Insurance claim advice

[sunnygym]

I was burgled at the beginning of the year and had a some sentimental jewellery and watches stolen.

These were covered as general items as me or my partner thought they wouldn’t be worth more than the insurance capped value of £1000 for each item.

Unfortunately some of these items are worth more than £1000 but the insurance will only pay up to the capped amount.

Firstly I know it 100% my fault for being naive and not having the items valued but my question is, is it worth/ should I try and negotiate a higher pay out for these items? Has anyone does this before? This is the 1st time I’ve ever claim on insurance ( and hopefully the last ) just after some advice really

Thanks

Sunnygym

P.s. please be kind

[anonymous-user]

They can only say no.
Which they will.

If they start using terms like "average" then I would back down.

[alorotom]

Yeah that’s not going to work, they’ll just reinforce the max capped value per item

[Monkeylegend]

You have only paid to insure up to the capped amount, so why would they pay out more than that?

[randlemarcus]

desolate said:

They can only say no.
Which they will.

If they start using terms like "average" then I would back down.

Is that a good indicator that they are going to start using nasty words like "underinsured"?

[davhill]

sunnygym said:

I was burgled at the beginning of the year and had a some sentimental jewellery and watches stolen.

These were covered as general items as me or my partner thought they wouldn’t be worth more than the insurance capped value of £1000 for each item.

Unfortunately some of these items are worth more than £1000 but the insurance will only pay up to the capped amount.

Firstly I know it 100% my fault for being naive and not having the items valued but my question is, is it worth/ should I try and negotiate a higher pay out for these items? Has anyone does this before? This is the 1st time I’ve ever claim on insurance ( and hopefully the last ) just after some advice really

Thanks

Sunnygym

P.s. please be kind

Have you any photos of/showing the items?

[Robbo 27]

It would be unusual for an average clause to apply on a household policy.

For those that dont know this basically means that if your contents are worth £100,000 and you have paid a premium based on £50000 then the insurers will reduce the claim by 50%

As others have said, you will have a £1000 limit, and you will have an excess to pay from that, an excess for the claim and not per item.

[sunnygym]

Thanks guys I appreciate your advice.

Obviously lesson learnt the hard way but I’m sure the insurance companies get out of paying a lot or claims through this situation.

I doubt many people have old sentimental jewellery and watches valued by a professional before taking out insurance and only concentrate on items they wear day in day out.

[sunnygym]

davhill said:

Have you any photos of/showing the items?

I only photos of a few items

[red_slr]

Buy a safe and use it. Chances of a repeat break in is fairly high.

Even something like this will (if attached properly) be strong enough for your average burglar to not bother.

https://www.diy.com/departments/diall-26-5l-key-la...

[davek_964]

sunnygym said:

Thanks guys I appreciate your advice.

Obviously lesson learnt the hard way but I’m sure the insurance companies get out of paying a lot or claims through this situation.

I doubt many people have old sentimental jewellery and watches valued by a professional before taking out insurance and only concentrate on items they wear day in day out.

The insurance company aren't 'getting out' of anything. Regardless of your reasons, you didn't pay them to cover the items at a higher value.

[TwigtheWonderkid]

sunnygym said:

Thanks guys I appreciate your advice.

Obviously lesson learnt the hard way but I’m sure the insurance companies get out of paying a lot or claims through this situation.

They haven't got out of paying at all. They are paying exactly what you both agreed, and what you paid the premium for!!! FFS!

But yes, insurers get out of paying a lot of claims because people don't buy insurance. When my cat broke it's leg, the insurers got out of paying. And all because of the minor technicality of me deciding only to insure the dog. The scamming swines.

[Robbo 27]

It may be worth having a word with local jewellers and gold buyers and leaving them a description of the lost items.

[sunnygym]

Robbo 27 said:

It may be worth having a word with local jewellers and gold buyers and leaving them a description of the lost items.

Thanks I’ve done this and tried to look online at auction but no luck

[skeeterm5]

sunnygym said:

Thanks guys I appreciate your advice.

Obviously lesson learnt the hard way but I’m sure the insurance companies get out of paying a lot or claims through this situation.

No doubt this insurance industry scam also resulted in you paying a lower premium........

[sunnygym]

skeeterm5 said:

sunnygym said:

Thanks guys I appreciate your advice.

Obviously lesson learnt the hard way but I’m sure the insurance companies get out of paying a lot or claims through this situation.

No doubt this insurance industry scam also resulted in you paying a lower premium........

Not sure what your implying tbh...............


What I’m saying is there is probably a lot of people who have undervalued thier jewellery and watches or not even valued it at all and as a result will get less money than what its actually worth.

[anonymous-user]

sunnygym said:

Not sure what your implying tbh...............


What I’m saying is there is probably a lot of people who have undervalued thier jewellery and watches or not even valued it at all and as a result will get less money than what its actually worth.

They will get the amount that they told the insurer it was worth. Not sure how this confuses you.

[randlemarcus]

sunnygym said:

skeeterm5 said:

sunnygym said:

Thanks guys I appreciate your advice.

Obviously lesson learnt the hard way but I’m sure the insurance companies get out of paying a lot or claims through this situation.

No doubt this insurance industry scam also resulted in you paying a lower premium........

Not sure what your implying tbh...............


What I’m saying is there is probably a lot of people who have undervalued thier jewellery and watches or not even valued it at all and as a result will get less money than what its actually worth.

But that's not what you said. You directly accused the insurance industry of engineering the situation for their own benefit.

You are an adult, it's up to you to know that the numbers that you give to the insurance company are more or less accurate. And yes, that probably means the odd trip to a jeweller to get an idea of value. And that's slightly unfair on the old buddy who gets the Ming nicked the day before Antiques Roadshow would have valued it at seven figures, but hey.

I do have some sympathy for you, as it's another kick in the fork after the burglary, but the full monetary value wouldn't replace the emotional link.

[TwigtheWonderkid]

sunnygym said:

skeeterm5 said:

sunnygym said:

Thanks guys I appreciate your advice.

Obviously lesson learnt the hard way but I’m sure the insurance companies get out of paying a lot or claims through this situation.

No doubt this insurance industry scam also resulted in you paying a lower premium........

Not sure what your implying tbh...............


What I’m saying is there is probably a lot of people who have undervalued thier jewellery and watches or not even valued it at all and as a result will get less money than what its actually worth.

There's even more people who undervalue their jewellery, and thus underpay on premium, and never have it stolen. The insurance industry has lost out in premium in all those cases.

Has it occurred to you that you're lucky to be getting anything. You had items that you valued at under £1000, that were actually worth more than £1000. Had they actually been worth under £1000, the thief might not have bothered to steal them. The more something is worth, the more theft attractive it is. Not only did you diddle the insurance company out of money, but they are taking on a higher theft risk that they were advised of.