Jewellery Insurance Claim

min21

M&S have agreed my claim & forwarded the claim to Hallmark / Goldsmiths …. 

They cannot replace my necklace exactly - but can offer a very similar item but bigger. It’s not the same - to me, as I don’t want a bigger one & the chain is very different. The value of the one offered to me is £1750 or the same amount in vouchers. 

The company just don’t make mine anymore. I am not a big jewellery person. Anything I do have is small, delicate & not from high street retailer except this one was! This necklace was a gift & it was perfect. The bigger version of it not so much. 

I can’t see the item in person and only 4 exist across the whole UK & none anywhere near me in Scotland. Birmingham in the closest. 

The cash settlement figure I have been quoted is £980 then minus a £200 excess deduction so I would get £780. It seems an enormous difference. 

They are offering to post it to me - but if I accept that & as I am expecting, don’t like it - I can exchange it. Then I would be in the same position as vouchers - well actually a money card that can only be spent with proof of identity (fair enough of course) I cannot see me being able to spend £1750 in Goldsmiths. 

I have looked online but I just don’t like any of the jewellery since I don’t wear it much. I just wanted my exact pendant replaced but they don’t make it anymore. 

So wondering if there is point negotiating this huge difference between the voucher offer & the cash? Do insurance companies really get over 40% discounts at jewellers? 

What’s also odd is that they are happy to provide vouchers for the £1750 for the price of the bigger pendant which is not the exact replacement. 

Mine can still be seen online & would have cost £1500 new. 

Any thoughts gratefully received! 

TELLIT01

Where can the vouchers be used?  You say yours is still on line, but who with? If the vouchers would be acceptable to that retailer you could accept the vouchers.

Emmia

If you have a picture, could a jeweller/goldsmith make you a replica in the right size? 

CSI_Yorkshire

min21 said:

Do insurance companies really get over 40% discounts at jewellers? 

Yes - and at many other types of retailer/supplier - hence why people are often so surprised by the cash settlement offer that they get.

min21

TELLIT01 said:

Where can the vouchers be used?  You say yours is still on line, but who with? If the vouchers would be acceptable to that retailer you could accept the vouchers.

The money card is for Goldsmiths / Hallmark  …. Sorry I meant that if I google mine still comes up on Mappin & Webb (who now belong to Hallmark) saying Out Of Stock & the the price as £1500. Goldsmiths say they can’t make the smaller size … in fact the whole line is being discontinued hence why only 4 of the larger size ones anywhere in the UK … 

huckster

Insurers settle at lowest possible cost to them and cash settlement reflect the discount they would obtain when purchasing replacement.

You could take the cash settlement and then find a jewellers in say Birmingham jewellers quarter, but I doubt it would be cheap to get one made.. Or purchase a replacement via an auction room.