Annual travel policy with 'new for old'

thrifty_pete · 24 May 2018 at 12:59PM

I have read a few policies and the wording is a bit vague with terms like "replacement cost".
I have a nice camera which is five years old, but I would have to pay close to the price of £500 that it cost me to get something of similar capabilities. I also have a four month old phone which cost me £300 and a two year old laptop which cost me £750.
How is the market value calculated? Ebay?
Is 'new for old' only something you get with contents insurance? If you then have cover away from the home (i.e. taking camera on holiday) the new for old clause is still valid?
Looking at the prices I have seen, it would be cheaper to insure the contents of a flat and then buy cover away from the home than it would be to buy baggage-only holiday cover!

dacouch · 24 May 2018 at 7:10PM

New for old is calculated on the new replacement retail cost although with most consumer items the Insurers will have suppliers who give them large discounts. The supplier would suggest a current replacement of equivalent specifications (Electrical items tend to be discontinued so a current model of similar specs is notmally supplied). If you accept the suggested item they will either send it to you or if it is a supplier such as Currys you would go into store.

They often allow you to pay any difference and upgrade.

If you are concerned about your items it may be better to cover them 24/7 365 under a home contents policy.

If you want a Travel Policy with new for old, the last time I looked, the standard PJ Hayman policy includes it along with a lot of unsual extras. But as it is a decent policy you will be paying more than a box standard policy.

Bear in mind, Home Insurance or Travel Insurance will normally request some type of proof of ownership should you claim

thrifty_pete · 16 June 2018 at 7:16PM

OK, thanks for that. For my camera, it was a present so I don't have a receipt. For jewelry I believe you can have it valued and the insurer will accept it as proof of ownership. If I took a camera into a camera shop, would they do the same? I guess they would want money for the trouble of doing it.

lisyloo · 17 June 2018 at 8:30AM

The obvious question is does the person who bought it have the receipt?
Did you register any warranty with it?
If not ask the (brand) camera shop what they can do to verify it!!!8217;s genuine and value it.
I wouls think most places would want to be paid unless you are a regular or putting some other business their way.

Jewellers many year ps ago used to value things for free, but were swamped with people who were either just curious or waning it for I insurance and quite rightly charge for their time.

I!!!8217;d also want confirmation it genuine as well as valuation if possible.
May sound OTT but imagine your an insurer and someone says their Rolex is stolen and their ex won!!!8217;t give them the receipt.

thrifty_pete · 4 July 2018 at 12:20PM

I don't know whether there is still a receipt. Sony used to have Sony Centres (the camera is Sony) but I think they all closed down. I'll try Jessops if they are still around.

Annual travel policy with 'new for old'

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