Every two to three years is how often it is recommended that you have your watch or jewellery valuation updated. But with the current secondary watch market being as strong as it is, I would suggest having your watches revalued every year.
Suppose we look at these two Rolex’s as an example. In March last year, a Rolex Deepsea ref 116660 had a second-hand value of around £8,500; today, you’ll pay approximately £10,500, an increase of 23%.
Whilst a Rolex Submariner ref 116610LN would set you back around £10,000 this time last year; now you’ll get little change out of £12,000, an increase of 20%.
These increases are not just confined to Rolex, as many brands have seen an increase in the second-hand replacement value. Due in no small part to lack of availability, some buyers also see some brands and models as more of investments than a usable item.
In short, the cost of getting a valuation and updating your insurance policy will be significantly less than having to make up £2,000+ shortfall yourself.
The value of second-hand watches is always changing; ensure you continue to have the correct cover level by keeping your valuations up to date.