claiming for missing rings

whitesatin

A couple of months ago my husband lost his wedding ring out of the house. We didn't make a claim thinking that it would only increase our premiums. However, we have looked at replacements (platinum) and they are pretty expensive.

Believe it or not I have now lost my engagement ring. I have hunted high and low for it indoors but can't find it anywhere. I may have inadvertently thrown it away when I was ill in bed (with tissues? who knows, I just know it is gone).

My ring was an antique one and I have an insurance certificate for it, describing it well and valuing it. No idea how much it would cost to "replace". I won't be able to find one the same I am sure, unfortunately.

Anyway, my question is do you think I will be able to claim on our house insurance (pretty normal house and contents) or would it be considered that I was negligent in losing it. Similarly, would it look suspicious if we also claimed for my husband's missing ring. We didn't report it to police or anything as it was on a night out in London and the chances of it being found/handed in were zilch.

We can't find the receipt for my husband's ring but it cost about £200 in 1996.

I know I need to phone the company but just wondered if anyone has done anything similar.

jack_spratt_2

Sorry not to be a lot of help !! but it really does depend on the policy schedule on what is covered and what is not .
The best way is to phone the insurance company and ask if it is a claim

clear_blu

You will proberbly find that it is a policy condition that you report a loss to the police. Failure to do so will negate the claim. As to the second ring if you say you have 'lost' it in your house then I believe they will negate the claim as you know where it is (in your house) you just cannot 'locate' it at present.

lisyloo

I think this is going to look suspicious to an insurer.
I'm not saying it is but I'm saying that's how it will look.

You didn't report the first item and now you have lost a second.
They may well want to look into it in detail fro the point of both neligence and fraud.

I'm not sugegsting for a minute that you are guilty of either, but I think the insurance company will have lots of questions for you.

whitesatin

Thanks for your replies. I am quite prepared for questions as the situation is genuine. It is so annoying though that they might not think that it is. I have paid insurance for 36 years with hardly a claim, usually because I can't be bothered with the hassle of it. I know that my husband's ring has gone forever and can live with that but mine is very special to me and can't be replaced anyway. I will continue to search for it although don't hold out much hope. I do feel a bit negligent but these things happen which is why we take out insurance in the first place. I am reluctant to ring them before I am 100% mine won't be found as they might note the loss and this would possibly affect future premiums anyway. I just wish I had saved all my premiums over the years and had a sum of money in the bank to cover losses, it might have been better, who knows?

LadyIndecisive

A friend of mine had a very long, drawn-out claim for a lost engagement ring. The insurer recommended her to hire a metal detector and she found the ring behind some furniture. Might be worth a try, particularly if you know of anyone you could borrow one from?

Rikki

I recently lost my eternity ring at home. It was reported to the insurance company and police. I sent my valuation certificate to the insurance company and my claim was okayed no problems.

Check your insurance policy as you may have an individual item limit for jewellery. Some can be quite low unless you specify each individual item.

The valuation certificate is vital as it describes the ring accurately and this allows the replacement cost to be reassessed at todays replacement cost.

As for the first ring you lost, I doubt if you can make claim as it should have been reported to the police immediately and the insurance company.
The second ring, all you can do is call them and discuss it with them. They will ask you to report it to the police. Each insurance company will have its own guidelines.

I understand how upsetting it is.

whitesatin

Had a look at my policy. It does not cover items lost outside the home so no point in claiming for husband's ring. Individual items within the home are only covered up to £1500 which would not cover the cost of a replacement ring anyway. I doubt if I will follow this up as I will end up having increased premiums over the years, no doubt, if I make a claim.

To be honest, I am wondering if it is worth forking out each month for insurance if I end up feeling guilty making a claim.

I know if I had taken out extra insurance I would probably be covered beyond £1500 but then I would have paid out more. Swings and roundabouts really.

Oh well, maybe it will turn up somewhere although I doubt it.

Rikki

I have all my jewellery items over £1500 listed on my policy and re-valued every five years. Expensive but worth it for my piece of mind.

When you renew your house contents policy you look at the type of cover you have closely and adapt it to suit your exact requirements. I maybe pay a little more than I could for my insurance but now I've had to make my first claim in over ten years those few extra pounds have made all the difference.

lisyloo

If you think about it logically then "self-insurance" is always going to be cheaper if you have "average" luck.

What I mean by "self-insurance" is saving up instead of buying insurance.

The advantages are
1) You are not paying for admin or profit costs so it will be cheaper.
2) You are arbiter of your own claims so no claims hassle.

Cons are
1) You might be less "lucky" than average.
2) You might have a claim you cannot afford (like house burning down).

You must insure or things you cannot afford to replace and need replacing (like the house burning down scenario).
As regards "luck", well I believe you make your own luck (mostly).
We are a lot more careful than average.
We lock suitcases to shelves on trains (with cable lock) and use a wire cage for cameras in the boot of the car and have a safe at hojme for jewelry and unused credit cards.
We have scuppered con men twice (the kind that pretend to be porters in hotels and go off with your bag).
We have never had a claim of any kind.

Obiovuosly you can't avoid the "gun at your head" mugger, but I believe there is an awful lot that can be done to avoid the majority of issuse.

Once we were picked up by a hire car firm in a van to escort us to their office.
We put our luggage onto the van ourselves and never let it out of our sight.
Other passengers had bags taken by a con man dressed as a hire car agent whilst they were gassing.

So my suggestion would be
1) self-insure for what you can afford to replace or go without.
2) insure for things you cannot afford to replace
3) take care of things with locks, safes etc. and be careful what you take with you. I wear my nice jewelry on cruise ships but have the "argos collection" for going on shore or when taking part in physical activities. Occassionally it's a hassle, but most of the time it save a great deal of grief.

Mrsmoneypenny

I lost an 18 ct gold bracelet in UK about three years ago, I retraced my steps because i genuinely believed I had an idea where about in town in had lost it. Then went into shops and asked if it had been handed in. Nothing showed up, I remember it like it was yesterday. Spoke to the police and I think that was the deciding factor for the insurance, they needed a police report number, I had the shop where my husband bought it (in the Middle East) find their shop receipt and the insurer asked me for a description and photographic evidence that i had owned the bracelet. They then sent one of their representatives to my home to speak to me directly.

My bracelet had been designed by my husband and made especially for me, it would have cost quite a lot to replace because it was unique, however, the insurance company in the end wanted to know how much it weighed and put a value on it that way. They then wanted to me to go to a high street store in UK and choose something from their range. I put my case to them and they eventually gave me slightly less in cash and so I bought some gold with that once back in the Middle East.

So it is always worth putting in your claim or speaking to the insurers, you may be pleasantly surprised by the outcome and you have nothing to lose by speaking to them (no pun intended there).