LMG Rolex replacement

[schwarz993]

Hello,

I recenly had my Rolex Datejust II stolen by a bunch of low-lives who I hope are now rotting in hell.

My insurer has passed the claim over to LMG, who have asked me to send the box and any papers etc. No problem.

I have done a bit of reading up and it seems I may be compensated in vouchers, or a lower cash value, which is not really ideal. My policy entitles me to a maximum of £3k per item, and a bit of research shows the watch retails for £4,800. I'm wondering if anyone has any experience with LMG or knows what they're likely to offer. Given the market value is above £3k, I'm hoping that I will just get £3k in cash to spend (or not) at my discretion.

Any input greatly appreciated.

Many thanks

[N24]

You'll get a voucher / preloaded payment card - you can spend it in the chain of shops which tend not to be Rolex dealers :-(

So you may need to push back to get what you want. You certainly won't get cash...

[schwarz993]

Thanks for the reply. Are you sure? Their website states:

LMG said:

Q. Can I buy a Rolex with a Gemcheck Card?
A. Unfortunately Gemcheck Cards are not valid for purchases of Rolex watches. If your claim was for a Rolex watch you will receive an alternative settlement to the Gemcheck card

http://www.lossmanagement.co.uk/faq.php

Really hoping i can get cash rather than voucher for H Samuel or something equally ridiculous. Can I turn down their offer of vouchers?

[michael gould]

if the watch was worth more than 3k then you were uninsured which might reduce your claim …….dont agree to the first offer they make to you …have a think about it for 24 hours

[GC8]

Can you revert to indemnity? Usually a very bad move with a new for old policy but this may be a good option for an item which retains its value or even rises in value.

Vouchers for retailers who dont sell Rolex watches are a joke and should be rejected out of hand. This firm may have a delegated authority to deal with you on the insurers behalf, but this doesnt mean that you have to deal with them or accept their inadequate offers.

Only cash acceptable if you go down this route, too.

[SVS]

Sorry to hear about losing the watch. How was it stolen? House burglary?

[schwarz993]

SVS said:

Sorry to hear about losing the watch. How was it stolen? House burglary?

Mugged by 5 guys near Marble Arch in London. It's all they managed to take, sadly the most valuable thing I had on me.

ETA: a friend of a friend got mugged a couple of weeks prior to this, by a large group of guys within half a mile of where this happened, they took his AP...

Edited by schwarz993 on Friday 28th February 08:48

[schwarz993]

GC8 said:

Can you revert to indemnity? Usually a very bad move with a new for old policy but this may be a good option for an item which retains its value or even rises in value.

Vouchers for retailers who dont sell Rolex watches are a joke and should be rejected out of hand. This firm may have a delegated authority to deal with you on the insurers behalf, but this doesnt mean that you have to deal with them or accept their inadequate offers.

Only cash acceptable if you go down this route, too.

Hi. Thanks for the advice. I'm just concerned that they will pay less in cash than in vouchers / cash card. The policy is capped at a limit of £3k per item but since the item is worth more £3k in cash is still a discount to market value... Will see how it goes, fingers crossed.

Does anyone know of a good website which sells used Rolex watches (though im not even sure I want to replace it at all)? Cheers.

[SVS]

schwarz993 said:

Mugged by 5 guys near Marble Arch in London. It's all they managed to take, sadly the most valuable thing I had on me.

ETA: a friend of a friend got mugged a couple of weeks prior to this, by a large group of guys within half a mile of where this happened, they took his AP...

That's awful. Nothing one person can do against 5 guys. Really sorry to hear that. I hope they catch the b@stards.

[Eleven]

schwarz993 said:

SVS said:

Sorry to hear about losing the watch. How was it stolen? House burglary?

Mugged by 5 guys near Marble Arch in London. It's all they managed to take, sadly the most valuable thing I had on me.

ETA: a friend of a friend got mugged a couple of weeks prior to this, by a large group of guys within half a mile of where this happened, they took his AP...

Edited by schwarz993 on Friday 28th February 08:48

Does this still happen? I am surprised the Met isn't all over this sort activity, given the Capital's importance as a tourist destination. What time of day was it, was it in a side street and what did the muggers look like? In hindsight what could you have done to prevent the situation occurring?

Apologies for being Mr. Questions but I visit London fairly often, have fortunately not experienced this sort of problem and would like to avoid it in the future!

[yeti]

Eleven said:

Apologies for being Mr. Questions but I visit London fairly often, have fortunately not experienced this sort of problem and would like to avoid it in the future!

I was about to suggest you 'back off' the poor chap but actually you make a very, very valid point! I'm often wandering around with a chunk of money sat on my wrist (and just a couple of moths, two buttons and a bit of string in my wallet)...

[GC8]

Unfortunate victim and insurance combination.

[schwarz993]

Eleven said:

Does this still happen? I am surprised the Met isn't all over this sort activity, given the Capital's importance as a tourist destination. What time of day was it, was it in a side street and what did the muggers look like? In hindsight what could you have done to prevent the situation occurring?

Apologies for being Mr. Questions but I visit London fairly often, have fortunately not experienced this sort of problem and would like to avoid it in the future!

It was between 1 and 2am after a night out. It happened on the top of Bayswater Road near Marble Arch, which is a well-lit main road. It doesn't have a lot of footfall that time of night, but I have walked around there 100s of times and not felt threatened. I was trying to hail a cab and had one waiting on the opposite side of the road indicating to pull a u-turn. At that point one of the crooks walked up to the cab (on the opposite pavement) and said something which made the cabbie drive off. They crossed the road, at this point I could only see 3 of them. They were fairly well dressed and didn't ring any alarm bells. They were around 20-25, not particularly big. I thought they were trying to find a cab like a whole bunch of people on Oxford Street where i'd been 5 mins previously. They took me by surprise, three of them grabbed me (the first of whom I hadn't seen and came from the side / behind me) and held me while two ripped my watch off (I was wearing an overcoat and it was not on display, but it's the first thing they went for, they didn't manage to get my wallet). I was completely outnumbered so as much as I struggled I don't think I could have done more than I did. As soon as they got the watch they ran. I chased the guy who had it for 100 yards or so, keeping up with him but not catching him either. He then ran down a side street. At this point, with some of his mates running behind me, I stopped giving chase.

I only got a good look at one of them, and gave the description to the police later.

Pretty miserable evening, and hoping not to get shafted by the insurance co now... If anyone has first hand experience with such insurance claims, please let me know.

[yeti]

schwarz993 said:

Pretty miserable evening, and hoping not to get shafted by the insurance co now...

Thanks for the info. As you say, absolutely nothing you did wrong at all. The only thing I can think of is you'd been targetted earlier in the evening for wearing a Rolex.

Nightmare

[N24]

Mine was lost in a break-in - about 8years back now.
All replacements were via companies linked to the insurance co: so lost cameras were via Jessop vouchers, iPod via Amazon vouchers, watch via some company which included H Samuels but not Goldsmiths.
To make matters worse I then lost the card which held the watch voucher value - tsk... Luckily it was only a lesser watch than the SD.

But everything was via voucher, and they wanted to see receipts, boxes, manuals etc etc for everything stolen. Having OCD I had all of that - would have been even worse otherwise...

[audidoody]

>two ripped my watch off (I was wearing an overcoat and it was not on display,

That's pretty disturbing. Doesn't sound like a spur-of-the-moment mugging. And how would they have spotted it wasn't a fake? Apart from all the Romanian dossers (who you can spot a mile away) that part of the West End isn't as crime-ridden as the Leicester Square end. What's the Police theory?

[schwarz993]

audidoody said:

>two ripped my watch off (I was wearing an overcoat and it was not on display,

That's pretty disturbing. Doesn't sound like a spur-of-the-moment mugging. And how would they have spotted it wasn't a fake? Apart from all the Romanian dossers (who you can spot a mile away) that part of the West End isn't as crime-ridden as the Leicester Square end. What's the Police theory?

Theory?

The officer in charge of the case hasn't replied to the one email I sent him (and it's been two weeks).

I don't think I was targeted, I think they tried their luck and got very lucky indeed.

[schwarz993]

£3k cheque from the insurer, thankfully no vouchers!!

[GC8]

Not a bad result in the circumstances.

Where the item was worth the policy limit amount used, you can revert to indemnity and they know this, so theres no point trying to force you into the (beneficial to them) vouchers if you appear to know where you stand.

[hilly10]

schwarz993 said:

£3k cheque from the insurer, thankfully no vouchers!!

Spend it wisely.