Insurance help

    Hai misc its been a while

    Basically looking for advice with my insurance company, our tv got broke just after xmas and we claimed. The tv was a named item on the policy and was insured for the value of 3k which we had to prove we paid etc for our tv and we paid extra to ensure it was covered.

    so now they are saying they are going to replace our tv with a model that costs £599 :O so apart from asking them is it april the first that do i do next???

    (sorry not done this insurance gumph before) thanks in advance


    IS that what the exact model cost right now?


    IS that what the exact model cost right now?

    this. if you bought your tv a year or two ago than it's not going to be worth what you paid for it now. TVs drop in price fairly quickly. also don't forget they probably took an excess off the amount too

    it comes down to like for like, if they are offering you the exact same model there's like for like, however you could argue that 2 years ago your tv had all the latest gizmos and that's what you were insuring, so like for like today would be, i don't know, 3d for example.
    You've got to reason with them and know what point you're trying to make at the very outset...

    Original Poster

    No I understand this and when we took out the policy we were told it would be the value of the tv that would be covered (we pay around £40 extra a year for this) and that if in the event the tv was damaged beyond repair we would get a new tv to that value. what they have offered is a direct replacement of what we had

    Presuming your policy is new for old replacement, then as long as they've quoted a price for a TV which is either the exact same model or one as close as possible in terms of specification to it, then if it costs £599 to replace now, that's what they will pay.

    However, I've not come across a policy where someone has specified a TV before - you probably had to, due to it's high value. So, it's always worth continuing to argue for a bit as to why you've been paying premiums for a sums insured being X amount and you're not getting paid out anything near that value. They'll probably justify their argument somehow though, but it's worth trying.

    At the end of the day, if you can get a new telly like your old telly, does it matter?

    Usually the insurance will replace it with like for like. I'd be very surprised if you could find any insurer that would give you £3000 for the TV just because that's what it cost new 2 years ago.

    They don't even do that with cars as it goes on market value for the car.

    You need to read the policy and see what it states. If it states like for like then that's it.
    Edited by: "CyDoNiA" 18th Jan 2011

    must of been one hell of a tv for 3k! OP for £600 odd you can buy a really decent tv

    If your insurer can replace your tv on a like for like basis, i.e. same model/spec etc, then as part of the t&c's of your policy, this is what they will do, at the lowest cost to themselves.

    Likewise, if your particular model of TV had increased in price since you bought it, then they would still have to replace it like for like but would obviously end up paying a higher amount. Insurance can be a "gamble" in this way sometimes.

    From what you are saying, you specified it as a named item on your policy when you started, presumably because of its value. If it has decreased in value as a new item since then, then your insurer's "get-out" would be it is your duty to notify them of this decrease in value so they can amend your policy accordingly, and possibly not having to charge you the extra premium for the named item.

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