Hassle with LV Household claims

WombleSW20_2

OK. But it seems unreasonable to expect me to consistently get items valued each year, especially in a flcutuating market. I go back to my point earlier - if I had overvalued the item, the insurer would only pay out on their valuation. Would the insurer provide a refund of premium? I don't think so......

It justs seems that they benefit either way and the policyhoilder is always the loser here.

tinkerbell84

WombleSW20 wrote: »

OK. But it seems unreasonable to expect me to consistently get items valued each year, especially in a flcutuating market. I go back to my point earlier - if I had overvalued the item, the insurer would only pay out on their valuation. Would the insurer provide a refund of premium? I don't think so......

They don't. Most insurers will accept a valuation dated within 3 years. I have a lot of high value jewellery and get it all valued every 3 years. It's no biggie.

If the ring had been 50 years old would you have used the price paid as the valuation? Of course not.

WombleSW20 wrote: »

It seems that they benefit either way and the policyhoilder is always the loser here.

Assuming your total claim is significantly higher than the premium you've paid for the policy I don't really think that statement is fair.

WombleSW20_2

Thanks you all for your feedback. It sounds like I have little chance of pursuading them to pay out on the actual valuation then.

If anyone has any other views / approaches, would be very welcome to hear these!

foggytown

There may be a certain amount of "snob value" if the box says Asprey's instead of Mick's Jewellers, but if the item is effectively the same then the Insurer has fulfilled its obligation and put you in the same position you were.

Why not go back to the jeweller who sold you the ring and ask his opinion? Asik him how much he can replace it for. You may be surprised how close he gets to the original cost.

Ask LV what kind of valuation their jeweller gave. Is it a replacement cost for a stock item? Market Value? Cost to make from scratch? There are actually several kinds of valuations.

I also think that you're getting the ol' "insurance claim two step" from LV. I don't buy the argument that they were deprived of additional premium because you undervalued the ring (albeit unintentionally). There would be relatively little difference involved and the value of reducing the claim is much greater to LV than any AP they would have received.

WombleSW20_2

Thanks Foggytown. Although I'm not sure how much my wife will buy the argument around Mick's Jewellers instead of Asprey's...... Also, there's sentimental side of the jewellery. She wants to go back to the jewellers and buy the same items and replace them as if we were never burgled in the first place.

I agree with you on the additional premium point though.

WombleSW20_2

All

Thought I'd update you on the conclusion of this complaint.

I took LV to FOS and received a letter from FOS on Friday confirming that they had found in my favour and that LV had agreed to cover the cost of the rinf based their own jeweller's valuation of the ring. The Adjuicator judged that the policy did not make it sufficiently clear that an annual valuation was required, and also, during the call to set up the policy, I was advised that everything would be replaced on a new for old basis.

Happy days!