cars caravan prizes- insurance value?

skintpaul

Howdy peeps, just having a wander around MSE again, after a while away in real life (and getting a new job, yay, at last!)

One thing i was always curious about, was insuring large value prizes - eg, a car, caravan etc.  As the winner didn't pay for x item, how could they prove any (financial) loss, if it later gets stolen etc?

Also, as proof of insurance needed before you can get the keys, does ITV / whichever promoter give you details, and zero balance invoice up front, to show to the insurers. as proof of 'purchase'?

pate-ci0

I've never needed to show proof of purchase to get insurance for anything, and many items which were gifts with no proof of purchase. If something was stolen and insured, I think as long as I had some proof of possession eg photo, and the normal procedures were followed (notify police etc), then an insurance company should pay the market price for the item. If this was a prize, I should have at least an email to prove I had won the item. My loss would be that I have no longer possession of an object that I previously had, not that I actually paid for it myself.

smitchy73

You would have any make/model etc and be able to find out a valuation of the item for insurance purposes, not that the insurance would pay out that price, unless it's new for old replacement.  It would also depend on the wording of the question from the insurer - 'How much did you pay for the item?' is different from 'How much is the car/caravan etc worth?'