contens insurance

mumsonline_2

I currently pay £580 a year for home contents insurance ( which I am now going to review) and have just made a claim for a lost ruby in a ring I inherited from my mother.
Firstly the insurance company wrongly advised me to get a quote for the replacement, which I did and was quoted £600. When I advised the insurance company of this they told me I had been misinformed and must send the ring off to them for "their people" to quote on a new stone.
Today they have told me it will cost £184 to cover my excess and tightening of the rings claws - fair enough, and they are willine to add a new stone valued at £140.
How come one jeweller to another can quote such a difference? And surely the "cheap" stone they are willing to replace is going to devalue my ring which was valued at £1400 less than a year ago??

Do they have to force me to use their jeweller? And if I get the ring revalued after they have replaced the stone and my valuation is less than last year, where do I stand?

A new insurance company is definitely on the cards once all this is sorted - and we have never claimed a penny in over 10 years with them!!

jennifernil

No advice on your claim, but yes, you need a new insurer!

We are paying £408 for both buildings (5 bed detached) and contents (more or less unlimited).

Estimated rebuilding/replacement values are £350000/£85000

FlameCloud

The problem with insurance valuations on jewellery is that they are massivly inflated- 35-40% is not unusual and I have seen some in excess of 50%. In addition, the insurer will only pay the cost price of the stone, which is probably again 40-50% cheaper than what you can purchase it for. As long as they are replacing it with a like for like stone you dont need to worry about how much it costs.

Insco

If the valuation you obtained a year ago adequately describes the ring and stone, then any jeweller should be quite capable of replacing the ruby with an identical or nearest equivalant replacement stone. Ask your Insurers for the description of the stone that they are proposing at £140 from their jewllers and ask your Insurers clarify the basis of the value of £140 for the stone- is that retail or cost to them? Then go back to the jeweller from whom you obtained the valuation, and if they are professional they will be able to advise you further.

You do not have to use the Insurer's jeweller unless they are advising you in wirting that they are electing to reinstate - that carries very onerous legal liabilities for the Insurer.

If you get the ring revlaued after the they have replaced the stone and the valuation is less than last year and after accounting for market fluctuations in the price of the ruby and the metal for the ring then you would not have been properly indemnified and subject to proper supporting documentation and evidence you would be entitled to return to the Insurer to complain and seek full recovery of your loss.

mumsonline_2

thanks for all you replies - very intersting reading.
I am now looking into a new (and cheaper) supplier, although have noticed now that my current one was just renewed on the 8th of August.
Don't suppose they will follow throught my claim if I go changing just now will they?

Ian_W

Don't suppose they will follow throught my claim if I go changing just now will they?

Of course they will. You have a contract with them and provided the claim was during that contract and met all the other criteria they HAVE to deal with it properly.

The problem you've now got that you've obviously given them permission to auto renew your policy and the onus is on you to cancel before the renewal date which you haven't done. You can cancel mid-term but they can charge a fee. Find out what it is then do some comparisons with other insurers. If you can get the same cover cheaper even after the canx fee they you're free to change. If you can't then make sure you shop around for quotes next August and if you can get it cheaper ensure you contact them and cancel from the renewal date.

ravenfire_2

You don't have to use your Insurers preferred supplier, however, they could then offer to make a cash settlement and it would reflect the quote given by their preferred supplier. I would take your ring to several jewellers and get some written quotes and send these off. If you get say three and they all show significantly more than the one the Insurers are using they would have to justify the difference in value. It could just be that the initial jeweller you saw charges considerably more than others.

Assess_Saw

Consult public loss assessor in your area they will be able to advise you

ravenfire_2

Assess_Saw wrote: »

Consult public loss assessor in your area they will be able to advise you

A public loss assessor would only give the same advice as has been given above by others so what would be the point in that?

FlameCloud

Assess_Saw wrote: »

Consult public loss assessor in your area they will be able to advise you

For a claim worth this amount?

Stop touting for business.

Assess_Saw

It pays to advertise and unlike Churchill its honest advertising:rolleyes: