How does contents insurance work?

jasonmav

Hi all. My first post of probably many here. Was just wondering if anyone can shed some light on a question I'm having...

When you make a claim on your home contents insurance for an item like say a laptop, what do the insurance companies offer you? I have heard the term "like for like" but does that mean you will get a Sony laptop to replace your sony laptop? Or would you just get the same specs and a different brand?

I really do hope it is the first as I would not like to have a £2500 Pioneer TV replaced with a Matsukihama for £599 because the specs on paper are the same however quality difference is huge.

Any light on this would be great! Thanks again

bengalknights

you get someting of equivalent price usually so if your laptop was £599 and they found a laptop for same value you would usually get it unless they could find your exact laptop in which case you would get that.

keith1950

Hi, a lot of insurance companies have ' preferred ' suppliers and will either supply vouchers to use at these retailers or have these retailers deliver the nearest equivalent product. If say the product you bought is no longer a current model they will pick a new product to as near the spec as possible.

Soubrette

jasonmav wrote: »

Hi all. My first post of probably many here. Was just wondering if anyone can shed some light on a question I'm having...

When you make a claim on your home contents insurance for an item like say a laptop, what do the insurance companies offer you? I have heard the term "like for like" but does that mean you will get a Sony laptop to replace your sony laptop? Or would you just get the same specs and a different brand?

I really do hope it is the first as I would not like to have a £2500 Pioneer TV replaced with a Matsukihama for £599 because the specs on paper are the same however quality difference is huge.

Any light on this would be great! Thanks again

Like for like means giving you the value of your laptop when you claim rather than what it was worth new.

The insurance company doesn't buy the replacement stuff for you - although they may have preferred suppliers - they give you the cash to replace it yourself. Preferred supplier just means that you get a better deal if you use them so the insurance company can therefore pay out less.

Also depending on the terms and conditions of the insurance you've taken out, some insurance companies will insist that you name such a high priced piece of equipment or it will not be covered.

Some companies may also exclude accidental damage.

In general, the higher the premium, the better quality the cover (but not always hence comparison websites).

Do you have insurance already or are you looking around?

Sou

Soubrette

keith1950 wrote: »

Hi, a lot of insurance companies have ' preferred ' suppliers and will either supply vouchers to use at these retailers or have these retailers deliver the nearest equivalent product. If say the product you bought is no longer a current model they will pick a new product to as near the spec as possible.

When my parents were burgled they were offered jewellery voucher for a discount jewellers or cash but of a lesser value. They were not forced to spend the vouchers on any particular item of jewellery and were not even forced to take the vouchers, although there was a penalty if they didn't.

Sou