Safeguard insurance valuations

[Meeshoo]

Heehee, yes, she decided rather than have lots hanging around to just get something she could wear all the time. It really rattled her to get burgled and made her a bit paranoid about it happening again. I didn't dare make any mugging jokes after that :cheeky:

It's the worst feeling in the world being burgled. Even worse when you're in bed at night when it happens :angry: Glad it all turned out ok for your friend.

 

[persianglitter]

My sister worked at a high street Jewellers - and for her 21st birthday, she decided to indulge herself and buy an aquamarine and diamond ring; the ring back then cost her just over £100 - and was valued at over £500 some 10 years later. 2 years ago, she lost the ring, and she put in a claim. Her insurance company, said that she had to contact her local police station, and report the ring as lost/missing/stolen - which she did do - and she provided the police with a photo of the said ring.

A few weeks later, she received her claim back from the insurers - they had taken off her £100 for her making the claim - and gave her vouchers, yep, vouchers for the remaining claim - £400 pounds of vouchers! for a jewellers that she wouldnt shop in - if her life depended upon it.

It is slightly unfair to take £100 for making a claim - i have been paying my insurance company for years, by direct debit, my money goes into their bank account, making extra interest for them - I made one claim! the first i have ever done in 25 years of being married - and they took a hefty sum too - and what we were left with, hardly covered what we had claimed for - so there is really no question, that insurance companies are out there to make money out of your misery and misfortune.

Dont even get me started about Insurance/Assurance companies, they are all out to screw you for your last penny, i have first hand knowledge of this - when it comes to members of the Armed Forces, who want to make sure, that when they go off to, Afghanistan, if anything should happen to them, either they are mortally wounded, or are wounded and minus a few limbs, then they are covered to live the rest of their nature without money fears - you go and have a look see at what those men are supposed to fork out for - ridiculously high demands of money per month - that does not help any member of the armed forces go out with a care free mind. Sure theres PAX, but there are members of the armed forces who have families, and own homes - and PAX just doesnt cover the demands of family living these days. And then theres the travel insurance query - when a member of your family who is in the armed forces, has to go abroad - a payment of over £300 was required for my son, and that was in April 2010. And dont even get me on the subject of kit insurance, to boot. Insurance companies get you any way they can - they know you need it - and charge ridiculous amounts of money - they have got you by the short and curlies.

 

[Pinkpussycat]

My sister worked at a high street Jewellers - and for her 21st birthday, she decided to indulge herself and buy an aquamarine and diamond ring; the ring back then cost her just over £100 - and was valued at over £500 some 10 years later. 2 years ago, she lost the ring, and she put in a claim. Her insurance company, said that she had to contact her local police station, and report the ring as lost/missing/stolen - which she did do - and she provided the police with a photo of the said ring.

A few weeks later, she received her claim back from the insurers - they had taken off her £100 for her making the claim - and gave her vouchers, yep, vouchers for the remaining claim - £400 pounds of vouchers! for a jewellers that she wouldnt shop in - if her life depended upon it.

Insurance companies get you any way they can - they know you need it - and charge ridiculous amounts of money - they have got you by the short and curlies.

Hi PG, you have posted the exact reason why I do not have any of my jewellery specifically insured. Items up to the value of £1500 are automatically covered on my policy but I will not pay ridiculous premiums for the higher value items and know I would get fobbed off with poxy vouchers if I was unfortunate to have to make a claim. A colleague at work was burgled and it took almost 2 years to get her claim settled as she fought her insurance company, they wanted to give her vouchers to replace high value antique items that couldn't be replaced anyway!! They were one offs and in the end she had to make do with modern copies being made which she wasn't happy about, but as you say, the insurance companies have you by the whatsits. The whole jewellery valuation/insurance scheme is a complete rip off and I won't get sucked into it. :angry:

 

[Klosblue]

My sister worked at a high street Jewellers - and for her 21st birthday, she decided to indulge herself and buy an aquamarine and diamond ring; the ring back then cost her just over £100 - and was valued at over £500 some 10 years later. 2 years ago, she lost the ring, and she put in a claim. Her insurance company, said that she had to contact her local police station, and report the ring as lost/missing/stolen - which she did do - and she provided the police with a photo of the said ring.

