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Jewellery Insurance Claim

min21
Forumite Posts: 9
Forumite

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.
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!
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Comments
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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.
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If you have a picture, could a jeweller/goldsmith make you a replica in the right size?1
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min21 said:Do insurance companies really get over 40% discounts at jewellers?1
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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.0
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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.The comments I post are personal opinion. Always refer to official information sources before relying on internet forums. If you have a problem with any organisation, enter into their official complaints process at the earliest opportunity, as sometimes complaints have to be started within a certain time frame.0
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