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jewellery insurance vouchers

  • 14-01-2012 8:21pm
    #1
    sam 1966
    Banned (with Prison Access) Posts: 3 ✭


    Last year, I unfortunately lost a ring that had been left to me by my Grandmother. Had it itemised on my home insurance policy and after processing the claim, my insurance company has offered me vouchers/gift card to the value of the itemised ring. I kept the ring more for sentimental value than the look of it and really, barely wore it. Now, my problem is that I really do not want to replace it with another ring which I will not wear only to have it left in my jewellery box. Is it possible to demand cash for this claim(expecting at a reduced rate) or can I sell the voucher? Would be grateful for any input on this...


Comments

  • #2
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    sam 1966 wrote: »
    Last year, I unfortunately lost a ring that had been left to me by my Grandmother. Had it itemised on my home insurance policy and after processing the claim, my insurance company has offered me vouchers/gift card to the value of the itemised ring. I kept the ring more for sentimental value than the look of it and really, barely wore it. Now, my problem is that I really do not want to replace it with another ring which I will not wear only to have it left in my jewellery box. Is it possible to demand cash for this claim(expecting at a reduced rate) or can I sell the voucher? Would be grateful for any input on this...

    You cannot insist on cash. Insurance is about reinstating your previous position. There is no element of compensating for sentimental value, I'm afraid. What you do with the voucher, however, would be your own business


  • #3
    Otis Driftwood
    Closed Accounts Posts: 9,925 ✭✭✭Otis Driftwood


    oldyouth is correct,its the same as if you were to write off your car,the insurer can choose to replace it with a similar make and model and to be honest,if you demanded cash it would look very suspect.


  • #4
    sam 1966
    Banned (with Prison Access) Posts: 3 ✭sam 1966


    Thank you ... Did think the same, looking for confirmation...


  • #5
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    I have stuff myself of sentimental value and I don't insure it. If ever it went, any monetary compensation would be of no use to me. It doesn't matter that it might be worth a few bob, a claim wouldn't help me with the loss.


  • #6
    ANXIOUS
    Registered Users, Registered Users 2 Posts: 3,095 ✭✭✭ANXIOUS


    How do the vouchers work? You could probablly sell them onto someone. I might know someone looking for something like that.


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  • #7
    tippniall
    Closed Accounts Posts: 61 ✭✭tippniall


    Check the wording of your policy. Depending on how it is worded you may have an argument against vouchers. I have heard of this happening recently, seems to be what the insurers are doing to keep their costs down.


  • #8
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    tippniall wrote: »
    Check the wording of your policy. Depending on how it is worded you may have an argument against vouchers. I have heard of this happening recently, seems to be what the insurers are doing to keep their costs down.
    It's worth a try but it could backfire on you. Insurers always retain the right to reinstate the loss themselves, which means they would literally hand you as close a replacement item as is practical. That WILL be in your policy wording. At least with vouchers, you can use them for some other item you might prefer


  • #9
    peteb2
    Registered Users, Registered Users 2 Posts: 1,813 ✭✭✭peteb2


    All policies state that it is at the discretion of the insurer as to whether they re-instate.


  • #10
    aisog
    Closed Accounts Posts: 47 ✭aisog


    Ive posted about this before, had the same problem was offered vouchers and not happy! Its not that I want to make money off it I just think a couple of grand of jewellery vouchers is excessive! I got a loss assessor to handle it for me cos it was going nowhere when I tried myself. (www.proinsuranceclaims.ie )


  • #11
    peteb2
    Registered Users, Registered Users 2 Posts: 1,813 ✭✭✭peteb2


    aisog wrote: »
    Ive posted about this before, had the same problem was offered vouchers and not happy! Its not that I want to make money off it I just think a couple of grand of jewellery vouchers is excessive! I got a loss assessor to handle it for me cos it was going nowhere when I tried myself. (www.proinsuranceclaims.ie )
    Excessive for what? The wording of the policy says reinstament and that is all they are entitled to. Not cash to go off and buy a tv because they just dont feel like jewellery now and feel they could spend the money elsewhere. And no assessor can argue a change in wording if that's what it states!


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