A few weeks later, she received her claim back from the insurers - they had taken off her £100 for her making the claim - and gave her vouchers, yep, vouchers for the remaining claim - £400 pounds of vouchers! for a jewellers that she wouldnt shop in - if her life depended upon it.

It is slightly unfair to take £100 for making a claim - i have been paying my insurance company for years, by direct debit, my money goes into their bank account, making extra interest for them - I made one claim! the first i have ever done in 25 years of being married - and they took a hefty sum too - and what we were left with, hardly covered what we had claimed for - so there is really no question, that insurance companies are out there to make money out of your misery and misfortune.

PG when you take out an insurance policy (home or motor) you are given the opportunity to select the amount of excess you wish to pay in the event of a claim. The higher the excess the lower the premium will be for your policy. The reason insurance companies have excesses is to stop people from claiming for low value items. If you have an excess of £100 you aren't going to claim for something costing £120 are you? The more claims that are made the more insurance companies have to charge for their policies. They don't just pick a figure out of the air, all premiums are worked out on risk and part of that is the number of claims made in your area, for that particular item/peril etc. Sadly the large number of fraudulent claims made means that innocent people like yourself are being penalised. Unfortunately like anything else in this life it's always the minority who spoil it for the majority!

With regards to the vouchers - the company I work for does not deal in vouchers. We have approved suppliers/repairers who will source replacement items which is like for like to the one which is lost/damaged.

 

[watersiren]

Hi PG, you have posted the exact reason why I do not have any of my jewellery specifically insured. Items up to the value of £1500 are automatically covered on my policy but I will not pay ridiculous premiums for the higher value items and know I would get fobbed off with poxy vouchers if I was unfortunate to have to make a claim. A colleague at work was burgled and it took almost 2 years to get her claim settled as she fought her insurance company, they wanted to give her vouchers to replace high value antique items that couldn't be replaced anyway!! They were one offs and in the end she had to make do with modern copies being made which she wasn't happy about, but as you say, the insurance companies have you by the whatsits. The whole jewellery valuation/insurance scheme is a complete rip off and I won't get sucked into it. :angry:

Each, or in total, PPC? I am quite torn on this subject tbh. I am quite reluctant to insure individual items (true cynic as I am very familiar with how the 'small print' works and how contracts are drafted, not to mention unilaterally amended, to suit exclusively 'the drafter'). On the other hand, I am not convinced I am doing the right thing.

 

[Diamond Diva]

Each, or in total, PPC? I am quite torn on this subject tbh. I am quite reluctant to insure individual items (true cynic as I am very familiar with how the 'small print' works and how contracts are drafted, not to mention unilaterally amended, to suit exclusively 'the drafter'). On the other hand, I am not convinced I am doing the right thing.

Hi Watersiren

I don't know about PPC's insurance company but with mine I only have to itemise individual piece's that are valued over £1500

 

[Pinkpussycat]

Hi WS, as far as I can remember I think it is all high risk items (which is how Halifax categorise jewellery) up to £1500 that are covered, but I can't be certain as I can't find my policy schedule atm. However, I still wouldn't want poxy vouchers to replace jewellery items which seems to be the way all insurance companies operate now, so I am seriously thinking about cancelling the contents part of my policy.

 

[reddwarf]

My sister worked at a high street Jewellers - and for her 21st birthday, she decided to indulge herself and buy an aquamarine and diamond ring; the ring back then cost her just over £100 - and was valued at over £500 some 10 years later. 2 years ago, she lost the ring, and she put in a claim. Her insurance company, said that she had to contact her local police station, and report the ring as lost/missing/stolen - which she did do - and she provided the police with a photo of the said ring.

