, AAMI, Qantas, Australia Unity, Budget Direct and Honey and they're not that good.

Thanks

Financial Insurance

Comments

  • Gunnar on 11/10/2023 - 11:35

    I use NRMA with the max value of my most valuable watch under portable goods (because I only take one out of the house at any point in time) and the rest under the regular home and contents but listed as specific items so they are covered in case of theft

    • shockrave on 11/10/2023 - 13:42

      Do you recall how much the extra fee was to name a specific item?

      • Gunnar on 11/10/2023 - 17:19

        I don't remember the cost for the portable.

        No charge per se for the others BUT your insurance policy needs to be more than double the total value of the watches. For example if you want to list 10x $30k watches and jewellery (total $300k) on the policy you need to have minimum home and contents cover of at least $600k.

        For what you want you'll have to call up (and insurance company) and discuss the specifics because it's not part of a standard cover and is very nuanced in how it works (i.e. it's too niched to get in an online quote)

  • Muzeeb on 11/10/2023 - 11:36
    +4

    When I called up budget direct to help me with coverage for my Steeldive collection they just hung up on me so I would avoid them.

  • Pelicannn on 12/10/2023 - 00:41

    Depending how many you have, how often you rotate etc, a safety deposit box through commbank etc is probably cheaper and safer.

    As long as you have one near you that is.

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