Kevin O’Leary launches watch insurance coverage platform WonderCare

Kevin O’Leary (pictured above in a screengrab from his X put up) has launched his watch insurance coverage platform WonderCare in response to a “damaged” market.

The Canadian businessman, who’s also called Mr Fantastic, rolled out the platform over the weekend after three years of engaged on the providing.

I’m launching WonderCare in Geneva on April seventh. A brand new platform for watch insurance coverage. One thing I have been engaged on for 3 years. The entire thought of WonderCare is to allow you to take a portion of your assortment and insure it between maybe 1.7 – 2.1% of its worth on an annual foundation. pic.twitter.com/XZHOqfsUkF

— Kevin O’Leary aka Mr. Fantastic (@kevinolearytv) April 3, 2024

In his posts on X and Instagram, the well-known Shark Tank panellist stated: “I’ve been wanting on the watch insurance coverage business worldwide now for 5 years – how damaged it’s – as a result of I have a look at my very own scenario.

“I’m launching WonderCare… a brand new platform for watch insurance coverage. I’m going to begin in america, then we’re going to go to the UAE (United Arab Emirates), after which we’re going to do Europe.”

O’Leary highlighted what number of contents insurance coverage insurance policies “depreciate the worth of the underlying insured piece” when that isn’t the case when valuing luxurious watches.  

“In case you purchase a Rolex, only a Daytona – this doesn’t depreciate over time; it appreciates in worth,” he stated. “So, you possibly can’t substitute it in the event you lose it 5 years later or 10 years later, or it’s stolen the day after you purchase it, even at retail.

“The entire thought of WonderCare is to allow you to take a portion [of your watch collection] – one watch or two or three – and insure it for between 1.7 and a couple of.1% of its worth on an annual foundation.”

O’Leary defined that these two or three watches are those collectors journey with usually or are saved of their properties, not like watches which can be saved in a vault or a financial institution protected deposit field.

He added that there’s a demand for the proposition, having gathered suggestions from his practically 9 million social media followers.  

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