News - Audemars Piguet guarantees its watches against theft

Audemars Piguet guarantees its watches against theft

Watchthevalue® |  Audemars Piguet guarantees its watches against theft article

A big news for the Luxury Watch Industry

It is a first for the luxury watch industry, Audemars Piguet has announced that they will cover its watches against theft through a purchase guarantee system. This good news will reassure many, in a world where snatch-and-grab thefts have increased in recent years.

The Swiss brand from Le Brassus will guarantee the replacement, refund or repair of any stolen watch if it was purchased new in 2022 or 2023, Bloomberg news agency details.

Waththevalue® | François-Henry Bennahmias, audemars piguet article

Why are they doing it ?

The move follows complaints from customers who have paid an average of $50,000 for the watch of their dreams. As a result, the general manager of the brand, François-Henry Bennahmias, announced that this guarantee will cover the watch for 2 years from the date of purchase. He insisted: "We listen to our customers and we also have to look at what is happening in the world at the moment", before continuing: "We have important cities in Europe and in the United States that are not so safe anymore".

Of course, this first in the world of luxury watchmaking is a big step forward for the owners of these luxurious timepieces. Indeed, the so-called "classic" insurance policies covering watches in particular did not always allow for the recovery of the amount of money spent on the purchase of the watch, let alone the amount of the watch value on the secondary market. The general management of Audemars Piquet also announced that in the event of replacement, if the reference of the watch was no longer in the catalogue, it would be replaced by an equivalent reference available in the brand's catalogue.

What about insurance fraud ?

According to the brand's general manager, fraud should not represent more than 2 or 3 cases over the coming years, he even insists that "It's part of the process", before insisting on the fact that it is impossible to develop a programme of this kind on the assumption that everyone will defraud...

Who will be eligible ?

As a reminder, Audemars Piguet, famous for selling models such as the Royal Oak (averaging over $60,000 on the grey market) sold over 50,000 watches in 2022 for an estimated turnover of just over 2 billion euros. The brand estimates that 75% of its customers over the past year will be eligible for the warranty programme.

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1 comment

How does one register to this program ! If I am already insuring my watch through an external provider, can I stop it until AP is providing me with a cover / replacement guarantee ??

Amit Tyagi

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