Choose the best Insurance Policy for your Luxury Watch
While cities in Bihar and UP like Patna, Lucknow, Kanpur, etc. are infamous for petty crimes, metropolitans like Delhi or Mumbai do not fall much behind. While Patna stands high at 50.3, the crime index of Lucknow is 9, Kanpur is at 5.5; while it is 5.2 in Delhi, 5.1 in Jaipur, and 6.8 at Bengaluru. The luxury watch high rate of crime index is mostly indicative of petty crimes that are rampant across the Indian cities.
The threat of petty crimes includes stealing money, small gadgets, watches, etc. While generally not a lot of money is carried with the advent of credit and debit cards, losing gadgets or watches can turn out to be quite costly. The advent of smartphones has shifted the necessity of wristwatches, making them more of a costly accessory. As a result, loss or damage to watches can lead to a heavy financial setback.
Consequently, owners of costly watches should also consider availing luxury watch insurance policy to safeguard their prized possession from any harm. While there are many financial institutions that offer such policies, it is important to understand how to choose the best insurance plan for a luxury watch. As the owner of a costly watch, it is important that policy buyers check the following features before buying their watch insurance policy.
Accidental damage cover
As for accessories, watches are always susceptible to damages. These plans should cover any risk of damages while using the watch, ensuring that replacement and repair costs are covered under the benefits.
It is also important for watch owners to check if their watch cover policy also protects the watch against damages due to natural disasters like earthquakes, lightning, flood, etc.
High insurance sum at low cost
Typically, financial institutions offer high insurance sums at low premiums. Reputed insurance aggregator, Bajaj Finserv, offers up to Rs.40,000 with their Watch Insurance cover under Pocket Insurance & Subscriptions. The premium amount starts at Rs.499, making it one of the most economical options available.
Protection against theft
One of the most common objects that are stolen by petty thieves is a wristwatch. Consequently, it is vital that a luxury watch insurance policy covers the financial losses incurred due to burglary or theft.
Easy payment option
Though most financial institutions offer easy payment procedures to their customers, it is advisable to check the premium payment options from before. This includes net banking, UPI, debit/credit cards, mobile wallet, etc.
Complementary protection of plastic money
Few financial institutions provide complimentary covers along with their watch insurance policy which includes the option to block debit/credit cards with a single phone call in case of loss or theft of the same.
Offered with policies like wallet care and others, this can be especially effective to prevent chances of identity theft.
Emergency travel aid
Emergency travel assistance is also provided by select financial institutions, offering up to Rs.40,000 if abroad and Rs.20,000 if within India.
Checking the above pointers can ensure that a chosen policy is the best watch insurance plan that can be purchased by an individual. While availing of such policies, it is advisable that owners also check other policies that can protect costly devices. This includes options that protect wallet, smartphone screen, sunglasses, etc. Users of costly smartphones should especially consider a mobile screen insurance policy to avoid the risk of heavy expenditure if their phone gets damaged.
Typically, individuals applying for such policies must produce their purchase invoices while buying the plan. While it is important for watch owners to compare different luxury watch insurance policies, it is also important they preserve all purchase documents while buying the watch.
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