Hi,

Can someone help with this simple query - if my claim is successful against the loss of my wife's engagement ring, how will the insurance pay? Is it usually a cheque for the value of the item? Or do they arrange payment directly with a supplier to get a replacement? Or do they refund me purchasing a replacement?

The insurance broker is Tesco Personal Finance, if that makes a difference. All the details regarding the claim are covered over the phone with them, but I just wondered if anyone had any experience with something similar?

Sorry if this sort of thing is answered all the time, but any help would be greatly appreciated.

D

Hi,

It depends on the company, you should get a list of their preferred dealers (and ones they get a discount with). You then get a mandate for the amount and go and choose goods to that value. You can go to your own supplier or request a cheque but the amount they pay you is usually a bit less to compensate for their lost deal.

Harry

Hi D,

I'm sure you have your situation all sorted now but I would just like to reiterate that my experience with Tesco's car insurance was absolutely awful - I would recommend anybody reading this blog stay well away from Tesco Car Insurance. I have just read other blogs advising the voice at the end of the Tesco phone being 'ignorant' - I couldn't agree more - steer well clear of Tesco. There is a good reason it's cheap.....

J

Although not insured with tesco, I too lost a lot of valubles. I can understand the hurt and anger you are feeling. Dont worry, it will get sorted.

My claim came to about K20. Each item was delt with seperatly. I had to provide reciepts or valuations for the items lost. When they offered to replace my watch (a rolex) they wanted to send me a new one through the post. I was not happy with this and asked if I could get it from the same jewelers as my origional one. They would not give me the full value if wanted to do this. (All options are open to you if you ask, and if you dont ask you dont get right?) As we have never claimed before it is only right you ask all questions even if they are silly.

Like the post above they have jewelers on their books who they can get deals with. They also offered me a plastic "credit card type thing" which was loaded up with a value of cash to spend at certain jewelers.

On the bright side, although this was a very upsetting ordeal and I cried like a baby when we got a visit from the loss adjuster. Once I got into the swing of looking around to buy replacements it was so nice choosing something different.

You should not have to pay out first and wait for them to pay you. Kind of defeats the purpose!

Wishing you both well and I hope you find another ring that is just as special as the one you lost. (I even got my new wedding ring blessed at the cathedral I was married at!)