Not on our watch – rising watch crime and how insurance keeps your Rolex safe

 “Watch crime has gone from a niche problem to front-page news”

That was one of the key findings from The Watch Register’s 10-year anniversary report released last year. Which might explain why there are more searches than ever for insuring a Rolex.

According to an LBC article “in 2024 alone, £150 million worth of luxury watches were reported missing worldwide, with approximately £60 million of that total stemming from thefts within the UK.”

More worryingly, a freedom-of-information request by The Watch Register revealed that 50% of all UK watch thefts occurred in London. This southern bias might explain why at Macbeth, we see a consistent flow of claims involving  jewellery and watch insurance.

The Watch Register’s report also revealed that the number of incidents of watch theft increased significantly between 2015 and 2022 at a time when incidents of all other thefts decreased.

So why is watch theft increasing?

 The Watch Register attributes the rise in watch theft to the increasing value of pre-owned watches:

“The traditional relationship between the retail and pre-owned watch market was that retail was where you paid a premium, while those in search of a deal went pre-owned. As 2020 approached, many watch models became more expensive in the pre-owned market due to their unavailability at retail, with buyers willing to pay a premium to own the hottest references.”

With certain pre-owned watches like Rolex now often worth more than a new equivalent, it’s no surprise that watch theft has risen sharply.

So what’s the best insurance for Rolex and how much does Rolex insurance cost?

The best way to insure a Rolex or high-value collectible watch isn’t actually with Rolex watch insurance, it’s through a high-value home and contents policy. At Macbeth, we always recommend adding watches and jewellery to a high-value home insurance policy rather than getting specific watch or Rolex insurance because you’ll pay less and get better cover. Plus, you won’t need a separate insurance policy.

When was the last time you had a Rolex insurance valuation?

We hope you never have to make an insurance claim for your Rolex. But if you do need to make a claim, your insurer will only pay out based on the value noted in your policy.

Collector’s items and limited-edition watches have often been seen as investment pieces with an expected increase in value. But with the pre-owned watch market predicted to overtake the retail market, it’s even more important to keep on top of the value of your Rolex insurance valuation, especially if you have the original box and the receipt.

According to the Watch Register’s report “LuxeConsult estimated that the global market value in 2022 for pre-owned watches was €25 billion. They estimated that the growth of the pre-owned market at 12% per year would be four times that of the new retail market, meaning that by 2033, the secondary market would exceed the value of the primary market at approximately €78 billion to €77 billion.”

Their constantly increasing value makes Rolexes and other watches (along with jewellery) one of the most likely items to be underinsured.

“We recommend getting watches valued every two years to make sure the insured value is accurate.” Nicola Bromham, High Net Worth specialist

Insuring a Rolex in the UK

 If you live in the UK and you already have a high-value home and contents insurance policy, make sure your watch is listed and itemised. If your Rolex valuation is more than 2 years old, it might be worth getting it revalued (we refer clients to Doerr Valuations). And if you’re looking for a brand-new policy or a second opinion, we’d love to talk to you.

Get a quote for high-value home insurance (and insure your Rolex at the same time)

Email Nicola or call us today on 0118 916 5480.