Make sure a Rolex price increase doesn’t leave you under-insured
When it comes to luxury items a Rolex watch is often high on the list not just for its design but also its potential investment value.
In fact according to Prestige Valuations some Rolex steel sports watches are fetching premium prices of over 25% more than the current recommended retail price. All of this is likely to have a dramatic effect on the price of preowned Rolex steel sports watches which are in high demand and in some cases selling for more than the new price. Waiting lists are between 2-4 years for certain models.
What does this mean?
Unfortunately if you were about to go out and buy a Rolex you will be paying more now than previously.
However if you already own one, it does mean that it is likely to have gone up in value. Good news, although it is worth checking whether this increase means that your watch is still correctly covered. No one wants a claim to result in financial as well as emotional upset due to under-insurance.
We would always recommend obtaining regular valuations of your watches and jewellery but even more so in the current market. If you would like to review your insurance arrangements you may benefit from talking to our private client team. They are insurance experts in their field and work with the country’s leading specialist insurers to help their clients appropriately protect their valuables.