Story Highlight
– Chrono24 offers insurance for watches at market value.
– Standard cover includes accidental damage; theft can be added.
– Available in UK, Germany, France, Italy, Netherlands, Spain.
– Insurance simplifies protection against everyday risks for owners.
– Claims can be repaired at owner’s choice of service center.
Full Story
Chrono24 has launched a new insurance option for customers that allows them to insure watches purchased through its platform, reflecting their current market value.
This insurance primarily covers accidental damage, but customers can opt for additional theft protection, with limits set at €25,000 or £25,000, inclusive of VAT, and without any deductibles involved.
The service is available immediately to users in the UK, Germany, France, Italy, the Netherlands, and Spain, with plans to extend access to more markets shortly.
Tom Beitschall, the general manager for EMEA at Chrono24, stated, “Watch Insurance is another step toward making it simpler and safer to buy and own a watch purchased on Chrono24. It gives customers an extra option to protect their watch against everyday risks even after the purchase.”
Insuring high-end watches can be a complex task, despite the availability of specialized policies aimed at luxury timepieces. One key challenge is determining the appropriate value for insurance, as retail prices, secondary-market figures, and actual replacement costs can often vary widely. This discrepancy is especially true for rare or highly sought-after models, which can fluctuate significantly in value over time. Consequently, owners may find themselves either underinsured or facing high premiums if they do not regularly update their valuations.
Traveling with valuable watches adds further complexity to the insurance landscape. Collectors who frequently buy, sell, or trade pieces may also find gaps in their coverage during transit, consignment situations, or when dealing with potential fraud.
Typical protections—like manufacturer warranties and home contents insurance—often fall short, as they frequently include deductibles and caps on claims.
Chrono24’s Watch Insurance, developed in partnership with XCover.com, functions as a distinct policy linked to each individual watch. The insured item is specified on the certificate, and coverage is determined by its current market value without the need for regular adjustments.
The basic insurance package encompasses accidental damage from various incidents, such as drops, breakages, liquid exposure, fires, and lightning strikes. For those seeking added security, a supplemental package is available that includes theft coverage. However, the policy excludes loss or misplacement of the watch.
In terms of functionality, once a watch bought from Chrono24 is listed in the customer’s Watch Collection, insurance can be activated within 14 days. Eligibility requires that the watch is purchased directly from Chrono24 and that the buyer resides in one of the designated initial markets.
In the event of a claim, the watch can be repaired at a service centre authorized by the owner’s choice. The policy is valid for one year and does not automatically renew, allowing for flexibility in coverage. Payments are made in a single lump sum, and the policy is non-transferable, concluding when the insured watch is sold.
