Insurance payouts - should I accept the first offer?

[chocolatequeen]

I had 2 handbags ruined by our removal company, they were covered by our policy using the term replacement at destination value . I valued them at 750GBP, and therefore submitted the claim for that amount. Insurers have come back with an offer of 600GBP as deductions must be made for wear and tear. I´m not arguing that indeed they are used, but that the cost of replacing them (which I have to as they are totally ruined) would be 750.

If I argue that they should pay more, can they reduce their original offer?

bump for the evening!

Go back with a counter offer. Although they do seem to be quite generous actually.

when we claimed on our travel insurance we ddn't get the full amount back
deductions were made for all sorts, so think it is standard
you could ask though - no harm in that

seven hundred and fifty quid for two bags! I hope they were gold plated.

re claim - "replacement at destination value" doesn't sound like "new for old" to me (the term that most insurance companies seem to use if they mean you can buy a new one), and 20% off for wear and tear does actually sound quite reasonable. maybe you could buy a normal bag and have fun with the change?

I don't know if they'll reduce their offer though.

Thanks everyone.

Think will push it a bit and see what happens - worth a try! Not going to replace them SP - sadly, they were gifts from DH so it wouldn´t be the same anyway!! Will probably put money into savings account for a rainy day instead...

I work in insurance and thats a good offer so I would accept it. Some companies deduct 20% depreciation per year based on the items age on clothing etc. New for old policies never cover clothes/bags/shoes/linen for the new price.

If you were to challenge the payment you would have to provide proof that to replace your items with the exact same items - age, condition etc and not the new price would cost more than £600. Would they sell for more than £600 second hand? If not, I would just accept the payment.

Thanks HMO1 - as you are an expert, think will take your advice!

Cheers