Kevin O’Leary launches watch insurance platform
Geneva, Switzerland (Apr. 7, 2024) – Canadian TV personality Kevin O’Leary – a familiar face from both Dragons’ Den and subsequently its American counterpart Shark Tank – has launched a watch insurance platform called WonderCare, in reference to his nickname, ‘Mr. Wonderful.’
“I have been looking at the watch insurance industry worldwide now for five years – [and] how broken it is – because I look at my own situation,” he wrotpostede on X (formerly Twitter). “I’m launching WonderCare … a new platform for watch insurance. I’m going to start in the United States, then we’re going to go to the [United Arab Emirates], and then we’re going to do Europe.”
Touting the three years of work leading up to the launch – “It’s really complex to do this” – he explained that an ordinary property insurance package may not be adequate for certain assets, based on his own situation as a collector of expensive timepieces.
“Most home insurance packages, or many, depreciate the value of the underlying insured piece. But if you buy a Rolex … it does not depreciate over time, it appreciates in value; and so, you can’t replace it if you lose it five years later or 10 years later, or it’s stolen the day after you buy it, even at retail.”
WonderCare allows the customer to insure a portion of a watch collection – specifically, certain pieces that are not secured in a bank or safe deposit box – “for between 1.7 and 2.1 per cent of its value on an annual basis.”
He sees demand for the new offering based on feedback from millions of followers on social media.
About WonderCare
Source: WonderCare Insurance