Lost my wedding ring - metal detectors?

[easyrider]

Losing the ring will not mean you lose love for your wife.

I wouldn't even claim tbh . Your insurance premiums will go up

Insurance companies will go with purchase receipt if you have one and definitely if it's below valuation

 

[BDEE]

If the ring is insured for it's current value either under an allowed single article limit or as a specified item and the policy offers new for old cover, then it will be insured for the current value, not the purchase value - unless otherwise stated in the policy. You tend to find that most of the reputable companies will pay the full value. If you bought insurance on the cheap because it saved loads through compare the fat opera guy or whatever, then it might be more of a battle, as typically all those unheard of companies are cheap for a reason.

The biggest issue is that most insurers pay out in vouchers for jewellery items via their specified supplier, which is usually one of those ghastly high street chains.

For a ring of this value, of course it is worth claiming. That's what you pay your insurance for. Yes the premium might go up next year, but not to the value of having to replace an £1800 ring like for like.

 

[jonessa]

If the ring is insured for it's current value either under an allowed single article limit or as a specified item and the policy offers new for old cover, then it will be insured for the current value, not the purchase value - unless otherwise stated in the policy. You tend to find that most of the reputable companies will pay the full value. If you bought insurance on the cheap because it saved loads through compare the fat opera guy or whatever, then it might be more of a battle, as typically all those unheard of companies are cheap for a reason.

It's a named specific item on the policy covered for all instances of loss/theft etc - Legal and General, so not a mickey mouse insurer either.

I pay extra on the policy to have this feature for all our expensive jewellery and watches. Reckon it will bump the policy much? Never made a claim before.

 

[BDEE]

I would expect L&G to pay the full market value, especially as it is specified - It's a good policy and a reputable company. I don't know if they pay in cash or vouchers though, but I suspect vouchers.

I had insurance with them a few years ago and made two claims in a year totalling over £5000. One for accidental damage and one for storm damage.

I had to replace the entire flooring in the downstairs of the house due to me flooding the place - I was given the option of cash to the tune of £800 (it cost about £3k when done) if I wanted to use my own provider, or the option to use their own supplier and I could pick whatever I wanted and full costs would be covered. I ended up with much more expensive flooring by using their supplier. It works out better for the insurer this way because of the deals they have with suppliers - economies of scale ..... On this occasion I worked out much better off too. I guess you may get offered something similar. If you do then I guess it will depend on if their chosen jewellery partners are able to offer you something which you are happy to purchase or not.

The premium increased by about £90 after my two claims.

 

[LOAM]

Claiming on home insurance is not like car insurance it doesn't effect premiums at all from my experience, we claimed for an £1800.00 laptop the wife dropped wine on and next years cover actually came down slightly. I would just send them the valuation report if the receipt was old, how old is it?

 

[jonessa]

Claiming on insurance is not like car insurance it doesn't effect premiums at all from experience, we claimed for an £1800.00 laptop the wife dropped wine on and next years cover actually came down slightly. I would just send them the valuation report if the receipt was old, how old is it?

Purchase receipt from 2014, valuation from early 2015

 

[Vonhelmet]

Insurance companies will go with purchase receipt if you have one and definitely if it's below valuation

I would expect so, unless there's a really good reason for the valuation to be higher, but I doubt the value platinum shot up so much in the period between purchase and valuation.

 

[Mobius 1]

Totally unrelated to the op. But this reminds me..

My friend a few years ago, jumped up to some scaffold to swing from it.. little did he know his ring got caught(not sure on the exact details of how..), almost ripping his finger from his hand with his body weight as he let go, lol. I did wince a little bit when he showed me the damage.

 

[Destination]

Purchase receipt from 2014, valuation from early 2015

Within 3 yrs, they should pay the lot.
Most state jewelry recerted every 3 yrs

 

[booyaka]

Double check that you haven't taken it off to wash your hands after working etc. I thought I'd lost mine after slabbing for a day, spent a day searching the garden etc - turned out I had taken it off to wash the muck off my hands and it was sitting beside the sink the whole time!

 

[talkshowhost]

Claiming on home insurance is not like car insurance it doesn't effect premiums at all from my experience, we claimed for an £1800.00 laptop the wife dropped wine on and next years cover actually came down slightly. I would just send them the valuation report if the receipt was old, how old is it?

Agree it is what insurance is for and a one off event. You should see very little increase.

 

[BDEE]

Just to put this one to bed as people are still saying OP won't get paid the value..... Can you confirm which policy you have? Assume it is the "Extra" as I think that the the one most commonly sold, in which case:

"1. We will at our option: i) replace as new; ii) pay the cost to us of replacing as new; iii) repair; or iv) pay the cost to us to repair; any item of contents (except for clothing more than two years old). Also see general condition 11. Our rights following a claim."

You will get its full value.

Even on their essentials policy it states exactly the same wording.

As long as it is within the single article limit, or specified, as you have stated it is, then it is insured for its value not its purchase price.


The only way the claim can't be paid for what you say is the full value is if they dispute the value - Which would only be reasonable if they could like for like find it for a lower amount (in which case they would likely just give you a voucher for that amount for that retailer anyway...)

 

[Vonhelmet]

One might reasonably wonder why a ring had doubled in value in under a year, but if they don't know the original cost then I guess that's not for them to worry about.

 

[BDEE]

I purchased a £2k ring for £700 in a closing down sale.

 

[koooowweeee]

I always take mine off when doing anything significant in the garden or DIY. It's saves me chipping/scratching/dirtying it, plus I found out what a de-gloving injury is a few years back.

I'm a gardener and this is the reason i don't wear my wedding ring.

 

[Haze]

What metal detector did you use? if i lived local i am sure i could find if it is defently in the garden

 

[Cavallino]

Can I just double check again. You said your wedding ring is £1800?

Must have some weight to it! Is it gold only or combination of other materials stones etc?

 

[jonessa]

What metal detector did you use? if i lived local i am sure i could find if it is defently in the garden

Thanks for the offer Haze - i'm in Birmingham.

it's only a cheapy detector, but is able to detect my platinum signet ring without issue.

I've dug up about 30 or 40 screws and nails now, some garden wire and a toy aeroplane. I'm still getting lots of signals all over the lawn, but it's been pretty dry here and it's very unlikely the ring could've sunk to such a depth under the grass.

I'm finding it hard to believe it is in the garden now as I've searched for around 16 hours and found everything metal except the ring...

 

[Brenn47]

Try a really strong magnet!

 

[doodah]

I purchased a £2k ring for £700 in a closing down sale.

What kind of closing down sale? Need to start doing my research soon