Personal possessions - repair cost, deprecation etc.

mbaran

Hi,

I am filling a from for items covered under my home insurance's personal possessions section. I am required to provide the following:

1) The price I originally paid
2) The replacement cost
3) Deduction for wear and tear
4) Amount claimed = 2) less 3)

In my case I bought a guitar second hand (have evidence to support it) for GBP350. It was a bargain, and the guitar is worth ~£850 first hand right now. On top of that I have no idea how to suggest an amount for "deduction for wear and tear". In the end, I'd like to be able to afford the exact same guitar.

If you have filed a similar (loss of personal possessions) insurance claim,
- How do you go about filling in these figures, esp. deprecation bit
- What is realistic to expect the insurance to pay out (e.g. full replacement cost as new, or some percentage of it).
- What can I do to make sure I get the most out of my claim?

Thanks a lot in advance.

dacouch

Making a deduction from non clothing for wear and tear is fairly unusual form a home policy.

Who are you insured with

mbaran

Thanks for the reply. I am insured through Integra Insurance Solutions.

It could be just a standard form, and in fairness it does have a statement at the top of this section that reads "please complete all the relevant columns providing as much information as possible".

dacouch

You need to give us more information.

What is the cause of the claim eg theft and circumstances?

Where did it happen eg at home or away from home?

Was the guitar specified on the policy and if so for how much?

Which policy do you have with Integra, is it Electus or Nidus?

Are you a pro or semi pro musician?

I suspect it's electus http://www.policydocuments.co.uk/Integra%20Electus.pdf

mbaran

Thanks, here are the details:

- What is the cause of the claim eg theft and circumstances?
I left my guitar bag on the train. Reported to police and the lost desk, to no avail yet.

Where did it happen eg at home or away from home?
Away from home, on a train.

Was the guitar specified on the policy and if so for how much?
No items were explicitly specified on the policy. But policy has personal posessions cover up-to GBP2000 per claim.

Which policy do you have with Integra, is it Electus or Nidus?
I don't know this, as I ended up with this insurer through Virgin Home Insurance, who are just the insurance brokers. I am guessing I am on Nidus, as my policy seems to match what is outlined for Nidus online. E.g. They have GBP 2000 cover for unspecified items, so does mine.

Are you a pro or semi pro musician?
Music is my hobby, I have a full time occupation. So no, I am not a pro nor a sem-pro musician, I don't earn any money from it.

Thanks!

dacouch

http://www.policydocuments.co.uk/Integra%20Nidus.pdf

Read page 15 which explains how they settle claims and the relevant cover.

They pay on a new for old basis, so put the value of your claim for a comparative new model (Ideally exactly the same as the current model if it's still available).

Do not make any deductions from this for wear and tear etc.

Answer the question about where you purchased it from truthfully.

If you find a comparative model online, it will save time if you make a note that it's item number 13244344 on say amazon. If you get a quote from a local shop (They could do with the business) it helps if you include a written quote from them or mention the shops name and contact details.

Incidently if you had the electus it would probably not be covered

mbaran

I found 3 online web sites listing exactly the same guitar, printed them of and included in the claim package.

I'll double check that I am on Nidus.

Thanks for the response and the pointer to the policy doc.

mbaran

Thanks for the guidance once again. Just to close the loop on this thread, and a final question.

I prepared a claims package with
- Filled claims form
- With prints of the photos of all the items I lost
- With prints of all the transaction documents which proves I own the items
- With prints of 3 online quotes for each item as new

The insurance company accepted to pay all items as new without any questions and said they are sending me a check.

The policy isn't clear about what I should do if the items are recovered later. Should I inform the insurance company and pay the money back? In that case can I still maintain my no-claims discount?

Thanks!

rs65

Once they have paid out, the items would become the property of the insurers if recovered.

Let them know, and its likely they would offer them to you at a reasonable cost.

dacouch

Unless you have very good descriptions and / or security markings the chances of getting them back are remote.

If you take good quality photos and store them off site eg email them to your hotmail address. It will help for any future claims and greatly helps the police prove they are stolen if they catch someone and reunite them with you