# Engagement ring insurance claim



## moneystuff (13 Feb 2008)

I recently had to make a claim on an engagement ring through my BOI home insurance policy and I'm having some problems with the people from GABRobins who are handling the claim. 
can anyone tell me:
1. are they obliged to pay out according to the valuation of the ring or to the amount i paid for it?
2. As I paid in sterling, and the exhange rate changed since I bought it, they are insisting on using todays (less favourable) exhange rate to come up with the amount in euros, on the grounds that it what I will pay to replace it today.
3. are they entitled to keep the ring if they pay me the purchase price?

many thanks for any help..


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## RS2K (14 Feb 2008)

1/. The valuation.
2/. Again it's the value, in €.
3/. Yes.


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## briancbyrne (14 Feb 2008)

I agree 100* with RS2K

with regard to 2: - your not really clear - the idea of insurance is to put you in the same position as you were before the loss - so they will have to give you the value of the ring / what it will cost to replace today (be it in sterling or euro) minus the excess


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## mathepac (14 Feb 2008)

RS2K said:


> 1/. The valuation.
> 2/. Again it's the value, in €.
> 3/. Yes.


Agree with this or for 3/. they may place a scrap value on the damaged (?) ring, allow you to keep it and reduce your settlement by that amount.


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## moneystuff (14 Feb 2008)

many thanks for the replies & helpful comments.

on #1: whats my best way to force them to use the valuation instead of the price I paid...is this up to them or are they bound to use the valuation?

to clarify#2 - it seems that what I paid for it is irrelevant; they insist that I am only eligible for the amount in euros today that it will take to replace (originally purchased in Sterling), so as the exchange rate has changed & get less euros from them than I paid for it


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## ailbhe (14 Feb 2008)

moneystuff said:


> many thanks for the replies & helpful comments.
> 
> on #1: whats my best way to force them to use the valuation instead of the price I paid...is this up to them or are they bound to use the valuation?
> 
> to clarify#2 - it seems that what I paid for it is irrelevant; they insist that I am only eligible for the amount in euros today that it will take to replace (originally purchased in Sterling), so as the exchange rate has changed & get less euros from them than I paid for it


 

This seems to be contradictory

They should use the valuation i.e. how much it will cost you (today) to replace the same ring.
You are correct, what you paid for it doesn't matter. All they have to do is replace the ring. If it has appreciated in value then they should pay the higher value. If it has depreciated then they pay the lower price.


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## moondance (14 Feb 2008)

I don't see what the problem is here. They will give you the money to replace this ring so as long as you can get a replacement ring similar in quality to the one you lost/damaged/whatever then what's the problem?


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## moneystuff (14 Feb 2008)

what I meant was that it was originally valued at more than I paid for it, so say it cost 4keuros (purchased in UK) & it was valued at 6keuros in Ireland, should insurance be paying 4k to buy the same ring again or 6k because that is what the jeweller valued it at?
I was charged extra on my premium because of the valuation, i.e. I think I paid for them to cover up to that price, so it seems wrong that they should decide to only cover the purchase price (i.e. hte cost to replace it from the same vendor)

sorry for long winding...


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## moondance (14 Feb 2008)

Again - all you are insured for (regardless of valuation) is how much it costs to replace the actual ring now.


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## ailbhe (14 Feb 2008)

When was the valuation done? Have you had a recent valuation?

If not go to the jeweller who originally valued it, ask them the value now and that should be what the insurance co pay out regardless of what you paid for it. Some things increase in value and once you had it specified fo the larger amount there shouldn't be a problem (i.e. if you had it insured for 6k, jeweller values it at 6k then you should get 6k). If they are maintaining that you paid (as per your example) 4k in the UK then I would argue that flight, accomodation, exchange rate and inconvenience be taken into consideration.


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## csirl (14 Feb 2008)

The should pay out the replacement value of the ring - the cost of purchasing a ring of similar type/value in Ireland today minus any excess on the policy. That is provided that you have insured the ring at its correct value. If you have insured it for less than its current value, you only get the amount it is insured for. If you claim the full amount, the insurance company own the damaged/lost/stolen ring unless you come to an arrangement with them.

Question out of curiousity - was the ring lost/stolen or just damaged? 

If it was just damaged, they will pay the cost of repair.


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