insurance fraud?

LegacyUser

would appriciate any advice. made a insurance claim about 9 months ago after loosing my engagment ring and my insurance company paid out. i have now just found the ring. problem is money is well spent and we did not buy a replacemnet ting. going to ring the insurance company tommorrow....what will happen? dont have thousands of euro sitting around to pay them back!

ravima

The ring is now their property. It's not 'fraud'. You had it insured, you lost it, you made a claim and they settled your claim. Usually the insurers sell the recovered jewellery to recoup some of their outlay. You could always tell them that you would be prepared to match any other bid that they might get on it and hope that they might sell it to you for less than what they paid out.

dev100

Wait 3 months and you ll see you will pay for the privilege of claiming with a higher premium

If you a moral person fair enough tell them but id have thousands to hand to hand over straight away incase they look for the ring or the money. I know with a car if you write it off and they pay out its technically they own it maybe its same for this?

Why are you ringing them?

Cuddlesworth

Deleted User wrote: »

Why are you ringing them?

Its in the title.

Ellie2008

I dont think not buying a new ring is insurance fraud, not 100% sure though, think it definately would be fraud to hang onto the ring now though so tell them, I imagine they'll settle for taking the ring you can never sell an engagement ring for as much as you paid for it as the mark-up is apparently v high so they wouldnt get a massive amount for it at auction, wouldnt you want to keep you're own ring? Id offer to pay for it in installments or take out a loan.

As an aside story my landlord who I live like was having problems with his iPhone, he went to a phone store (not sure which one) and the guy told him the insurance company was more likely to pay out if it was water damage then just not generally really working, so the insurance company said they'd replace it if he gave them the phone so he quite happily dropped it into a sink and proudly told us all about it! :rolleyes:

LegacyUser

It's a victimless crime op say sweet f.a.

And yes, yes, yes I know 'fraud' makes all our premiums go up blah blah blah but i don't care. She's welcome to it afaiac

onimpulse

Ellie2008 wrote: »

As an aside story my landlord who I live like was having problems with his iPhone, he went to a phone store (not sure which one) and the guy told him the insurance company was more likely to pay out if it was water damage then just not generally really working, so the insurance company said they'd replace it if he gave them the phone so he quite happily dropped it into a sink and proudly told us all about it! :rolleyes:

And that's why folks the cost of insurance is going up...



Back to the original question - Ravima is spot on. You claimed, they settled, now that you found the ring it's their property. No fraud so long as you - as you intend to do - ring them & let them know.

They will normally sell recoveries like that to try to recoup some of their money but I'd say they will work something out with you as they won't be able to recoup the full value of the ring anyway as second hand jewelry loses value.

thecookingapple

Finders, keepers, losers, weeper!!!

Zaph

thecookingapple, unhelpful and off-topic posts can get you infracted or banned in this forum. I suggest you have a re-read of the forum charter before you post here again.

Seraphina

You will pay for the ring in higher insurance premiums for a long time to come.

Why tell them? Yes it's technically fraud. You also technically paid for the ring probably about 3 times over between initial outlay and premiums. Will they ever find out? Unlikely!

nickybutler

why dont you leave the ring lost for another little while until you find the money to buy it back from the insurance company.

OS119

OP, i wouldn't contact the insurance company for the simple, entirely selfish, reason that while you stay silent, nothing is going to happen - however if you were to contact them, you don't know what will happen.

the 'nice' version is that they will ask you to send back the ring, cancel the increase in all of your other insurance premiums caused by the original claim, and say no more about it. the likely version is that they'll ask you to send them the ring, they'll deluge you with paperwork, probably accuse you of fraud, all your insurance premiums - house, car, life etc.. will rocket, you won't have a ring, and no one will thank you for your honesty.

stay silent, don't wear the ring for a year or so, and pay the increase in premiums as your penance.

dilallio

Even if you let the insurance company know, they may well increase your premium unless you agree to refund all the money they paid you. If you give it to them and they sell or auction it, they will not get back the new price value of the ring, so they will recoup some of the difference through increased premiums. Also they have spent time and money, assessing and processing your claim and may factor this in when calculating future premiums.

From a moral point of view it is right to let them know, but there is no guarantee that if you let them know, that they will reduce your premiums.

It's a difficult one alright.

dev100

Maybe ring a broker and ask their opinion without divulging too much

Hmm.. You're going to send them thousands of euro along with higher premiums.. Yes, it will give you a clear conscience but I'm interested in hearing how they react to your phonecall. I'm guessing a stifled laughter from the girl on the phone and a mountain of paperwork to your door.. A few years down the line when you're still paying higher premiums and they won't even trust a claim from you, at least you will be sleeping well.

Otis Driftwood

Technically it is fraud.

The company paid you for the ring you thought you had lost so legally they own it.

Same as if you write off your car,the insurance company pays out and takes possession legally of the car to sell on for salvage to recoup some of the outlay.

The basic rule of insurance is utmost good faith,that you are 100% truthful with the company.Making a claim,spending the money and then finding the ring but saying nothing contravenes that.

As for people saying its a victimless crime,give me a break.With the amount of claims that have gone through the insurance industry over the last 12 to 15 months (I know alot of them are genuine and couldnt be helped what with burst pipes,cars skidding on the ice and crashing etc) premium rates are going to go up.Couple that with the victim less crime attitude of exaggerated or fraudulent claims then that pushes the rates up further yet they would be the very people that will bitch and moan about their renewals going up.

OP,you can say nothing and you will likely get away scot free but from a moral aspect,you know what the right thing to do is.

hondasam

insurance op wrote: »

would appriciate any advice. made a insurance claim about 9 months ago after loosing my engagment ring and my insurance company paid out. i have now just found the ring. problem is money is well spent and we did not buy a replacemnet ting. going to ring the insurance company tommorrow....what will happen? dont have thousands of euro sitting around to pay them back!

The honest thing would be to tell the Insurance company but I Don't think it would be in your best interest to tell them. They could be grateful or the might be very unhelpful. How did you manage to find it after nine months or is it your conscience that is getting the better or you.

If it is your conscience make a little donation to a charity and move on.

slavetothegrind

Ring them and tell them op, it is theirs.
you obviously have a concience and not doing this will rest heavily on it.
If you want to keep the ring wait untill you have saved the amount you recieved from them and then tell them.

I think honesty is a healthy policy if not always profitable.

Gannicus

ravima wrote: »

The ring is now their property. It's not 'fraud'. You had it insured, you lost it, you made a claim and they settled your claim. Usually the insurers sell the recovered jewellery to recoup some of their outlay. You could always tell them that you would be prepared to match any other bid that they might get on it and hope that they might sell it to you for less than what they paid out.

I work in solely i home insurance. Ravima is right. call them and tell them. the rng is now their property. they reserve the right to salvage anything from a claim since they gave you the money the ring is theirs.