or was the jeweller?

[LoosingBattle]

I'm not sure, but am a bit and about the whole thing!

I lost my engagement a few weeks ago, luckily we had taken out an insurance policy with the jewellers where we bought it. I made a claim and got a call yesterday asking me to go in and choose a new ring. All good so far.

Went in today to be told that my original ring had gone up by £xxx so would need to pay the difference or choose something else. (nothing was mentioned about this in the policy, it states like for like cover).

Am a bit broke so didn't really want to have to pay more so had a look and there was another similar (possibly nicer ring) which was originally £xxx more than my ring but was in the sale and was now £xxx less than the new value of my old ring. Excellent, thought I might even get the difference back to spend in the shop. Only to be told that full price items can be used for insurance money, so they could give me that ring but only for the full price not the sale price so still £xxx to shell out.

I was getting a bit pissed off so finally chose a ring that was originally the price of my old ring, it was in the sale for £xxx less but that was fine because the original cost was exactly the same as the old one so nothing to pay. Only to find that when she put it through the till under insurance claim it did come up at the sale price, another assistant said oh does that mean the customer will get the difference back then? Our assistant went red and said she wasn't sure but didn't think so, stuffed my ring in a bag and that was that. Receipt says £xxx less insurance payment of £xxx change due £xxx.

So AIBU to think that

a) It should have been like for like cover
b) Sale items should be included in what you can get when you make a claim
c) We should have got the difference back in a credit note for the store

YANBU I'd be really pissed off. I think you should have had the same ring or at least the other one that was in the sale.

I think you need to check all the small print on your policy.

Policy doesn't really mention too much what is covered. It says value of original ring and then states that it is 'like for like' cover. The rest of the small print is situations where it is not covered, what you have to do if it is lost/stolen/damaged etc.

I hate to say it, but surely it would have been covered on your house contents insurance, so you could have claimed through them, and got back a ring that was the equivalent value of the ring you lost.

Squeaky, it depends on the value of the ring, we have to insure mine separately because it is above the single item limit. I agree that LosingBattle should check her contents policy though. I'd also take it up with the head office of the jeweller and ask the policy underwriter for clarification of the terms.

I know squeaky, I wouldn't have taken the separate policy but it was DH who bought the ring. We thought since it was there we would be better claiming on that rather than see our contents insurance premiums increase for having a claim.

I will be writing to them (high street jewellers), just wanted some reassurance that I wasn't being unreasonable before I did. So that isn't normal insurance policy then? I have never claimed for anything before.

I agree it should have been like for like cover, but they have to put some kind of a limit because thing, especially jewellery, do increase in value, so I'm not sure how that one should work.

I'm not sure that sale items should be covered, wouldn't they be making a loss if they did that?

I definatly don't think you should have got the difference back. It's an insurance policy for a ring you lost, not a gift voucher!

I'm a jeweller. I'd advise to never ever take out separate policies like these as they are a bloody con.

If you have jewellery, get it added to your house insurance. Even if you did claim for (say for instance a £3k ring) it's only going to put your premium up by a fiver a month the next year.

I think you've been screwed, frankly.

They wouldnt be making a loss outraged, as they will have their own insurance in place to cover them for this type of thing.

I have jewellery that is specified separately on my household insurance.

The jewellers insurance will have lots of small print, so I doubt you will be able to get very far with them unfortunately.

If a ring cost you £100 then the insurance policy is for £100. If you pick a cheaper ring. Say £80 then you are still owed the difference because you were insured up to £100. Sale or no effing sale.

You have been screwed.

Oh, ok. Thanks Squeaky. I really don't understand insurance very well

wannabedomesticgoddess I think so too. I (well DH) bought a ring and a policy covering the value of the ring, as you say, say £100. I now have a ring selling for £50. So what happens to the 'change' on my receipt? Surely that till will have (say) £50 too much in it at the end of the day.

Yes. It will. Go back in asap and cause a stink. Ask where in the policy it says the sale items are taken at full price. If its not in writing its not policy.

I hate to say it, but surely it would have been covered on your house contents insurance, so you could have claimed through them, and got back a ring that was the equivalent value of the ring you lost

Only if she's insured for loss outside of her home.

I was told by my insurance company that you cannot claim for anything lost inside your home because if it's inside you're home, it's apparently not lost

Jewellery insurance, in fact any insurance where an item increases in value, is a minefield.

Worra, I can see the point in that, because there is every likelihood if you know you have lost it in the home, you will eventually find it in the home. So it would make sense to say you lost it while you were out at the shops.

If it has been stolen from your home, that would I imagine, be different.

Take it back, talk to a manager, if you're right, I would be swapping for the "possibly nicer ring...in the sale".

Or call head office and see how the transaction should have been processed.

If it says value of original ring, it normally means the value at the time you bought it. Not the value now has the price of gold keeps raising jewellery would be out of pocket quite a bit.

The jewellery company I work for used to do these policies, but we stopped years ago because they were a pain in the arse.

Oh and sale items would be taken at full price because that is what the item is worth.

I would go back in and try to sort it out, tell them you have got legal advice and what they did was not correct according to their terms, especially if it says on the receipt that you need change and they didnt give it to you?
You might get someone a bit more helpful, it sounds that the assisstant you had was clueless

If its like for like cover you are entitled to a similar ring to that which was list, regardless of value now. Its the same as new for old iirc. For example, when I was burgled we had like for like. I had bought a Dyson vacuum with my staff discount (25% off). My replacement was compatible make and model. However my DVD player was a cheapo (at the time DVDs were just coming out) bottom of the range one (cost £250), so the one we got back was also a cheapo bottom of the range one.

Sounds like they are trying to have it both ways with your claim tbh. They either replace the ring with a comparable one (accepting that the cost of supplying it has increased) or provide you with the value of the ring to spend as you please.

Yep call head office dont just let it slide, the mark up on jewellery is eye watering

I was a loss adjuster in a former life and jewellery claims were always tricky to agree.

Have a look at the policy, if it says like for like cover then your ring is covered even if it has increased in value, in saying that jewellery doesn't appreciate in value very quickly so unless it was bought a few years ago it shouldn't have gone up since you were given it. Usually jewellery policies have a monetary limit or "sum insured" which is the most they will pay out, with the sum insured representing the retail value of the ring, so if you buy something in the sale it would be right that they take the original retail value as the amount they will pay. Otherwise you end up in a better position than before eg higher value ring albeit you bought it for a reduced amount.

One situation that I used to come across a lot was that the boyfriend had "inflated" the value of the ring when he gave it to his partner, who was then mightily pissed off when the insurance didnt cover a similar replacement... The reality is that jewellery is a very inflated commodity in price terms, insurers will usually benefit from discounts of anything up to 40% when they directly replace and this is the amount they then budget for when you take out your policy, you'll be hard pressed to get them to pay more than this.

If the pre-sale retail cost of the replacement ring cost less than the retail value of your original ring you are due a credit note - if not I'd leave it as it is, itemise your ring on your contents insurance and ditch the dedicated policy.