Axa Home Contents insurance question

amscss

I am at my home contents renewal time which is due at the end of the month and having done the comparison sites, I've got a quote that is a lot cheaper than my existing renewal but thought I'd ask whether it is actually worth changing company.

Current contents insurance is with Hiscox with £65k cover plus £20k of valuables cover (for several pieces of jewellery, the most valuable being £5k). Hiscox have quoted approx £600 renewal this year.

On the comparison sites, AXA comes out much cheaper (approx £300) for a similar level of cover (ie valuables/personal posessions covered to same level as existing policy) but I've a couple of questions before taking the plunge to save money:

1. If there was a jewellery claim, would axa pay out cash, or would they force for example H Samuel vouchers on me - the diamonds are of reasonable quality and better than you'd get in samuels, and I also have a rolex which you'd need to go to an quthorised dealer for - just want to be sure that if I i did have to claim, that I could replace with similar items.

2. My wife lost her engagement ring a few months ago for about a week and we'd started claim with Hiscox, but she then found it so we stopped the claim with Hiscox. Following the watchdog programme the other night, is this something I need to declare even though there was no loss as the item was found, or is this not of interest to the insurer?

3. I had originally chosen Hiscox due to their good level of cover for valuables etc (most companies had £1.5k limits per item) - are AXA any good or is it not worth the hassle of saving money if the claims process, were I ever to use it, be a nightmare. (I'm not sure whether they are bad, or whether you only hear of people's bad experiences on review sites).

Thanks for any advice on this - I am leaning towards the saving, but want to be sure I'm not creating a new risk for myself.

InsideInsurance

The last policy I had with Axa had a £10,000 limit on single unspecified items but there are many different versions of their policies depending on if your direct or via a broker etc.

If they settle by cash or other methods tends to be their decision rather than yours though of cause they need to provide a suitable replacement and as you say, H Samuels isnt going to be able to do that in which case you would almost certainly be able to force their hand. Of cause you really want something where you'll be fine from day 1 rather than knowing you'll get it sorted months later via complaints etc. Your best bet is to ask them explicitly your questions and note the time/ date that you do it so you have backup if needs be.

Also remember that Hiscox's 505 policy is all risks so you are covered unless it is explicitly excluded where as Axa's main policy's arent and so you are only covered for what is explicitly included any anything not mentioned etc is excluded.