vouchers/cash settlement offered for jewellery claim, but cash is almost 50% less

georgess

Hi guys,

apologies if this has come up before.
i made a claim for some jewellery on my home insurance and after 8 months the insurance provider is going to pay out.

I am being provided vouchers to purchase like-for-like items from 7 high street retailers.
If i do not want the vouchers i can claim a cash settlement, but the cash equivalent is for almost half the amount of what the vouchers are worth. obviously this is due to discounts the insurance company can get with those highstreet retailers.

The jewellery that i had also had sentimental value to it, and i don't feel comfortable in just getting them replaced that easily. The items in the highstreet stores are not exactly the same as the jewellery that i previously had, as some of them are 'newer models/fashions/colours'.

Obviously i would like to have the higher valued payout (vouchers) instead of the cash, as ill get back roughly half the amount with cash.
the three questions i have are:
1: what is like-for-like in this sense? does it mean exact copy or equivalent look/model?
2: is there anything i can purchase from the jewellery stores which i can maybe resell at close to its RRP prices to be able to get cash back.
3: some of these jewellery stores sell giftcards, can i exchange the vouchers for giftcards so i can resell those on at close to their RRP?

thanks in advance, George

huckster

Jewllery claims can be the most annoying to Insurers claims staff, because policyholders think the Jewellery they had was 'special' or 'unique' in some way.

In most cases it was not 'special' or 'unique' in a true sense, unless it was handcrafted by a jeweller as a one off piece. Most jewellery is made in large numbers and can easily be obtained. Go to a large wholesale jewellers and they will have a large catalogue of different designs. They may also adjust them to the buyers specification. The same is true of high street jewellers who will have catalogues of different items they can get hold of.

Like for like would be the same approximate value, not exact match for the item lost. If the lost item was a 'one off handcrafted' item, then I would have expected it to be insured for a value that would cover it being handmade. There are jewellers in places like Birmingham Jewellery quarter who will make items to match the item lost. But it costs quite a lot more.

Jewellery in a high street store has such a profit built into the price, that the resale price would probably be half.

The Insurers vouchers have to be spent on Jewellery.

To be honest, it seems like you really should have considered Insuring the Jewellery for a higher value on the basis you want an exact replacement to be handmade. You would have had to get a jewellers exact valuation, with full reports done on specification, including photos. The premium would also have been higher, but at least you would have been able to get a a replacement to exactly match the lost item.

Blibble

georgess wrote: »

The jewellery that i had also had sentimental value to it, and i don't feel comfortable in just getting them replaced that easily.

How would you like the items replacing, then?

If it's any consolation, the vouchers are yours to do with as you please. This includes exchanges them for gift-cards and selling them at retail price, or buying items and selling them on for cash.