Insurance claim.Anyone had to use ....

edited 30 November -1 at 1:00AM in Insurance & Life Assurance
9 replies 918 views
tobyjugtobyjug Forumite
291 Posts
edited 30 November -1 at 1:00AM in Insurance & Life Assurance
I am with Barclays Home insurance and had to put in a claim for a gold ring ... first ever claim and not sure what happens. They say that I will be contacted by a company called "i val" (not sure how to spell it).

They will then find a ring similar to the one I lost and I will have to deal directly with them.

The ring was valued at £900 so how will it work?

Will they let me go back to the place I bought it, as it has an unusual setting or do they make you go through the high street?

Anyone who has had dealings with an intermediation company I would appreciate some advice.

All I want is a ring as similar to the one I lost replaced but don't want to be pressured into having something that is not what I want....

Replies

  • AstarothAstaroth Forumite
    5.4K Posts
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    Practices vary a fair amount. What is most common these days is that an appropriate supplier is appointed and will give you the replacement item and invoice the insurer directly other than for the excess which you pay to the company (most insurers will have a couple of suppliers on their books to cover off the budget, mid range and higher range products) or they give you vouchers/ gift card for one of their suppliers to the value of the item minus the excess and you are free to spend it on what you want with that company.
    All posts made are simply my own opinions and are neither professional advice nor the opinions of my employers
    No Advertising or Links in Signatures by Site Rules - MSE Forum Team 2
  • tobyjugtobyjug Forumite
    291 Posts
    It is useful what you say about a voucher do you think they will do this if they are part of Goldsmiths, they said tonight on the phone that they were part of the Goldsmiths group.
  • AstarothAstaroth Forumite
    5.4K Posts
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    Due to my job I know a lot of "theory" of insurance and high level practice of both my employers and our competitors however as I only fleetingly worked in home claims and then that was 8 years ago I dont know the detail of who has arrangements with who unless it relates directly to a project I am doing.

    Generally insurers will do one of three things with their suppliers... "credit note", gift vouchers/ card or a prepay credit card that can only be used with certain companies (or potentially only one).

    Given that it is the Goldsmiths Group that are handling it I would suspect it will be the first or second one rather than the credit card option.

    Unfortunately the misses can confirm the "quality" of the Goldsmith jewellary - she thinks at that they are significantly better than the likes of H Samuels etc
    All posts made are simply my own opinions and are neither professional advice nor the opinions of my employers
    No Advertising or Links in Signatures by Site Rules - MSE Forum Team 2
  • Hi

    I am a claims advisor, who take claims over the phone.

    Yes, you have spelt it correctly , the company who will contact you is called I-Val, they are are a suppliers we deal with for Jewellery . They will call you back within a couple of days of them receiving the claims advisors fax.

    You will need to discuss this with them. Maybe you have a photo of the ring being worn ? Just a thought, or maybe the advisor you spoke to asked this during your claims call. They will be able to advise you of the replacement of the ring, and will also try the best in the replacement process, however should you at any time have any questions/ or arent happy please call the settlement telephone number you would of been given near the end of you call and quote your ref no for the claim. Settlement are open Monday-Friday 9-5pm.

    regards
    justwannabeloved
  • cazziebocazziebo Forumite
    3.2K Posts
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    unfortunately this happened to me after a burglary.

    I had a few items stolen, but only a couple had any real value. the intermediary (wasn't i-val) came up with a price and I was given a prepay card for certain stores (Ernest Jones, Samuel's and somewhere else). As the items were of sentimental value and really couldn't be replaced I called the insurance company to say that I wouldn't buy out of these stores (I only wear costume stuff - Virgin Vie, Accessorize etc) could I have vouchers for elsewhere. They offered me a greatly reduced cash settlement. Their reasoning was that they had bulk buying power at these stores so to give a cash settlement cost them more

    I sought advice on here and was told the insurance co were in the wrong and I should argue for the full amount. I did, but not very effectively, and settled for a compromise. (Actually, if I'd been tougher I could have got more but felt a bit guilty because I hadn't really expected anything!)

    I think the figures involved were - first offer £500, cash settlement £300, compromise was about £390

    Good luck toby - hope you manage to get a suitable replacement

    C
  • tobyjugtobyjug Forumite
    291 Posts
    Thanks to you for all the info. The company I-val have been in touch and been very helpful. I really want as near to possible to the ring that I can get so hopefully won't be disappointed will have a look for a photo its a good idea. I have the valuation ticket so i feel very lucky to have remembered where I kept it.
  • Toby

    You do not have to accept the replacement route offered by I-Val. I-val are owned by Goldsmiths and have a conflict of interest to force you through their shops. They offer your insurer massive discounts on what you think you are spending. You get no benefit and your insurer is laughing all the way to the bank

    Stick to your guns. Demand a full cash settlement and if they refuse threaten to go to the Financial Services Ombudsman. Companies like I-Val exploit the consumers lack of confidence when dealing with insurers and are not an independent assessor of your loss.
  • The replacement route which many people are pressured into using is clearly used for economic reasons, but it has legal foundation in the policy wording which normally gives insurers the *right* to replace, reinstate or repair *instead* of offering a cash settlement.

    Many people making claims expect to receive cash, not a voucher for a shop, but replacement for most household items is a pretty common approach.

    The problem comes not from the insurers exercising their rights, but in disagreement over whether the replacement offered is to the exact same specification and value as the original (which in theory it must be). This is often due to lack of evidence as to what the original specification actually was - hence why a professional valuation for expensive jewellery comes in pretty useful in the event of loss.

    Sentimental value, whilst naturally important to the owner, is irrelevant to the insurance value of the item which is only concerned with like-for-like replacement.

    Generally, you don't have to accept the insurers recommended supplier, but you probably have to accept the concept of replacement rather than cash - cash settlements will always reflect the likely discount an insurer could obtain through their preferred method of dealing with the claim, but this is always negotiable.

    You are in a far better position to insist on a particular supplier or negotiate a higher cash settlement if you have detailed information regarding the specification of the piece and proof of where it was purchased.
  • cazziebocazziebo Forumite
    3.2K Posts
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    I was given this great advice from a poster on here which came from the Insurance Ombudsman....

    Policyholders should be allowed to choose where they purchase a replacement and they are entitled to a cash settlement if they cannot find an acceptable alternative. In such circumstances, we would not regard it as reasonable for the insurer to make a deduction from the cash settlement to represent any discount it would have got if the policyholder had bought a replacement from one of the insurer’s nominated suppliers. Nor would it necessarily be appropriate for the insurer to offer vouchers to the policyholder. If the option of replacement is not available, then the only way in which the insurer can indemnify a claimant is by a cash settlement.

    In some cases, policyholders may not wish to purchase a replacement for the damaged or stolen goods. This may be, for example, because their circumstances have changed, or the object had sentimental value. Where this is the case, we will normally ask the insurer to agree a cash settlement. "

    here:

    http://www.financial-ombudsman.org.u...place-cash.htm
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