Perfectly genuine in case you were wondering. Wife lost ring that she's had for 25 years. Gutted.

Do have personal possessions insurance cover. BUT insurance company are saying I need receipt or valution. Who keeps a receipt for 25 years? Also I can't get something valued I dont have. Ive tried to get in touch with the orignal jewellers but they went bust a few years ago.

Appreciate they need to be careful of fraud. Can imagine its all too easy to say you've lost a ring. MArriage breakups etc.

BUT I have no issues with them paying direct for a replacement. I appreciate that what may have cost £500-£600 25 years ago is more now.

How does it normally work?

Do you have photographs of your wife wearing the ring?

Basically the insurance co need some proof that the ring existed and that it matches your description, so if all else fails they may accept a photo.

valuation has been advised expensive rings for decades now , also told to revalue every few years for insurance purposes especially as said high value as you would need to declare it on insurance application/renewals, that is why premiums on rings can go up due to extended value over time, hearsay does not work in these circumstances as you suggest cost £500 n-£600 at ther time, my O.H. ring cost me over £1250+ few decades ago and the value has gone up somewhat with valuation so recorded on policy renewals/applications.

Do you have photographs of your wife wearing the ring?

 

Basically the insurance co need some proof that the ring existed and that it matches your description, so if all else fails they may accept a photo.

Trawling through now. Obviously you rarely photograph someones hand directly though....

old photo of engagement party / hand raised to show ring on finger? some people keep photos of these events?

was it reported lost to the police?

valuation has been advised expensive rings for decades now , also told to revalue every few years for insurance purposes especially as said high value as you would need to declare it on insurance application/renewals, that is why premiums on rings can go up due to extended value over time, hearsay does not work in these circumstances as you suggest cost £500 n-£600 at ther time, my O.H. ring cost me over £1250+ few decades ago and the value has gone up somewhat with valuation so recorded on policy renewals/applications.

Yes would have been wise I realise now. I never bothered because the limit on policy to declare items is £2000 and I assumed it was under that.

Having had a quick look at a few jewellers I can see its possible to buy a similar ring for approx £1500.

Totally appreciate where insurance companies are coming from with this but surely a large proportion of claimants must be the same as me? i.e. Not having receipts/valuations...

After this, I'll be making sure I get valuations done. Funnily enough we did get valuation for her pandora (full!) bracelet because I'd heard that insurace companies were very wary of claims like this).

old photo of engagement party / hand raised to show ring on finger? some people keep photos of these events?

 

 

was it reported lost to the police?

Yes its been listed on their system as a lost item. Like I said I'll have to trawl through old photos I think.....

Wife has her nails done sometimes so I'm hoping she took photo once to show her friends or something!

I was informed by a jeweller freind who sold it to me albeit small discount as freind but he insisted I keep valuation certificate as he has had people with the problem you have, so he made sure he aadvised me to cover her ring that way! otherwise like you the £2000 limit would be taken as done no doubt?

I was informed by a jeweller freind who sold it to me albeit small discount as freind but he insisted I keep valuation certificate as he has had people with the problem you have, so he made sure he aadvised me to cover her ring that way! otherwise like you the £2000 limit would be taken as done no doubt?

Fortunately, I think £2000 would more than cover a replacement. It was bought originally from an upmarket independent jeweller though so Im hoping we don't get a voucher for samuels or something!

Worth searching on the FOS site for their general way of dealing with similar complaints and any case examples.

Photos will help you, just evidence a ring regularly worn. A statement about where it was bought, rough details of ring description, when it was bought and price paid. Report loss to Police just in case found in a piblic place and handed in.

If you buy a ring for say £600 from retail jewellers, because of the massive mark ups, the actual rings gold/silver and jewels value would have been less than £200. Based on average typical mark ups, it is possible to approximate likely cost of replacement from wholesaler.

Once the claim for loss is accepted, it would be passed to a wholesale jeweller who would look at a replacement with similar. It won't be a cash settlement or using any jeweller of your choice.

Worth searching on the FOS site for their general way of dealing with similar complaints and any case examples.

 

Photos will help you, just evidence a ring regularly worn. A statement about where it was bought, rough details of ring description, when it was bought and price paid. Report loss to Police just in case found in a piblic place and handed in.

 

If you buy a ring for say £600 from retail jewellers, because of the massive mark ups, the actual rings gold/silver and jewels value would have been less than £200. Based on average typical mark ups, it is possible to approximate likely cost of replacement from wholesaler.

 

Once the claim for loss is accepted, it would be passed to a wholesale jeweller who would look at a replacement with similar. It won't be a cash settlement or using any jeweller of your choice.

Cheers. Loss has been reported to Police but I dont hold up much hope there. Its probably in cash converters by now!

Description is easy enough, wife remembers spec (i.e. 18ct gold, diamond size, and approx price - she remembers because, I can't remember why, she had to use her bank account for the DD for a year!)

Like I said, don't need cash, just a replacement from a decent jeweller.

Cheers. Loss has been reported to Police but I dont hold up much hope there. Its probably in cash converters by now!

Description is easy enough, wife remembers spec (i.e. 18ct gold, diamond size, and approx price - she remembers because, I can't remember why, she had to use her bank account for the DD for a year!)

 

Like I said, don't need cash, just a replacement from a decent jeweller.

When you say decent jeweller, if your claim is accepted, don't automatically presume the Insurers wholesale jeweller is an inferior option. Most Jewllery sold on the high street is mass manufactured and sold for silly marked up prices. In most cases the Insurers wholsaler will offer a much better replacement for the claim value. An Insurers voucher in a high street jewellers won't obtain a ring of the same quality.

When you say decent jeweller, if your claim is accepted, don't automatically presume the Insurers wholesale jeweller is an inferior option. Most Jewllery sold on the high street is mass manufactured and sold for silly marked up prices. In most cases the Insurers wholsaler will offer a much better replacement for the claim value. An Insurers voucher in a high street jewellers won't obtain a ring of the same quality.

OK good to know - thanks. Im just aware that not all diamond rings are created equal thats all. And that certain high street jewellers products are lower end.