Insurance Payout query

portcrap

My Fiance's engagement ring went missing and as it was insured under home contents insurance, the insurance company has offered to pay out. Unfortunately they are offering only 80% of the ring valuation that it was insured for.

Can these offers be negotiated? They have only given me two options accept the amount or have the ring replaced by them.

Menas

portcrap wrote: »

My Fiance's engagement ring went missing and as it was insured under home contents insurance, the insurance company has offered to pay out. Unfortunately they are offering only 80% of the ring valuation that it was insured for.

Can these offers be negotiated? They have only given me two options accept the amount or have the ring replaced by them.

I would say that it is down to the terms and conditions of your policy. Why not just accept the offer to have them replace the ring ?

emeldc

Does the 20% account for the excess on the policy.

kkelliher

portcrap wrote: »

My Fiance's engagement ring went missing and as it was insured under home contents insurance, the insurance company has offered to pay out. Unfortunately they are offering only 80% of the ring valuation that it was insured for.

Can these offers be negotiated? They have only given me two options accept the amount or have the ring replaced by them.

A couple of questions,

when you say "of the ring valuation" does this relate to a pre-loss valuation?

have you had an independent valuation carried out on what the replacement value is?

bbbbb

I think it's the same for car insurance. e.g. you might insure it for say €10k but if it is then written off, they will only pay the open market value of the car. I believe they also reserve the right to replace with an equal car.
Most jewellers have 20-25% "sales" at the moment, so valuation is not equal to replacement cost.

portcrap

Trigger Happy wrote: »

I would say that it is down to the terms and conditions of your policy. Why not just accept the offer to have them replace the ring ?

Already replaced it...under pressure

portcrap

emeldc wrote: »

Does the 20% account for the excess on the policy.

Hi Emeldc, no the excess was taken off after the 20% offer

portcrap

emeldc wrote: »

Does the 20% account for the excess on the policy.

kkelliher wrote: »

A couple of questions,

when you say "of the ring valuation" does this relate to a pre-loss valuation?

have you had an independent valuation carried out on what the replacement value is?

Yes kkelliher - this was the pre loss valuation by two independent jewellers.

I have submitted the details to 2 jewellers today, they reckon if anything the value has gone up from my pre-loss valuation on the policy

kkelliher

portcrap wrote: »

Yes kkelliher - this was the pre loss valuation by two independent jewellers.

I have submitted the details to 2 jewellers today, they reckon if anything the value has gone up from my pre-loss valuation on the policy

Produce the two post loss valuations to the insurance company and they shouldnt really have much riggle room as the market decides the value not the insurance company