Insurance replacements

[APoc184]

As some of you already know. We were so kind to sponsor all our electronics, cameras and jewellery to the under privileged via a house burglary last Sunday.

Luckily I was fully insured and most of the big stuff I recently bought was also specified on my policy. Other stuff I had to jump through some hoops, but I eventually managed to get all my proof of purchases with model numbers etc....


tldr; version - If the insurance replaces my stolen things and it does not match (specs wise) what I had. What are my options?


More than a week later and I am still waiting for final feedback from the lost adjuster. Excuses about waiting for it to be signed off and blah blah blah...

My questions are regarding the 2 x laptops and wife's wedding ring diamond I imported. Also my TV (not imported). Stuff I did plenty of research on at the time and stuff I was also pretty specific about regarding specs.

Example #1: 5 years ago I bought my 42" Plasma for R8999 at Makro. Today they do sell for a lot cheaper and I know insurance works on a basis of replacement cost. But if you don't look at the specs you will be fooled into thinking it is the same thing. My TV had a 1024 x 768 resolution while a 43" Plasma now selling at Hi-Fi Corp for R3999 only has a 852 x 480 resolution.

Example #2: 2 years ago I imported a Dell XPS 15 laptop at a bargain. Only paid R7500 incl shipping (I then specified it on my insurance at R15k because that was the price locally). Today the new XPS 15 sells for around R22k if I'm not mistaken. The XPS machines are of course a lot better than the Inspiron range even some specs may seam similar to the regular Joe.

Example #3: Again I searched long and hard for a bargain on a diamond and bought a specific 0.5 carat diamond (very clean and white) which I then used to make a custom engagement ring for my then GF. Paid about R9000 incl shipping and verification from the SA Diamond Board. When we eventually made the ring we added another 10 smaller diamonds and the ring was finally valued at R56'000. I specified it at only R40k because my premium would have become too high.

If this lost adjuster now comes and says he will source and replace these specific products and comes up with sub-standard products. What are my options?

 

[R13...]

For the specified items they might claim you under insured if they're worth more than what you specified. The other items they can't replace with substandard, they should replace with items of similar value/spec (had this happen with a TV that fell - insurance tried to replace my Sony with some no name brand and I told them to go get ****ed and they sorted it out).

 

[APoc184]

For the specified items they might claim you under insured if they're worth more than what you specified. The other items they can't replace with substandard, they should replace with items of similar value/spec (had this happen with a TV that fell - insurance tried to replace my Sony with some no name brand and I told them to go get ****ed and they sorted it out).

Thanks. I understand the under insurance thing and accepted that risk when I specified the ring.

Another question though. Seems like this guy now wants to go to Arthur Kaplan and buy us wedding rings with similar specs to the valuations. Without even knowing what ours looked like. Because in his own words: "I don't accept photos of proof of ownership at all, finish and klaar". Poephol.

There is a reason we had hers custom made. Because she didn't like all the stuff in the shops that looked the same.

 

[R13...]

The woman who tried to screw me on my TV valuation tried the same trick and I escalated all the way to her bosses before she turned around and adjusted the valuation and paid out the value of a Sony TV for the same spec as the one lost.

 

[Dean]

Another question though. Seems like this guy now wants to go to Arthur Kaplan and buy us wedding rings with similar specs to the valuations. Without even knowing what ours looked like. Because in his own words: "I don't accept photos of proof of ownership at all, finish and klaar".

Clearly this guy is a d00s. That's like claiming for a stolen pair of suit pants and he buys equally expensive jeans to replace them because pants are pants and the values match.

He must then pay out the ring's insured value and leave it up to you to replace. He probably has a deal with Arthur Kaplan for a discount/kickback on purchases... I'd tell him to get stuffed.

 

[APoc184]

Let's see what he comes up with today. Says he is finalising everything and I should have final papers ready to sign today.

I just have an idea we are going to have a few disagreements about the specified stuff. Especially the rings and laptops.

 

[Venomous]

Let's see what he comes up with today. Says he is finalising everything and I should have final papers ready to sign today.

I just have an idea we are going to have a few disagreements about the specified stuff. Especially the rings and laptops.

You are entitled to having equvalent replacement products.

Don't accept less

 

[bumblebee]

I was recently burgled and the stolen items were replaced with their current equivalent models. With regard to the ring, it was custom made and specified. You should get cash payout, so that you can have it redone, or at least specify the jeweler that you want to use to replace it, since design and workmanship play an important role.

 

[Lupus]

When I was burgled in 2009 the assessor took the proof of purchases, the pictures etc eventually about two weeks later after getting all the necessary quotes he came back and said he will rather give us the money and we can go replace everything ourselves. we managed to get all the stuff replaced to current equivalents or better.