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Found lost ring 6 months after claiming on insurance - do I declare it?

(23 Posts)
Eckythump63 Thu 10-Dec-15 17:04:15

I have literally just found a lost engagement ring, which I claimed for on the insurance. They replaced the ring, but I have just found the original [in the bottom of a handbag I didn't even own back then, so goodness knows how it got there!].

Trouble is, the honest thing ought to be to declare it to the insurance company, but as I know they are all on to making money for no good reason these days, will they up my premiums if I am honest? I don't have a problem giving the ring back as I'm no better off financially and at the end of the day, it's not 'my' ring [ie not the one DH gave me!]. DH doesn't want to declare it as I think he probably thinks we should sell it and take the money, but that wouldn't be right and I'd feel guilty teh rest of my life.

I have been 'had' before when I asked a question of our car insurance company, we didn't pursue anything, but our premiums almost doubled at renewal, even though we hadn't made a claim or said that we would! I don't want to end up being penalised for being honest but don't know what will happen if I make a phone call?

Cel982 Thu 10-Dec-15 17:07:27

Generally a premium will go up after you've made a claim, so I don't see that reporting it found now will make a difference to that aspect of it one way or the other.

Eckythump63 Thu 10-Dec-15 17:10:33

That's true - it will go up anyway since I did make a legitimate claim after all, but it shouldn't go up again because I've declared it? I guess, if I lost it once, I might lose it again, so fair enough!

CarriesBucketOfBlood Thu 10-Dec-15 17:10:55

I wouldn't, It was lost and presumably you did 'need' an engagement ring for those six months. It definitely wasn't malicious.

I would probably update the insurance to include the value of both rings though.

skinnyamericano Thu 10-Dec-15 17:11:38

This happened to me years ago. I felt awful but didn't declare it. I thought everyone would just feel really awkward!

orlakielyimnot Thu 10-Dec-15 17:11:41

I'm risk The Wrath and say I wouldn't. But I've never been in this position before. I've never claimed on insurance. Weekday would happen. Would they want the money back?

FreeWorker1 Thu 10-Dec-15 17:15:50

Well you didn't lose the ring so clearly the claim while honest is no longer valid as you have found it.

I would tell them and simply repay the money. Ask them to reduce their premiums back to last years level

Eckythump63 Thu 10-Dec-15 17:16:51

Premiums will go up anyway and I have revised the cover to insure the ring for its actual value [it turned out it was under-insured last time round, but the insurers gave me the benefit of the doubt as its deemed a sentimental item?]. I was able to provide the original receipt and photos of me wearing it as proof that it was worth what they effectively 'paid out'. The ring is useless to anyone else as it was made for me, so presumably it's not reusable iyswim?

I'm now wearing my original ring and the replacement one is safely boxed up in a cupboard now, but no-one apart from me would even notice
the difference.

Eckythump63 Thu 10-Dec-15 17:17:47

FreeWorker1: They didn't pay me any money - just replaced the ring with like-for-like as best they could?

Looseleaf Thu 10-Dec-15 17:18:22

I'd do exactly as Freeworker said. Anything else strikes me as definitely wrong.

Looseleaf Thu 10-Dec-15 17:18:56

Then just explain to them and see what they suggest?

Eckythump63 Thu 10-Dec-15 17:22:26

Looseleaf: I just imagine myself a couple of years down the line - what would happen if the insurers found out? All hell would break loose! These things do happen and I'm thinking along the lines of honesty always being the best policy - that way I can't be accused of anything untoward.

I always tell my kids "tell the truth - that way you never have to cover up for the last lie you told"!

Now I just have to convince DH - he's told me not to do anything until we've discussed it [not sure there's anything he can contribute as he didn't lose it in the first place and it won't be him up in front of M'Lud if it happens!], so I will wait for him to come home, but I suspect I'll be on the phone tomorrow morning!

specialsubject Thu 10-Dec-15 17:59:37

you know it is theft to do this. It is still theft however big the business, although MN doesn't always think that.

so you know the right thing to do, and are doing it. And are teaching your kids the same.

let's hope others follow your example.

FreeWorker1 Thu 10-Dec-15 21:48:32

I'll give you an example.

Suppose a ship founders and cargo is lost overboard. The insurers pay out but then the cargo is washed up on a beach. Technically the cargo belongs to the insurers. If it is salvageable and undamaged they return it to the owner or they sell it.

The insurer only pays out for loss on the basis of an actual loss and assuming you have insured it for enough. I suspect in this case the insurer may give you the option to return it or buy it off them for the sum they paid out.

Eckythump63 Thu 10-Dec-15 23:57:02

They didn't pay me anything. They simply gave me a replacement. I can return the replacement which I'm happy to do, but I couldn't pay anything back as I haven't the money to do so, as they didn't pay out?

Rpj16 Fri 11-Dec-15 00:03:31

Can you just donate one of the rings to a charity shop? You will feel less guilty and it will be like 'losing' the ring again. Forget the whole thing happened... smile

Chchchchangeabout Fri 11-Dec-15 00:06:50

Well now you have posted this online, I would own up, yes.

SmallLegsOrSmallEggs Fri 11-Dec-15 00:09:38

I would tell them. What ise are two engagement to rings to you?
Excellent that you found your original one thoughsmile

They may even let you keep it if you tell them.

19lottie82 Fri 11-Dec-15 10:42:35

I wouldn't tell them but donate the "spare" one to a charity.

Eckythump63 Fri 11-Dec-15 17:04:49

Phoned and told them this morning - usual procedure is for the independent jewellers, who made the replacement ring for me, to take the original one back; as legally that is the item they replaced so it belongs to them; estimate its salvage value and offer it back to me for the salvage value.

This means I would end up with the replacement ring as mine, which isn't actually what I'd like! I'm waiting for them to call back and I can discuss with them as ideally, I'd keep the original as that's the one DH bought me after all, and they can have the replacement one back. It's worth more to them for salvaging anyway, as it's only 6 months old, whereas my original ring is >20 years old and showing its age [which is part of its sentimental charm for me!]. It's the stone that's worth ££, rather than the gold it's set in, so that will retain its worth.

Doubt my premiums will go down, as I did make a legitimate claim having genuinely thought I'd lost it, so I am more likely [for insurers anyway] to lose it again, so I'm happy to take that hit - fair do's!

Cel982 Sat 12-Dec-15 20:16:19

I'm shocked that they could insist on taking your original ring back - surely they're familiar with the concept of sentimental value?! Is that just a ploy to force people to cough up and buy back their own property?
If you just insisted on returning the replacement ring what are they going to do? Sue you?

Eckythump63 Tue 15-Dec-15 16:01:36

cel982 - don't panic! i spoke to them and they were happy to take the replacement back, so I keep the original.

Cel982 Tue 15-Dec-15 18:46:55

grin Good stuff.

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