Underinsurance could cost you thousands: find out if you are at risk

• 12/07/2022 |
• Private Clients

Rolex Price Increases in 2022

The average price of Rolex watches has increased 3.7%, with some of the steel sports models increasing by up to 11% from 1^st January 2022 [1].

Rolex has continually been proven to be one of the world’s most sought-after watch brands, and the latest price increases are great news for many collectors who will be confident their Rolex continues to be an astute investment.

However, in the wake of this value increase, it’s important to ensure you have an up-to-date valuation on your Rolex watch or collection to ensure you are not underinsured.

Watch Name	Old Price	New Price	% increase
Rolex GMT-Master II Watch: Oystersteel – M126710BLRO-0002	£7,550	£8,400	11.3%
Rolex Explorer II Watch: Oystersteel – M226570-0002	£6,800	£7,550	11.0%
Rolex Submariner Watch: Oystersteel – M124060-0001	£6,450	£7,150	10.9%
Rolex Explorer Watch: Oystersteel – M124270-0001	£5,150	£5,700	10.7%
Rolex Milgauss Watch: Oystersteel – M116400GV-0001	£6,650	£7,350	10.5%
Rolex Cosmograph Daytona Watch: Oystersteel – M116500LN-0001	£10,500	£11,600	10.5%
Rolex Deepsea Watch: Oystersteel – M126660-0001	£10,100	£11,100	9.9%
Rolex Sky-Dweller Watch: White Rolesor – combination of Oystersteel and white gold – M326934-0005	£11,850	£12,250	3.4%
Rolex Oyster Perpetual 41 Watch: Oystersteel – M124300-0007	£4,700	£4,850	3.2%
Rolex Day-Date 40 Watch: 18 ct Everose gold – M228235-0006	£31,450	£32,250	2.5%
Rolex Cosmograph Daytona Watch: Yellow Rolesor – combination of Oystersteel and yellow gold – M116503-0011	£15,600	£15,950	2.2%
Rolex Sea-Dweller Watch: Oystersteel – M126600-0001	£10,100	£10,300	2.0%
Rolex Sky-Dweller Watch: 18 ct Everose gold – M326235-0006	£33,200	£33,250	0.2%

 

What can I do?

Check your Insurance Policy – if the value of your Rolex has increased above the level of indemnity provided by your current policy, you may have to pay any additional costs out of your own pocket for a replacement in the event it is lost, stolen or damaged.

Get an up-to-date valuation –As part of our Private Client services, Tysers can provide updated valuations for any high value watch or item of jewellery through one of our trusted valuations partners.

If the valuation exceeds the indemnity levels specified on your current policy it may be prudent to consider increasing your limits.

 

Fine Art, Jewellery and Specialist Collections

Rolex Watches aren’t the only item in your collection that may have increased in value since your insurance policy was put in place.

According to the 2022 Art Basel and UBS Global Art Market Report [2], in 2021 the Fine Art and Antiques market made a healthy resurgence. Aggregate sales of art and antiques by dealers and auction houses reached an estimated $65.1 billion, up by 29% from 2020, reflecting a more buoyant post-pandemic market.

Tysers can provide valuations for Fine Art collections, antiques, jewellery and other specialist collections, as well as other unique high-value items as part of our Private Clients insurance services. Tysers Private Client team works closely with Gurr Johns [3], independent experts in Fine Art and collectibles valuations. Gurr Johns has a longstanding reputation for professional market insights, connoisseurship and discretion, valuing over $10 billion in assets annually across individual collectors, museums and public institutions.

 

Property and Motor

Research suggests that 80% of UK properties are underinsured [4]. Rebuilding costs for properties are on the rise due to steep rises in the costs of labour and building materials, with prices for some building materials rising up to 50% [5]. It is therefore crucial to ensure your property is valued correctly so you are adequately covered for major repairs or rebuilding costs in the event of fire, flooding or other catastrophic events.

 

 

Many classic motors have also increased in value from last year, with the most sought after models including the 1983-1997 Land Rover Defender and the 1963-1971 Mercedes-Benz 230SL, are predicted to increase further in value this year by 55% and 37% respectively [6].

Tysers can arrange for more up to date valuations for your property and motors and advise on the best cover for your peace of mind, get in contact with our team today to arrange a free valuation.

 

Why Tysers?

Tysers Private Clients team understand how important it is to protect what you value. Our specialist brokers can advise on the best cover for all your valuables including property, prestige motors and collections. We are a long-established Lloyds of London broker, with a trusted reputation for insuring specialist collections and other high-value items.

 

Contact Us

If you would like to talk to us about your insurance, you can contact us here.

 

[1] Rolex Price increase 2022 analysis – Watchnerd.com | Discover your perfect watch
[2] Download for free: The Art Market 2022 (artbasel.com)
[3] Gurr Johns | Art Appraisal and Art Advisory Group
[4] RebuildCostASSESSMENT.com
[5] RebuildCostASSESSMENT.com
[6] The Classic Cars to Invest in in 2022 (elitetraveler.com)