A few weeks later, she received her claim back from the insurers - they had taken off her £100 for her making the claim - and gave her vouchers, yep, vouchers for the remaining claim - £400 pounds of vouchers! for a jewellers that she wouldnt shop in - if her life depended upon it.

It is slightly unfair to take £100 for making a claim - i have been paying my insurance company for years, by direct debit, my money goes into their bank account, making extra interest for them - I made one claim! the first i have ever done in 25 years of being married - and they took a hefty sum too - and what we were left with, hardly covered what we had claimed for - so there is really no question, that insurance companies are out there to make money out of your misery and misfortune.

Dont even get me started about Insurance/Assurance companies, they are all out to screw you for your last penny, i have first hand knowledge of this - when it comes to members of the Armed Forces, who want to make sure, that when they go off to, Afghanistan, if anything should happen to them, either they are mortally wounded, or are wounded and minus a few limbs, then they are covered to live the rest of their nature without money fears - you go and have a look see at what those men are supposed to fork out for - ridiculously high demands of money per month - that does not help any member of the armed forces go out with a care free mind. Sure theres PAX, but there are members of the armed forces who have families, and own homes - and PAX just doesnt cover the demands of family living these days. And then theres the travel insurance query - when a member of your family who is in the armed forces, has to go abroad - a payment of over £300 was required for my son, and that was in April 2010. And dont even get me on the subject of kit insurance, to boot. Insurance companies get you any way they can - they know you need it - and charge ridiculous amounts of money - they have got you by the short and curlies.

What?? We send our lads out abroad but expect them to insure themselves?? That is outrageous!!! I suppose if I choose to hang myself out to a Dick Turpin insurance company over adding luxuries to my policy that is my downfall (Direct line...my most hated Grrrr) but to expect our armed forces to have to do it just to fullfill their orders is just plain wrong! :headbang:

 

[Meeshoo]

When you're buying insurance, always check the small print and ask what's included/excluded and what you get in the event of a claim. My insurance (for specified articles over the normal limit) is with the Halifax and honestly, I can highly recommend them. No vouchers. Easy to do business with but OMG they put you through the wringer. I was visited by two different Loss Adjusters - in the end it all worked out though and I got a full payout.

It's like everything else, there are good insurers and bad insurers. If you deal with the bad ones, you'll have horrible experiences.

 

[persianglitter]

PG when you take out an insurance policy (home or motor) you are given the opportunity to select the amount of excess you wish to pay in the event of a claim. The higher the excess the lower the premium will be for your policy. The reason insurance companies have excesses is to stop people from claiming for low value items. If you have an excess of £100 you aren't going to claim for something costing £120 are you? The more claims that are made the more insurance companies have to charge for their policies. They don't just pick a figure out of the air, all premiums are worked out on risk and part of that is the number of claims made in your area, for that particular item/peril etc. Sadly the large number of fraudulent claims made means that innocent people like yourself are being penalised. Unfortunately like anything else in this life it's always the minority who spoil it for the majority!

With regards to the vouchers - the company I work for does not deal in vouchers. We have approved suppliers/repairers who will source replacement items which is like for like to the one which is lost/damaged.

Had to speak to the old man, and double check that i was correct - our insurance company has never offered an option on what excess payments are to be made. They do give you two choices of what cover you want - but the excess remains the same. We get a choice of Option A, or Option B, Option A is usually 9 monthly payments, and the B, 12 payments. Both have the identical amount of excess;

My grumble with the insurance companies, is as you pointed out there is a minority out there who do make false claims, and make life misery for the rest of us. I just sometimes wonder what the point of insurance is - the companies quite happily take our money, and when we do come to the point where we have to make a claim, you are put through a series of questions, that make the spanish inquistion look tame - i am quite surprised that they do not send loss adjustors around to claimants households clutching a polyograph; It does peev you somewhat when you pay for a service, and you are treated with such distain and disbelief, that you feel intimidated to pursue your claim.