Jewellery claim

minsteve001

I have recently lost a diamond ring which belonged to my grandmother. It was a 1920s ring and I do have a valuation for it. I would like to replace it with an antique ring but someone has told me the insurance company are likely to insist I go to H Samuel and get a ring from there. I know there won't be anything remotely similiar there. Can I insist on a cheque so that I can go to a shop of my choice and find a suitable replacement? The ring was a named item on my policy.

FutureGirl

The thing with jewellery claims is that the insurer will value the ring based on the proof that you give to them.

If you have the valuation, and it states exactly what the ring was (IE clarity, colour of diamond etc etc) then this is what they will use for their valuation. But if you only have photos and a description then that is all they will use.

They then look to see where that ring can be replaced based on their valuation of the item.

If, for example, it was 18ct gold, and you have nothing to prove that, then they have no option but to base their valuation on a 9ct gold ring. Sam goes for diamonds etc.

You can ask for cash, however, if the insurer can replace the item somewhere with a voucher, you will only be entitled to the discounted value of the voucher (insurers usually get 10-50% discount on the value of the vouchers depending what voucher it is etc).

lisyloo

Which insurers is it?
Whether you chose a quality company or the cheapest from an internet search is going to make a difference in the claims service you get.

HHarry

We had the option of picking a ring from an approved jeweller or taking a cash payment of 90% of the agreed value.

So you might be able to take a lower payout and shop wherever you want.

ciderboy2009

When my wife lost her 1920's diamond ring our insurers gave us three options:
1) A company which would make a copy of the original ring based on valuation description, photo's and a discussion with us.
2) Vouchers for a jewellers that had an agreement with
3) Cheque payment - but approx. 25% less than we would have got in vouchers (presumably because of the discount they got with the jewellers)

minsteve001

Thanks for all your advice. I'm with Legal and General. Hopefully they will allow me to take a cash sum as I would prefer an antique ring.