Engagement ring insurance claim

blahblah06

Hi guys,



My partner lost the ring 2 weeks ago. Went through the claim etc.



Got a phone call this morning that the claim has been approved and that they want to go the replacement route and send someone out to the house with rings so we can choose the one we want



I said ill get back to her after speaking to the Mrs we both feel this is a bit **** and would like to go in and experience the whole buying the ring again thing even make a weekend out of it.



Has this ever happened anyone else. My policy says insured for x amount but it doesnt state insured to replace it.



So I wonder can I just request the money?

gogo

Thats pretty crap alright, never happened to me but would advise you to ring back the insurance company and just ask if you can't just purchase your own ring, an engagement ring is a pretty personal thing and something she will have to wear for the rest of her life (hopefully ;-) ).
What if the rings sent out are hideous? Just give them a buzz back, they will tell you pretty quickly if you can or not.

blahblah06

cheers go go waiting on a call back as we speak. tbh thats what shes annoyed about. picking a ring from a kitchen table is a load of crap really. I promised her a weekend in town to go hunting for one she liked.

oldyouth

blahblah06 wrote: »

IHas this ever happened anyone else. My policy says insured for x amount but it doesnt state insured to replace it.


So I wonder can I just request the money?

It probably does state in the general conditions that the insurer may choose to reinstate the lost or damaged property.

What they are doing here (and it is nothing personal) is making sure that people do not retain the cash where there is no phyiscal evidence of the loss. When there is fire damage or something falls and is broken, the evidence is there for them to view.

It is a sign of the times that some people may resort to insurance fraud to make a bit of cash. As I said before, it is nothing personal, it is probably the procedure that the company has in place for all such claims

Fey!

This has been happening for a while now, and is, in my opinion, a bit of a scam.

They bring you out rings which are not always of the quality of what you are repacing.

If you do not like or choose one of them, then they deduct your claim amount, despite you paying premiums for a certain level of cover.

They also tend to be very pushy about it.

If they are worried about the goods not being replaced, tell them that when you find the ring they can send the ring directly to the shop; the shop selling the ring shouldn't have an issue with this (indeed the insurance company will sometimes ring the shop to haggle with them!).

Get the ring YOU want, not the one the insurance company is telling you to get!

blahblah06

Hi fey I got the call and explained even to get a voucher for the shop I bought it in so we can go back there.

What do you mean if we do not like it they deduct our claim amount?

Fey!

A couple of our customers have been in a similar situation where a representative of the insurance company came out with a tray of rings and basically told them that if they didn't take one of them their claim would be reduced by 30%.

Basically they took this to mean that despite paying premiums for €5,000 of cover, the insurance would only allow them €3,500 if they didn't take one of "their" rings.

They also said that the rings proferred looked like the cheapest of cheap Argos costume jewellery!

Obviously the treatment will vary from company to company or from assessor to assessor; I think that in some of these situations that the assessor has a lot to do with it (it's always been the assessors who have dealt with us in the shop, not a direct insurance company employee).

blahblah06

Thats crazy. If not Blackmail. Ive still not got the call she said she was waiting on her jewellers to say how much it would cost to replace the ring.

homer911

This is scary - what Insurance Company are you dealing with?

blahblah06

id rather not say just yet until I hear back from them then I will tell you all.

blahblah06

Update. Been told they can replace the ring for 700 euro less with any jewellers then they get a discount with the there Jewellers and I was offered a cash value off 59.885% less then the valuation.

Needless to say Ill be getting the ring replaced

Shannonsider

I'm trying to add an engagement ring onto my home insurance policy but I want to make sure it's covered even if herself damage's it outside the house or worse again, loses it.

To be honest, she's a bit accident prone and I don't want to realise we're not covered/or half covered should the worst happen.

What do I need to look out for or how would this be described in the policy?

blahblah06

make sure its covered under all risks