engagement ring insurance claim

rs65

phill99 wrote: »

Surely the value is based on the receipt value, not its retail 'worth'. The value is based on an open market transaction with a willing seller and a willing buyer. The fact that the transaction is so recent would confirm that is its value. If the had had it advertised as £10000, reduced to £1600, would you be asking for £10k?

Should be new for old.

hugoshavez

Richard,

Have you looked at the ring that's the basis for the like for like offer? Is it 3 stone, platinum, 0.75 carat, G/VS2?

Don't worry about them applying average, as II raised in post #4, that won't happen here.

Do speak to the jeweller where the original ring was purchased, and find out what kind of discount he'll give you, given the circumstances. If he won't take £2k then advise your insurer that you had chosen that ring to propose and its important to you to have it replaced exactly.

Then invite them to negotiate with the jeweller.

The question of claiming on each policy depends on the agreed value of the ring. If you accept an offer of £2k from your home insurer (ie below the £2.5k limit) then I wouldn't expect the travel insurer to top up.

The only way you could conceivably claim from both is if you get both to agree that the value of the claim is more than £2.5k. But given the original jeweller sold you the ring for so much less once already, it really shouldn't come to that. I imagine he'll be happy to give a discount to offload another one.