LMG Insurance Claim

Sheema247

Please can I get some advise.
Last year I had my engagement ring stolen from electricians in my home, I put through a claim with my insurance company and provided them with photos and the insurance valuation certificate for £4.5k - my insurance company have refereed this to LMG and they have offered me three options, 1. They can re make it, 2. a voucher for £5.1k for Goldsmiths or 3. Cash settlement of £3.5k.

I emailed them asking whey they had undervalued my ring with the cash settlement, waiting to hear back. The voucher they offered for Goldsmiths is not the best as their rings are not nice at all, my original ring was from Hatton gardens. Please can anyone offer any help with what the best way would be. 

I cannot accept a cash amount lower than what I paid, i would have taken a voucher, if I was Abel to use it in Hatton gardens. 

Thank you 

DullGreyGuy

Read your policy on how claims are settled. 

Generally speaking if an approved supplier can provide a suitable replacement then a cash settlement will be reduced to reflect what the voucher would have cost the insurer. If the supplier cannot provide a suitable replacement then the cash settlement should be for the full amount. 

Have you asked them if they have any other approved suppliers if you dont like Goldsmiths? Mappin & Webb are a sister company so may be an option if you prefer something by them. Alternatively you can have them make something. 

You'd need to find unique feature of your ring that the approved supplier nor them making it can meet to be able to argue a full cash settlement. The Ombudsman does support these discounts these days. 

lisyloo

What's wrong with option 1?

BarelySentientAI

Sheema247 said:

1. They can re make it, 2. a voucher for £5.1k for Goldsmiths or 3. Cash settlement of £3.5k.

I emailed them asking whey they had undervalued my ring with the cash settlement

The cash settlement is usually what it actually costs them to do option 1 or 2.

That's pretty normal.

If cash settlement was the only option available, you probably would have been offered the 'full' amount.