There has been much uncertainty following the UK’s Brexit in June 2016. Whilst it’s still in it’s early days Brexit appears to have impacted the Insurance market.
Home Insurance is one of the most recent areas to be affected with the value of high-end watches, most recently Rolexes, increasing.
Rolex Introduces Price Increase
Rolex has introduced a global price increase that came into effect on Monday the 7th. They have applied a 10% increase to RRP’s across all watch models. Rolex are the last of the major luxury watch brands to raise its prices. This decision has been made due to the post Brexit impact on the exchange rate to close the gap between UK prices and those in other major markets.
The dramatically weakened pound following the Brexit vote in June allowed visitors to the UK to stock up on luxury watches at prices often 25% lower than in their home countries. The 10% price increase will not compensate entirely for the fall in the value of the pound. The UK will remain highly competitive unless the currency rebounds. Visitors able to reclaim the VAT they pay on purchases in the UK may still find luxury watches up to 20% cheaper in the UK.
If you own a Rolex watch you need to consider if you will be insured for the correct value in the event of loss, theft or damage.
It’s a good idea to obtain a valuation and check that your insurance adequately covers your watch.
If you would like us to talk you through Household Insurance please get in touch with us. We can offer a no-obligation quote too. You can contact us:
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