Home insurance - claiming for a TV

Danjthomas

I have a £1200 tv from 2019 that we paid a discounted price of £800 for.  My son hit the TV and now we need to replace it.  I have contacted insurance and the claim is valid but as i dont know what they will offer me its a risk.

The person i dealt with hasnt submitted the claim but guesses £800 which will then have a £350 excess so that would mean an £800 Tv for £350.  Sadly, if they offer less starts to be not worth it however, i wont know until the claim is submitted.  

According to Halifax even if i dont pursue the claim if the offer is poor, it will still be recorded as a claim.   The question is, will this effect my premium moving forward?  Compare the Market asks for the claim value which also give you a check box if your claim wasnt paid.  Does that make any difference?

mr_stripey

yes - just informing them about the incident (without claiming) can affect your premium going forward as it demonstrates that to them that your are more likely to claim in the future and therefore are a higher risk

DullGreyGuy

A 2019 TV is unlikely to be worth £800 4 years later

mgfvvc

If you have new for old cover you may get offered an equivalent new TV. As it was a £1200 list price, you might do better than you think.

DullGreyGuy

mgfvvc said:

If you have new for old cover you may get offered an equivalent new TV. As it was a £1200 list price, you might do better than you think.

Unlikely after 4 years, and especially at this time of year. What was top of the range then is now middle of the range at best. TV prices are broadly static with each years new model coming in at the launch price of the previous years and being discounted through the year until March when the next one is released. 

mgfvvc

DullGreyGuy said:

Unlikely after 4 years, and especially at this time of year. What was top of the range then is now middle of the range at best. TV prices are broadly static with each years new model coming in at the launch price of the previous years and being discounted through the year until March when the next one is released. 

Is that how it works? Obviously if you have a budget TV they have to replace it with a modern budget TV, even if it would have been mid range when the original was new. I wouldn't know if that then propagates, so you get a current mid range for an old mid range and similarly for premium, or if it's just as near as they can get to the original spec?

CSI_Yorkshire

mgfvvc said:

DullGreyGuy said:

Unlikely after 4 years, and especially at this time of year. What was top of the range then is now middle of the range at best. TV prices are broadly static with each years new model coming in at the launch price of the previous years and being discounted through the year until March when the next one is released. 

Is that how it works? Obviously if you have a budget TV they have to replace it with a modern budget TV, even if it would have been mid range when the original was new. I wouldn't know if that then propagates, so you get a current mid range for an old mid range and similarly for premium, or if it's just as near as they can get to the original spec?

I've seen three different options depending on the precise wording of the policy.

1. Closest current model to the specifications of the lost item.
2. Whatever you can get now for the price paid for the lost item.
3. Equivalent position in the range (current mid for old mid, current premium for old premium...)

DullGreyGuy

mgfvvc said:

DullGreyGuy said:

Unlikely after 4 years, and especially at this time of year. What was top of the range then is now middle of the range at best. TV prices are broadly static with each years new model coming in at the launch price of the previous years and being discounted through the year until March when the next one is released. 

Is that how it works? Obviously if you have a budget TV they have to replace it with a modern budget TV, even if it would have been mid range when the original was new. I wouldn't know if that then propagates, so you get a current mid range for an old mid range and similarly for premium, or if it's just as near as they can get to the original spec?

The most common approach is as close to like for like based on the specifications, its much easier in computers and such as there is clear progression in CPUs etc year on year. So if you have a 1080p Full HD TV they'd only be obliged to provide a Full HD TV even though the modern equivalent of that model may well now be a 4K TV

There are other approaches possible as outlined above and ultimately they must follow the claims settlement approach as outlined in your policy book which is worth reading before any claim as it avoids the later arguments when you want a cash settlement and they tell you it'll reduced per their preferred supplier discount. 

[Deleted User]

What brand was it? If you are entitled to the same brand it might help you, as e.g. LG mid-range is now 4k and low end OLED. I think the only 1080p models are the smaller screen sizes.