Jewellery insurance

beverley100

Ammunition wanted please:

I lost a 1 carat platinum ring, claimed on my insurance, insurance agree to give me what I paid for the ring £1,525, however because the price of platinum as well as diamonds has increased dramatically since my original purchase.

Best price I have negotiated with a jeweller is £1800 so I need to get the difference from my insurance company but they are saying;

"We have agreed to replace the lost ring on a "like for like" basis up to the sum insured of £1,525 which is their maximum liability. You may choose another ring up to the sum insured or make a contribution towards a ring if it exceeds the sum insured."

How is this "like for like"??????

any help gratefully received.

silvercar

Sounds like you insured it for a max value of £1525, so that is the max payout irrespective of a higher value.

lisyloo

I think I see what you are saying is that the value has increased since you specified it.

I would be interested in the views of the experts here.
If a specified items increases in value, is it the policyholders resposnibility to amend the policy?

gregd_3

It is the customers responsibility to keep their sums insured accurate not the insurance co's however, I have seen on many occasions insurance companies agree to pay the higher value on jewellery items because of the discount they will get but this is only where they are replacing the item.

Are you asking for cash at this amount or how are insurers proposing to settle eg replacing the item for you. If so, who are they replacing it through??

Was the value not index linked???