Accurate valuations depend on reliable data
Before you even begin to think about insuring your most precious items, it is essential to have an idea of their value. In fact, some policies insist on a reliable valuation before they will provide cover.
Of course prices for items such as cameras, luxury goods and jewellery fluctuate, so it can be challenging to ensure the appropriate level of cover is maintained for individual items throughout the life of the insurance policy.
Take watches as an example. According to a new report from Morgan Stanley Research, valuations in the secondary watch market have been contracting in the last three months with values of luxury watches including Rolex, Patek Philippe and Audemars Piguet dropping by double digit percentage points. That said, the report, which is based on WatchCharts data has found that second-hand prices of the 30 most traded Rolex watches, are still up a cumulated +35% since January 2021.
Morgan Stanley is not the only reputable organisation to rely on WatchCharts data to keep them abreast of pricing in the market. At KoverNow, we also use the firm to inform our valuation and insurance services when it comes to establishing the current value of our policy-holders’ watches.
Clients not only choose to use KoverNow because it provides them with a convenient, mobile app-based insurance service and puts them in control of their policy, but also because they can access valuations for free. Whether they are purchasing cover for watches, electronics or handbags, the valuations they receive and the insurance policies they take out are based on the kind of solid, market-tested data provided by WatchCharts.
Consumers quite rightly want accuracy when it comes to the value of their goods, and informed data allows us to meet their expectations.