How to Value Your Watch for Insurance: The Complete Guide

You bought your Submariner for RM45,000 three years ago. Today it's worth RM55,000. Your insurance still shows RM45,000. If it's stolen tomorrow, you're underinsured by RM10,000.

Getting your watch valuation right is the difference between full recovery and a painful shortfall.

This guide covers:

• Why watch valuation for insurance matters
• Retail vs market vs replacement value
• How to get a proper valuation
• Documentation insurers require
• When to update your valuation
• Common valuation mistakes

Why Watch Valuation Matters for Insurance

Insurance pays based on the value you've declared. Get it wrong in either direction and you have problems.

Valuation Issue	What Happens
Undervalued	Claim payout is less than replacement cost
Overvalued	You're paying higher premiums than necessary
Outdated	Market moved, your coverage didn't
Undocumented	Disputes about what the watch was worth

The watch market moves. A Rolex you bought at retail three years ago might be worth 20% more today. Or 20% less. Your insurance should reflect current reality.

Understanding Value Types

Not all "value" means the same thing. Insurers use specific terms.

Retail Replacement Value

What it would cost to replace the watch new from an authorised dealer.

When It Applies	Example
Watch bought new at AD	Submariner Date: RM45,800 retail
Still available at retail	Can be replaced through normal channels
Box and papers complete	Full retail replacement appropriate

This is typically the highest valuation basis for modern watches still in production.

Market Value

What the watch would sell for on the secondary market today.

When It Applies	Example
Watch bought pre-owned	Paid grey market or secondary price
Discontinued models	No retail price exists
Market premium models	Trading above retail
Market discount models	Trading below retail

For a Daytona trading at RM120,000 when retail is RM72,000, market value is the relevant figure.

Agreed Value

A value you and the insurer agree on upfront, documented in the policy.

How It Works	Benefit
You declare value with evidence	No disputes at claim time
Insurer accepts the value	Payout is the agreed amount
Updated periodically	Keeps pace with market

Agreed value policies are cleaner at claim time. There's no argument about what the watch was worth.

Replacement Value

What it costs to replace with equivalent item, not necessarily identical.

Scenario	Replacement Approach
Exact model available	Same reference, same condition
Model discontinued	Equivalent model or market purchase
Vintage piece	Similar age, condition, specification

Some policies use "like for like" replacement, which may not mean identical.

How to Get a Proper Valuation

Option 1: Professional Appraisal

A written valuation from a qualified appraiser or jeweller.

What They Assess	Documentation Provided
Authenticity	Confirms genuine
Condition	Notes wear, service history
Current market value	Based on comparable sales
Replacement cost	What it would cost to replace

Professional appraisals typically cost RM150-500 depending on the watch and appraiser credentials.

Option 2: Authorised Dealer Quote

For watches still in production, an AD can provide current retail pricing.

Pros	Cons
Official pricing	Only works for current models
Documentation is clear	Doesn't capture market premiums
Easy to obtain	May not reflect what you'd actually pay

For a watch trading above retail, an AD quote undervalues it. For one trading below, it overvalues.

Option 3: Market Research

Document current market prices yourself using reputable sources.

Source	What It Shows
Chrono24	Asking prices (not sold prices)
WatchCharts	Historical price data
Dealer listings	What dealers are charging
Auction results	Actual sold prices

Compile multiple sources to establish a defensible market value. Screenshot and date your research.

Option 4: Insurer's Valuation Service

Some insurers offer or require their own valuation process.

How It Works	Benefit
Submit photos and documentation	Insurer assesses value
They confirm coverage amount	No disputes later
May require periodic updates	Keeps values current

MINT reviews valuations as part of the coverage process to ensure you're properly insured.

Documentation Insurers Require

At minimum, be prepared to provide:

Purchase Documentation

Document	Why It Matters
Original receipt/invoice	Proves ownership and purchase price
Payment confirmation	Bank statement, credit card record
Warranty card	Shows purchase date, AD details
Certificate of authenticity	For certified pre-owned

Identification Documentation

Document	Why It Matters
Serial number	Unique identifier for the watch
Reference number	Model identification
Photos (dial, caseback, serial)	Visual record of condition
Box and papers	If available, include photos

Valuation Documentation

Document	Why It Matters
Professional appraisal	Third-party value confirmation
Recent service receipt	Shows condition and authenticity
Market comparables	Support for declared value

Photographing Your Watch for Documentation

Good photos support your valuation and simplify claims.

Photo	What to Capture
Dial straight on	Full face, legible text
Caseback	Serial number clearly visible
Side profile	Case condition, crown
Clasp	Condition, serial if engraved
Box and papers	Full set laid out
On wrist (optional)	Shows it's yours

Use good lighting. Make serial numbers legible. Date the photos by emailing them to yourself or using a timestamp app.

