to be fuming with my insurance company? Any jewellers around?

[Collectorofcookbooks]

I had an accident yesterday, which damaged my engagement ring and my eternity ring (shut my finger in a car window). The main diamond was wrenched out of its setting and couldn't be found, my eternity ring is bent.

Phoned the insurers and couldn't speak to anyone until this morning. Just off the phone with them, and even though both rings are named separately on the policy and insured to certain values, they'll only pay out half the value of what they were insured to! The total claim is limited to a certain amount, even though both together it's double that.

I've read and reread the policy documents and can't see anything about this - but surely, that's bonkers? What's the point of them being insured if they won't pay? They've accepted my claim, there's no problems there.

Would I be better to not claim for my eternity ring (which is just bent, the stones appear ok) and put the full amount towards a new engagement ring? I can't see that it can be mended, the stone setting is shredded.

The rings came from a reputable independent jeweller, as DH designed them, and the insurers want me to use their jewellery partner to replace them. I've had a look at their website and they are much more high street, so not a like for like.

Am I up the creek and just have to do as they say? I'm gutted, and DH is really upset - I've not told him the latest, he'll be furious.

Well, I was in a similar situation and argued the exact argument & eventually threatened them with the Ombudsman, (www.financial-ombudsman.org.uk)
which resulted in me getting the cash equivalent in a voicher for my preferred jeweller.

BUT it was a battle - mentally & very time consuming. It took about 2 years. You can argue that the quality may not be on a par and that as your original piece was a one-off, your claim should reglect this.

Are you sure there’s no limit on any one piece? Often the policy wording specifies a maximum value per item.

I'm with John Lewis for home insurance and they pay out the full amount for unspecified items up to £5000, can't believe your insurers won't pay out when it's specified

There's nothing I can see in the wording at all. Surely, if they won't pay out, then there's no point in insuring it for that sum? Good to know someone else has fought and won - they really have got us over a barrel.

I'm very tempted to swop insurers when renewal time comes up. Will check out John Lewis, thank you.

The jeweller I spoke to seems to think it can be repaired, but will need to see it to be sure. I'm not at all convinced, it's pretty mangled.

Regarding the diamond that you couldn’t find, have you checked it didn’t fall inside the car door void ? Not especially easy to check unfortunately, you would probably need to unscrew the inside door panel.

Make a complaint and ask them exactly where in your insurance documents it says that they'll only pay out half.

DH (who works in insurance) says that the claim limit must be written in your policy wording for them to be able to apply it. So as PP said, ask them to point out specifically where in your policy it says there is an upper limit. Make a complaint. Push for a cash alternative too.