When you think of jewelry, what comes to mind? For most, the jewelry envisioned probably falls within four main categories: rings, earrings, necklaces and bracelets. But what about watches? Dating back hundreds of years, basic, simple watches had the sole purpose of telling time. Somewhere along the way, watches began being used to accessorize outfits, signify social status and even track our health. Does our daily usage of watches then place them in the tool category? Or does their style and role in expressing oneself usher watches into a jewelry categorization? And regardless of what popular culture thinks, how are watches categorized for insurance purposes? Let’s explore these questions further!
Watches for Fashion, Watches for Function
Watch faces and bands can be styled, designed and customized in countless fashions to assist in self-expression. From stunning gold and silver to diamond-encrusted, gemmed and patterned types, watches help elevate any outfit.
However, some watch’s design and value lie more in its functionality and utility rather than its decorative or visual appeal. Today’s watches can provide us with more information than ever before, everything from the time of day, the number of steps walked and heartbeats per minute, to the latest news headlines, text messages, calls, emails, social media, music and so much more. When examined through this lens, some watches seem more like a tool than a decorative accessory.
One such example, smartwatches, focus on technology over traditional appearance or ornamentation associated with jewelry. However, as manufacturers continue to elevate the fashionable designs of their smartwatches, even partnering with jewelry companies, this line between fashion and function seems to be getting blurred further. For those interested specifically in keeping their tech-focused jewelry secure, check out How to Protect Your Smart Jewelry.
Why Do People Wear Watches?
While people wear watches for a variety of reasons, one recent study found that functionality, not fashion, remains the top priority.
- Telling time: 65%
- Fashion: 13.2%
- Tracking workouts: 10.6%
- Out of habit: 9.9%
- Sentimental value: 1.7%
- Signal social status: 1.2%
Do Insurance Companies Consider Watches to be Jewelry?
Luckily, there’s one area in which most agree on the “watches as jewelry” versus “watches as utility” debate - and that’s insurance. “Do insurance companies consider watches to be jewelry?” The short answer is yes. The longer answer is it depends.
As with any insurance, coverage depends on your specific policy; however, many insurers do consider watches to be jewelry for insurance purposes. Furthermore, many insurance companies provide the same coverage for smartwatches as they do for standard watches. Depending on the company, an insurance policy may offer repair or replacement coverage, including theft, accidental damage and disappearance, like Jewelers Mutual’s policies do. Click below to check your rate today.
Typical Watch Insurance Coverage
As with other jewelry insurance, coverage for your watch can come in a variety of policies. Read any potential insurance policy thoroughly and carefully to know exactly what is and is not covered. Most jewelry insurance policies will cover the following:
- Theft: While it’s upsetting to think about, watch theft is a real and frightening threat. Insurance for watches safeguards against theft, regardless of whether it happens at home or while traveling.
- Accidental Damage: Accidents happen. From shattered crystals, crowns, bracelets, and stems to movement issues, you can’t always shield your watch from everyday life.
- Loss: You left your watch somewhere—on a beach towel or in a public bathroom. It’s out there somewhere and you just can’t find it.
Factors to Consider When Purchasing Insurance for Your Watch
Luxury brand watches can cost hundreds if not thousands of dollars to replace if lost, stolen or damaged. When deciding whether to insure your watch, consider the following:
- The monetary value of the watch. Get your watch appraised to learn the current market value of your watch. This will point you in the direction of the right insurance coverage.
- The sentimental value of the watch. Your watch may not be overly high-end; however, insuring personal, sentimental items such as family heirlooms, can help if anything happens to these cherished pieces.
- Replacing your watch yourself. What is your comfort level (and budget) for replacing or repairing the watch should it be lost, stolen or broken in the absence of insurance coverage? Weigh the cost of a monthly or annual jewelry insurance premium with the overall cost of replacing the item out of pocket.
- The structure of the watch. You may want to insure your watch if its structure is delicate or its design or mechanical elements contain fragile or intricate components that are more prone to damage.
- Keep receipts. Maintain all purchase receipts, ownership and maintenance documentation and photographs that can prove your watch’s ownership, the care it received and ultimately its monetary value, in the event it needs to be repaired or replaced. You may also want to consider getting an updated appraisal of your jewelry prior to seeking insurance.
Whether you have an existing watch or are looking to purchase a new one, Jewelers Mutual considers your watch jewelry and offers affordable personal jewelry insurance. Individuals looking for jewelry insurance often think that insuring their jewelry through a homeowners insurance policy is the best option. And while home insurance companies may be experts at insuring homes, it’s recommended you protect your jewelry with jewelry insurance experts. Check your rate from Jewelers Mutual today by clicking the button below.
