Lost engagement ring - Valuation

cambb

Hi,
My wife has lost her 25 year old engagement ring. I've filled a police report and have the orginal reciept for the ring in which i paid £1500 for it in the 1995. I've got loads of photos showing her wearing it but how do the insurance company value it. I did have it down on our home insurance as a seperate item and valued it for £5000.
Thanks

lisyloo

I presume she’s retraced her steps to work out where it last was?

Could it be Resting in a “u” bend.
Could she have knocked it off the bedside table without realising?
Was it loose?

Does the original receipt detail carat of gold, carat of diamond, material etc? Photos can provide some information such as size and number of stones.

They will use your receipt and photos (what else can they do?)
They won’t just take your £5k figure.

cambb

Hi,
Yes we've retraced our steps unfortunantly we walked 4 miles and she was taking her gloves on and off. She had it on when we left and when she took her gloves off at home it was missing. No the reciept only says 18ct 3 stones diamond ring - £1500.
Not even sure why i put 5K down as i have never claimed on my house insurance in 20 years.

lisyloo

Personally I’d walk the 4 miles again and take a torch.
I lost a tiny screw from some sunglasses on the road one day and was really surprised to find it again and it was a lot smaller and less shiny than a diamond ring.
Is there anywhere obvious it might have been handed in? E.g. the only pub/shop on the 4 mile stretch.

Otherwise they can see the size of the stones from the photo so they’ll make an estimate based on the photos and the original cost at the original date.

EdGasketTheSecond

I thought insurers required regular valuations for 'valuables' for insurance purposes; otherwise people could claim any amount?

lisyloo

EdGasketTheSecond wrote: »

I thought insurers required regular valuations for 'valuables' for insurance purposes; otherwise people could claim any amount?

I’ve never been asked for that and some policies cover £15k per item.
Clearly you protect yourself better if you have recent valuations but it’s not free or cheap.

No you can’t just claim any amount.
They won’t just take your word for it that you lost a £10k Rolex.
They will want proof of purchase and will check the model number with the manufacturer to make sure it’s genuine.

They will make their own valuations and checks.

Some friends of mine had some decent camera equipment nicked.
The insurer visited their home to check it all added up I.e. they were the kind of people that would own that type of equipment.

Insurers do check for fraud especially on high value jewellery.

comeandgo

We get our valuables photographed and valued by jeweller so we know the insurance value but our insurance company does not request it. The only thing in our documention is if we have undervalued the item then we don't get full value of insurance so if your ring is valued at 10,000 and you have only insured it for half it's value you don't even get the 5,000, you get a lesser amount.

Brodiebobs

Insures usually specify in their wording valuations are done at regular intervals. Usually every 2 years.

They wont ask to see the valuation until you have a claim, which unfortunately you have.

I would speak to them and see what they suggest, although prepare for them to only pay out the lower amount and/or not cover the claim.

nomes84

Can I please add to this thread? I've just lost my engagement ring too. My insurance originally tried to say that it wasn't covered by the policy but after doing a subject access request, I was able to confirm that it is. However they are saying that their loss adjustor (LMJ) will make me a copy ring, or will give me vouchers to spend in a jewellers. However i got this ring at an independent family run diamond business which doesn't accept the vouchers. Surely the insurance company can't dictate to me where I buy my replacement ring?

nomes84

My post which answered your question didn't post for some reason. The insurers will likely send the photographs and any receipts, valuations etc that you have to a jeweller specialist (mine are using LMG) in order to have them valued. Some insurers require / stipulate that you have regular valuations carried out. My insurance required that i have my ring cleaned and inspected for loose stones once a year (although didn't volunteer that information, I had to expressly ask).

TSx

In short - yes, they can dictate how the ring is replaced. The insurer will get a huge discount (35-50% is common) so if they paid everyone in cash rather than vouchers their costs would be significantly higher.

Assuming that the condition is in the wording which it will be for any UK mainstream insurer.