BUDGET INSURANCE: WARNING if you insure high value jewellery with them

If you insure high value jewellery via Budget Insurance, please take a minute to read my horror story.

In 2018/19 I insured my fiancees engagement ring via my home and contents insurance with Budget Insurance with an agreed and certified valuation of £5000, I paid a premium for this level of cover. When the worst happened and my fiancee lost her ring in May 2019 I was devastated by what happened next.

Budget gave me three settlement options;

1. A replacement ring from their preferred supplier (who have admitted they cannot replicate the proprietary design of the ring, nor the craftsmanship of the Hatton Garden jeweller where I purchased the ring from),

2. £4000 high street gift vouchers, or,

3. A £3174 cash settlement, minus £150 excess.

None of these options “put me back in a pre-insured event position” as their claims handlers have quoted at me throughout this process.

For the past 10 months me and my fiancee have been subjected to a lengthy and stressful complaints procedure, we have been passed back and forth between Budget and their TPA claims handler (Integra), we have been fed ambiguous responses to our questions and have been shown no empathy or pragmatism. I have had to invest over 50 hours of my own personal time in this process and have developed emotional and physical stress symptoms.

In desperation for a fair outcome, have been forced to raise this matter with the Financial Ombudsman (FOS). Whilst I am still awaiting their formal response, the FOS have many case studies on their website detailing their previous (upheld) responses to this exact claims scenario.

To add insult to injury, Budget decided to increase my policy premium by c40% in December, despite no claims outcome having yet been determined. I have appealed to their CEO, Matt Donaldson, in hope he may understand and empathise with our situation. The matter was escalated to a senior level within Budget, yet today they called me and they dismissed my appeal as if I was nothing!

I just want my fiancee to once again wear the same engagement ring that she wore when I proposed to her. As any person would understand, jewellery design and craftsmanship holds important sentimental value. Due to this on-going saga we’re also now worried we may have to postpone our wedding which is planned for May this year.

As an honest and loyal customer who has paid a premium to have a specific item with an agreed value insured, I simply want to be “put back into a pre-insured event position” as Budgets claims handlers have quoted at me throughout this process. I’m not asking for anything else….. surely I am not being unreasonable?

Any advice appreciated, I'm desperate for a fair outcome and a satisfactory ending to this claims nightmare!

Thanks in advance.
Declan

:beer: