Tiffany ring contents claim

mered18

I lost my Tiffany engagement ring during my house move. I did not have it covered as a high risk item so can only claim upto £2000.
The ring was $4000 15 years ago
 I honestly cannot believe i have don't this and will make sure all jewellery is risk risk from now on. 
 
Insurance are offering to make me a new item to to the value of £2000
But I would rather put this towards a new Tiffany ring 
The insurances jeweler is coming out next week. What do I do? 
Thank you all in advance

TELLIT01

Wait until you have spoken to insurer's jeweller.  Until you know exactly what they can offer it's not possible to make an informed decision.  If you decide you want to take cash, the insurer may offer less than the £2k figure.

DullGreyGuy

mered18 said:

I lost my Tiffany engagement ring during my house move. I did not have it covered as a high risk item so can only claim upto £2000.
The ring was $4000 15 years ago
 I honestly cannot believe i have don't this and will make sure all jewellery is risk risk from now on. 
 
Insurance are offering to make me a new item to to the value of £2000
But I would rather put this towards a new Tiffany ring 
The insurances jeweler is coming out next week. What do I do? 
Thank you all in advance

You can request a cash settlement instead however their terms will almost certainly allow them to reduce a cash settlement to reflect the corporate discount they get were they to provide a replacement. On jewellery its likely to be 20%-30% so its up to you if you want a £2k ring or £1,400 cash towards a replacement - obviously factor the excess in in both cases.

As long as you know the details of the ring it won't be hard to price a replacement on their website.

If this is your typical type of jewellery you probably want to take the opportunity to review the rest of the sums insured. It may also be worth considering getting a higher quality policy in the future as having, for example, a £5,000 unspecified limit, rather than £2k, could be cheaper than having a £2k and 5 items specified as over it.

Penguin_

Could you accept the £2,000 new ring & then sell it?

diveunderthebonnet

Can you not ask for them to make / supply a similar ring to what you owned and you pay the difference between the insured amount and the cost of the new ring.