Anyone know what my rights are re payment of insurance claim for lost ring ?

[ohshoot]

I have been offerred 650. 00 for my lost engagement ring. This is far less than it was worth but was bought 20 years ago and have no receipt !
Direct line have given me the names of 3 jewellers were i can go and get a replacement.The thing is we are going to Barcelona for a weekend (we go a lot as my parents live there ), and i would really like to take the money and choose one over there ?
Am i entitled to just ask for the money to do this, or do i have to choose a ring from them ?
Sorry its so boring but i need to ring them later

I am sure either WHich? or the Sunday Times Fnancial Questions have doen items recently where insurance companies have been tld to stop insisting on tied jewellers and to give the money instead.

Not sure I could find the features though.

Some companies do their best to replace like for like if available. Insurance companies sometimes get deals with companies to replace stuff cheaper than you could buy on the high street, but that tends to be electricals (TVs, cameras etc)
I don't know if the same goes for jewelry, but You should be able to ask for a cheque so you can replace the ring yourself.

Can you believe they have just offerred me 650. quid in vouchers if i buy another ring from them-or 174 quid cash !
They said if i have a cash settlement its only 50 % minus 356. oo discount.They are basically making me buy there ring

That is definitely the sort of thing that the features I saw said was not on - and can be challenged by the Insurance Ombudsman.

I think the recent case I read about was about someoen who had lost a Victorian ring that had sentimental value above all - so replacing it wasn't the issue and she just wanted the money.

I think challenge them and say you will be complaining and taking it all the way to the Ombudsman if necessary. Make the point that you will fight it all the way - and that you are already accepting a vlue that it far lower than its actual worth.

May not get you the money in time for your next weekend to Barcelona - but you say you go fairly regulalry.

I found this jeweller's website which includes the following statement:

Insurer's have preferred jewellers - preferred because they get the jewellery at very discounted prices. But if the discount has been put on to take off you would loose out. The ombudsman makes it plain that policyholders should be allowed to choose where they purchase the replacement.

Found this statement from the Financial Ombudsman.

Your insurer doesn't have a leg to stand on.

Extract from Insurance Ombudsman
Option to replace:
The option to replace jewellery is not propertly exercised by offering a policyholder an authority to buy jewellery up to an agreed value at a particular jeweller's shop. That is wrong in principle, although it seems to have become a hallowed practice. It is in fact a denial of true indemnity. Similarly, if jewellery cannot for some reason be replaced with replicas of equal value to the original pieces, the insurer may not insist that the policyholder accept replacement with articles 'of the same kind', even if the value is right. If replicas cannot be found or manufactured, the option to replace cannot after all be exercised; in such a case, the only proper way to meet the claim is to pay the value to the policyholder of the lost or stolen pieces without any discount.

AR (87) p.31

HTH!