Help regarding Lost wedding ring claim please

seanmac30

Hi,

I lost my wedding ring a few month ago and made a claim with my home insurance provider. The ring was specified on the policy for £1,100 after I had it valued at last year. The claim details were sent to their valuer associates who came back to me to state that the ring is now worth £1,500 (because platinum had increased in value) and they offered me 2 settlements.
1 - Give me vouchers to that value and buy a replacement from a named high st jeweler.
2 - Have an exact copy of the ring made by their associated specialist jewelers.

I went for number 2 and contacted the specialist Jewelers and asked if I could make small adjustments to design. No problem they said however they were not very helpful over the phone when I was describing the changes I wanted. I contacted the valuers and said I wasn't particularly happy with the service I was receiving and asked could I approach a local specialist Jeweller. A couple of days later my insurance company rang me to states the specialist jewellers could not now make a replacement ring (they previously told me it wasn't a problem - its a simple design) and as such they could only offer me a cash settlement to the limit of the value stated on the policy. This isn't much good to me now as I have to spend an extra £400 to get a similarly valued ring. This all smells a bit fishy to me. I told the valuers I knew I was entitled to go to any Jewelers to get a replacement and I don't think they were happy with this as there is obviously an arrangement with their own specialist Jewelers.

The question is do I have to accept a cash settlement (and essentially be £400 down) or can I insist on a replacement ring at today's valuation. With the price of platinium going up daily, do my insurance company expect me to pay £40 every month to get it revalued and then duly amend the policy for which they will probably charge me. Insurers are very quick to take off depreciation of a product from a settlement yet they do not seem to be happy to honor any increases in value. I feel like I'm being screwed but would like your worthy opinions!

Thanks,

John

FlameCloud

What is the single item limit on your normal personal possessions additional cover?

McKneff

Have you actually looked at any items in any jewellers to price up a similar ring. (not actually looking at the prices)

Very often jewellers over value jewellry for insurnace purposes.

seanmac30

FlameCloud wrote: »

What is the single item limit on your normal personal possessions additional cover?

Its £2000 but the item has been specified at £1000

seanmac30

McKneff wrote: »

Have you actually looked at any items in any jewellers to price up a similar ring. (not actually looking at the prices)

Very often jewellers over value jewellry for insurnace purposes.

I went to my local jewelers and priced up a similar ring and it was about the price the valuers had quoted me. They agreed with the valuation and to be honest they didn't really have a vested interest so I believe them