When to Update Your Valuation

Watch values change. Your insurance should keep pace.

Trigger	Action
Annual policy renewal	Review if values have shifted significantly
Market moves 20%+	Update sooner than renewal
After major service	New service receipt supports value
Adding to collection	Update total coverage
Selling a piece	Remove from policy

For volatile models (Rolex sport references, Patek Nautilus), quarterly market checks are sensible. For stable models, annual review is sufficient.

How to Update

Step	What to Do
Research current values	Market data, recent sales
Document the new value	Screenshots, appraisal
Contact insurer	Request coverage adjustment
Confirm in writing	Get updated policy schedule

Premium adjustments are usually pro-rated. If your collection value increases mid-policy, you'll pay additional premium for the remaining period.

Common Valuation Mistakes

Mistake 1: Using Purchase Price Forever

You paid RM40,000 five years ago. Today it's worth RM60,000. Insuring for RM40,000 leaves you RM20,000 short.

Mistake 2: Using Retail for Grey Market Purchases

You bought grey market at RM55,000. Retail is RM45,000. Insuring at retail undervalues what you paid and what replacement costs.

Mistake 3: Ignoring Depreciation

Some watches depreciate. That RM30,000 fashion brand watch might be worth RM15,000 now. Insuring at purchase price means overpaying for coverage.

Mistake 4: No Documentation

"It's worth about RM50,000" with no supporting evidence creates disputes. Document your valuation basis.

Mistake 5: Forgetting Service Costs

A watch needing RM5,000 service is worth less than one freshly serviced. Factor condition into valuation.

Mistake 6: Not Declaring Modifications

Aftermarket diamonds, custom dials, or non-original parts affect value. Disclose modifications and adjust valuation accordingly.

Valuation for Different Watch Types

Modern Production Watches

Factor	Valuation Approach
Available at AD	Retail price is baseline
Waitlist models	Market value exceeds retail
Readily available	Market may be below retail

Discontinued Models

Factor	Valuation Approach
Recent discontinuation	Market data readily available
Long discontinued	Auction results, specialist dealers
Increasing rarity	Values may rise over time

Vintage Watches

Factor	Valuation Approach
Condition critical	Originality affects value significantly
Provenance matters	Documentation adds value
Specialist appraisal needed	General jewellers may not know vintage

For vintage pieces, use appraisers with specific vintage expertise. A generalist may undervalue or miss important details.

Valuation Checklist

Before insuring or renewing:

Check	Done?
Know your watch's current market value
Have purchase documentation
Have clear photos with serial numbers
Have professional appraisal (if required)
Understand policy's valuation basis
Declared value matches documentation
Set reminder for annual review

FAQ

Should I insure at retail or market value?

Insure at what it would actually cost you to replace the watch. For most watches, that's market value. For watches available at retail without waitlists, retail value is appropriate. For waitlist models trading above retail, use market value.

How often do I need a professional appraisal?

Depends on your insurer's requirements and how volatile your watch's value is. Some insurers accept self-declared values with documentation. Others require professional appraisals every 2-3 years. Check your policy requirements.

What if my watch has appreciated significantly?

Update your coverage. If you bought at RM50,000 and it's now worth RM80,000, insuring at RM50,000 means you can't afford to replace it if claimed. Yes, higher coverage costs more, but that's the point.

Does condition affect valuation?

Yes. A watch with significant wear, scratches, or pending service is worth less than mint condition. Be realistic about condition when declaring value. Overvaluing a worn watch can cause claim disputes.

How do I value a watch with aftermarket modifications?

Carefully. Aftermarket parts (custom dials, bezels, added diamonds) can add value to some buyers and reduce it for purists. Disclose modifications clearly and discuss valuation with your insurer.

What if I can't find market data for my watch?

For rare or unusual pieces, professional appraisal is essential. Auction house specialists, vintage dealers, and brand-specific experts can value watches without active market comparables.

Should I include the box and papers in my valuation?

Yes. Complete sets are worth more than watch-only. If you have original box, papers, warranty card, and purchase receipt, your valuation should reflect the complete package value.

What documentation do I need for a claim?

Everything you used to establish the value: purchase receipt, appraisal, photos, serial number documentation. The more comprehensive your documentation, the smoother the claim process.

MINT Conclusion

Valuation isn't just paperwork. It's the foundation of whether your insurance actually protects you. Undervalue and you can't replace your watch. Overvalue and you're paying for coverage you don't need.

Get it right: document properly, update regularly, and match your coverage to what your watch is actually worth today.

MINT provides specialist watch insurance with coverage based on agreed values, so there are no disputes when you need to claim. Our team reviews valuations to ensure you're properly covered.

Get a quote for your collection