Wedding Ring Insurance Claim?

Tonka40

Hi all, put in a claim for my wedding ring having lost it at the beach. No arguments the insureres are going to make payment (less the excess), but with a caveat! If I spend the money at Ernest Jones jewellers i can have the full amount approx 700 pounds, but if I want the cash/cheque they will only give me approx 400 pounds. Doesnt feel appropriate that my insurer can tell me how and where to spend my claim, any thoughts?
Is their request legal?

Regards

McKneff

It's normal I'm afraid, they get good discounts from certain retailers etc. .

That's why it happens that way.

Tonka40

...in summary I should just give it up. If I chose not to spend the voucher all in one go would they allow me to return to spend the remainder at a later date?

lisyloo

...in summary I should just give it up.

Yes, your insurer is liable to replace the item, not to give you a choice of shops.
If it was impossible to get a replacement at Ernest Jones e.g. it was bespoke, antique then you might have an argument that they are not fulfiling their contract, but if the same item is in stock and they are giving you enough money for it, then they are doing their job and more (as you can spend the voucher on what you want).

I would say you only have a case if you can't avail yourself of a suitable replacement at Ernest Jones.

If I chose not to spend the voucher all in one go would they allow me to return to spend the remainder at a later date?

Ask Ernest Jones.

Tonka40

I'm am of course gratefull for a pay out, but they are telling me where to spend it - this I am less inclined to agree with. Its a little Victorian, tied to spend your vouchers in the mill shop!!! Given my wife would like to buy the replacement ring from same jewellers there may be an argument to persue.

many thanks for advice

lisyloo

but they are telling me where to spend it

They are only obliged to provide you with a replacement.

this I am less inclined to agree with

I think you will find most insurers work this way, but the time to make this decision is when you select policies.
I can recommend Hiscox who are very good - extraordinary in fact, but expect to pay more.

Its a little Victorian, tied to spend your vouchers in the mill shop!!!

It's because they get a massive discount from Ernest Jones, but if they are meeting he contract you have no argument.
I'm afraid "I don't like it" is not a valid argument that stacks up.
If you don't like it find a different insurer or perhaps self-insure and save up for small incidents.
Self-insurance is great because then YOU get to decide the rules.
Of course most of us can't self-insure for the house burning down, or mandatory car insurance, but there are an awful lot of things you can self-insure (i.e. save up) for.

Given my wife would like to buy the replacement ring from same jewellers there may be an argument to persue.

No, just because she would "like" to do something is not a valid legal or contractual argument. You have a contract with terms and conditions that one of you agreed to.
Can she get a suitable reaplcement from Ernest Jones?
If the answer is No and no suitable replament is available then that might be an argument.
If that's the case then you need to state your case with your claims handler or customer services, if they don't agree you need to go down the formal complaints route, but you need to bsae it on the argument that they are not meeting the agreed contract, not just that your wife doesn't like it.

BTW - I do understand how emotive it is for wedding rings. I temporarily lost my own on holiday once and was beside myself until I found it under the bed. However that doesn't change the fact that you have a contract that you agreed to.

McKneff

I remember a few years ago, my OH lost his gold bracelet, I argued the toss that I did not want to shop at (say) Ernest Jones and that I wanted to go to a trusted local independant jeweller, I won and the insurance company paid the local jeweller the whole cost.

So give them some stick if you really dont want to shop there.

Fae

Hi,

Another reason insurers like to use vochers in selected places is to prevent fraud, you lost an item of jewllery so by using vochers you are limited to replacing with item(s) of jewellery, rather than getting cash.
It could be worth asking your insurance company if you go and select the replacement ring from the jewellers it was orginally bought from, would they be willing to make a payment directly to that jewellers, some insurance companies will do that.

Fae

InsideInsurance

The FOS has rules in the insurers favour before on this issue that they can reduce cash settlements to reflect their preferred supplier discounts - though I would be surprised that they are getting a 42% discount.

As has been said, the main exception is where the high street store simply cannot provide anything similar to what you had (either because its antique or a high end brand etc)

You can certainly ask them how the voucher will be provided - a single voucher, multiple lower demonimations, a gift card etc. Once it has been provided it comes down to the retailers own T&Cs as to what happens if you underspend etc. These days gift cards are increasingly common so you can split the money over multiple transactions.