Is it worth the claim?? Help!!!

123steph123

Hi everyone. I recently lost my engagement ring whilst out on a shopping trip, the ring is obviously invaluable on a personal level however, worth £1600. I do have cover for it under the house insurance but we are worried that if we do claim the money to replace it that the monthly premium will shoot up (which we cannot afford!) Has anyone been in a similar situation, if so was the increase in premium drastic? We've never made a claim on the insurance before so we have no idea at all. I don't know if we would just be better saving up the cash for a new one (however, getting married next year and a need to save for that, this option seems almost impossible!) Thanks

FlameCloud

Run dummy quotes on scraper sites to get an idea with and without the loss on file, and then you can see what effect it will have.

Bear in mind if it is a more modern ring they will likely be able to replace it through suppliers, so any cash settlement would be lower. You will also likely need to tell them about the loss even if you didn't claim in any event.

hugoshavez

The premium won't go up until your next renewal, when you'll have the opportunity to shop around.

Have you contacted all the shops you'd been in? And reported the loss to the police?

*Scarlett

I would say to make the claim. £1600 is a significant loss and after all it's what you pay your insurance for.

Your premium will almost certainly go up but hopefully not by £1600 (over the next 3 to 5 years that you will need to declare the claim) and you can shop around at renewal date.

Be aware that you may need to provide proof of ownership for the ring and check the timescales for reporting the loss to the insurer - the info should be in your policy book.

InsideInsurance

Obviously also check your excess before deciding if to claim or not. Home is traditionally low excess but with increased use of aggregators they've been shooting up in recent years