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InsideInsurance

Thats a lot more than a few months ago!! How do you remember these things?

kingstreet

InsideInsurance wrote: »

Thats a lot more than a few months ago!! How do you remember these things?

It was a bit of a one-off really. You tend to see under-insurance as a cut and dried issue and that case stuck out.

I searched for "gold jewellery" and "underinsured" and it was the only result. Fortunately.

Ginx

kingstreet wrote: »

It was a bit of a one-off really. You tend to see under-insurance as a cut and dried issue and that case stuck out.

I searched for "gold jewellery" and "underinsured" and it was the only result. Fortunately.

Thanks very much Kingstreet, i'm digging............:T

dacouch

If it makes you feel any better, if you'd insured the ring correctly, you would have been paying an extra premium of circa £500 to cover the ring per year.

In addition, a ring of that value would not normally be covered unless the loss occurs whilst it's being worn or from a SUITABLE locked safe. I'm guessing when the ring was stolen it would not fit the above criteria.

rs65

dacouch wrote: »

If it makes you feel any better, if you'd insured the ring correctly, you would have been paying an extra premium of circa £500 to cover the ring per year.

Plus the saving on valuation costs.

InsideInsurance

dacouch wrote: »

If it makes you feel any better, if you'd insured the ring correctly, you would have been paying an extra premium of circa £500 to cover the ring per year.

Interested to know how you got to that value?!?

My M&S Premier cover would have covered it without it being required to be specified (Single unspecified limit cover is £15,000) and my total annual premiums are under £200 a year (obviously not a recommendation that M&S would be suitable for the OP) plus a £45 cashback via Quidco

Ginx

InsideInsurance wrote: »

Interested to know how you got to that value?!?

My M&S Premier cover would have covered it without it being required to be specified (Single unspecified limit cover is £15,000) and my total annual premiums are under £200 a year (obviously not a recommendation that M&S would be suitable for the OP) plus a £45 cashback via Quidco

I have been paying around £50 pa to specify the ring at £2,000. Presumably if I had of increased the value then that figure would have increased to around what dacouch is quoting?!

InsideInsurance

It would have increased but by how much depends on a number of factors.

Presumably if it had increased by £500 you'd have shopped around and found that others will cover it for much less.

As said in previous post though, unless it was Cartier or Tiffany etc then I think the valuation of £12,500 is very optimistic given the details you said.

dacouch

InsideInsurance wrote: »

Interested to know how you got to that value?!?

My M&S Premier cover would have covered it without it being required to be specified (Single unspecified limit cover is £15,000) and my total annual premiums are under £200 a year (obviously not a recommendation that M&S would be suitable for the OP) plus a £45 cashback via Quidco

It's an educated guess, the Axa Policy you mention has only been around for the last few years and is not that well known about.

Typically with a ring of this value, the vast majority of the normal market would decline to quote. You're then left looking at whats left, some of the remaining will require a suitable alarm and / or safe which often the buyer will not have which reduce the market further. You're then looking at a rate to specify the ring of circa 1% to 2.5% of it's value.

You're left looking at a premium of nearer £500 more than you were paying. On top of this the Insurers would normally insist on it being revalued everythree years and also often for a jeweller to check and fix any problems with the sttings.