£100/year for insurance? Think you need to shop around more.
£200 for servicing/battery changes every 2 years is only spent by tossers who like to say their watch is serviced by "craftsmen" meanwhile letting the watch company cash in on your stupidity.
A decent independent local jeweller can replace a battery for a few quid and a watch shouldn't need serviced for years and years. Especially if it's Quartz.
I agree that a watch is there to tell me the time rather than act as a fashion statement but I still much prefer wearing my Tag than wearing my Casio (which I wear at work).