worth claiming through insurance or will it mean harder to get insurance next time?

Ok stupid me lost a necklace that costed $10K. We have cover for it under 'specified items' in our contents insurance and am also covered for accidental loss/damage anywhere in Australia so that part is all good.

If we make a claim on it will it mean its harder to get insurance next time round through someone else? Or does it mean our insurance premium will really skyrocket because of it?

Am trying to figure out whether worth claiming or not then? Can't justify going out and buying a new necklace to replace it because thats why we took out the insurance on it years ago in case something like this happens...but then on other hand don't wanna be finding it hard to get insurance next time??

Anyone made a claim of this value and found it not a problem for future claims/insurance etc?

Any stories would be much appreciated?
 
Hi Kim, from my fiancee:

She wont have trouble finding insurance elsewhere, she will have to declare shes had a claim within 3 years but they only wont reinsure if shes had more then 6 in 5 years (with us anyway- and we're pretty strict)

Her premuim will go up (besides inflation etc) as her rating will go from a 30% ncb to 20% but still claiming 10k would be worth it and after a year the rating is restored.
 
I would also claim it. That is why you have insurance. I have not found our policies increase after a claim, at least not a lot and who knows if it is CPI or because of the claim.

One insurer recently told me there is no increase due to a claim, but I imagine they all have different rules.
 
Just don't expect a cheque for $10,000.

Your insurance company will most probably send you to a jeweller where you will select a replacement item. For that value they may even allow you to have one made.

And be prepared for some fairly intensive questioning over the "loss". You can't just say you lost it and leave it at that. Presumably you have searched the house? Checked with everywhere you went at the time of the loss? I would imagine a $10K necklace would not be worn just anywhere. Reported the loss to Police? You will also need to produce the receipt from when you bought it.

Sadly, the fraudsters make it difficult for everyone.
Marg
 
Just don't expect a cheque for $10,000.

Your insurance company will most probably send you to a jeweller where you will select a replacement item. For that value they may even allow you to have one made.

Have to agree on that one. Valuations on jewellery really make me mad. They are so high that it makes the piece expensive to insure. You cannot choose to insure your $10K necklace for $5K because you know you could replace it for that.

Then, if you lose it, they will send you to a jeweller who will replace it for, say, $4K.

Unfortunately, when you have a nice piece of jewellery you have to decide whether to risk it being uninsured or not, knowing full well that it would be replaced for considerably less than half what is written on the "valuation" certificate, which is really not worth the paper it is written on.

In my own case, the stupidly high valuation certificate meant that the exorbitant amount the insurer wanted me to pay to insure a piece of jewellery which I know I could replace for about $4K was $1K per year!!

Very frustrating.
 
hmmm.....i hope they're reasonble in what they offer to replace because i certainly wouldn't be happy to take something worth considerably less than what we had paid! but then again i may not have a choice in the matter.

yes the premium is high, almost triple that of our home contents insurance fee/year!

i can produce anything they would need so there won't be any probs with that.

cheers for the replies guys.

Kim
 
You'll find out how good your insurer is at honouring claims.

My Mum lost a pair of diamond earrings worth $2K during a removal. They sent a cheque for $2K.

About a year later, she's replaced them, and couldn't find the new ones (insured for $2.5K). She searched high and low, and has no idea where they went. She told the insurer quite openly that she had them at time X, and doesn't have them now, and has no idea when or where she lost them. The insurer sent her another $2.5K cheque, no problems. :)
 
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