Insurance Voucher

Anthracite123

Hi All,

In early Feb we had a water tank overflow and ruin a carpet. The Insurance is happy to arrange the removal of the carpet, but is only offering either a cash settlement or a vaucher to be used at Tapi, which we would then need to organise.

Is this normal? As we very much just want the insurance to organise this all themselves

Regards Anthracite

TadleyBaggie

Sounds normal, would you just want the insurance company to turn up with new carpet you might not like?

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/6657644/insurance-voucher

Your policy book will say how they will settle claims. Its unusual to get the offer of a cash settlement, vouchers/gift cards/ prepaid credit cards are all common methods of settlement for insurers and particularly on smaller claims where the cost of a loss adjuster isnt warranted.

Many see it as pretty much a win win, the insurers buy the vouchers/credit cards at a discounted rate and you have free choice on what you want to replace it with and can add your own funds if you want something better than you had before. When the insurer does the replacement there can often be substantial and long discussions on what is an appropriate replacement.

Ms_Chocaholic

Is the cash settlement and the voucher for the same monetary value - if so it sounds like it would be better to get the cash settlement and then you can shop around.