Moral dilemma, I don't think it's insurance fraud, but it does raise some issues.

[Stat Brother]

There's one for all you lovers of cryptic thread titles!.

I recently lost my wedding ring, and have claimed on our house insurance.
This claim has been accepted and all has gone through.

The first problem is they seem to have massively over valued my previous wedding ring, even though I still had a receipt, which I sent them.

They've paid out £1600 on a £600 ring!.

Problem 2:-
This has been paid by way of a Gem Check Card.
If my replacement wedding ring were to cost £600 that would still leave £1k left to spend on jewellery, in a year, which just isn't going to happen.

Any ideas how to make the most out of this grand?

 

[seagullsovergrimsby]

decent "his and hers" watches ?

 

[seagullsovergrimsby]

Become a Palace fan and spend it on gold medallions and sovereign rings ?

 

[Lady Whistledown]

Go to Elizabeth Duke at Argos and buy your wife 500 pairs of earrings.

Alternatively buy yourself a much more expensive wedding ring, and make sure it's insured...

 

[Stat Brother]

Wifey is keen to buy me a 'job lot' this time, as this will be my 3rd ring in 5 years.
I lost the first one on honeymoon!

 

[Stat Brother]

So far our best idea is to buy a load of Chamilia beads, and knock them out on EBay, take the loss, but generate the cash.

 

[Notters]

So far our best idea is to buy a load of Chamilia beads, and knock them out on EBay, take the loss, but generate the cash.

Can't you just by gold? It's still likely to go up in value with the state of the European economy, and is easy to sell.

 

[Dominoid]

I would be careful as it IS insurance fraud. If the company does an audit and spots it, you may be obliged to repay. Personally, I would hang onto the extra for a few months in case they noticed.

 

[Stat Brother]

No it's not a miss print or anything.
That's what they valued it at, they even called to tell me, after looking at the photos I provided.

 

[Cian]

No it's not a miss print or anything.
That's what they valued it at, they even called to tell me, after looking at the photos I provided.

Was it gold? A 600 ring from a while ago could cost 1600 now, hence their valuation.

 

[Cappers]

Ask for a 'cash settlement'. I wont be as much, as the £1600, but it will be a 'considered' cash payment.
End of!

 

[Biscuit]

I like Notters idea. Ask the Jewelery Shop to buy gold direct through them. They take a small cut and you'll have a nice wedge of gold to look at and stroke.

 

[Seagull27]

Was it gold? A 600 ring from a while ago could cost 1600 now, hence their valuation.

This, how long ago did you get the ring? There's a good chance, if you haven't had the ring valued recently, that it could have been worth a lot more than the 1600 you got. I used to work in a jewellers and we used to get a lot of insurance claims. Too many people got ripped off if they hadn't had the ring valued recently as metal prices fluctuate (but mainly go up) massively.

 

[Pevenseagull]

are you sure you "lost" the ring?

the whole thing sounds like a broken Britain scam to me

are any of your parents/ significant family members
MPs or Bankers?

 

[Notters' Dad]

Gold has moved massively in price recently. For example, kruggerands worth £300 a couple of years ago are now around £1,000. Depending on when you bought the £600 ring, replacement may well be significantly more than that. If it's really an error, you should do the decent thing.

 

[Deleted User X18H]

This, how long ago did you get the ring? There's a good chance, if you haven't had the ring valued recently, that it could have been worth a lot more than the 1600 you got. I used to work in a jewellers and we used to get a lot of insurance claims. Too many people got ripped off if they hadn't had the ring valued recently as metal prices fluctuate (but mainly go up) massively.

No way . Insurance is an indemnification ie it puts you back in the same financial position as you were in before the loss. If you paid £600 for a ring and show the reciept that is what you will be paid on. If you were to have obtained an independent insurance valuation that might be a differnt story. If the insurer realise they have overpaid you they are entitled to ask for this money back. However it is unlikely to do this to any great purpose except a cursory letter. Somwhere a rouge 1 has appeared from somewhere is the excess a £100 pounds by any chance?

It is technically fraud as you are aware you have been overpaid. But I'd just shut up about it if I were you, and enjoy you good fortune . Not Aviva is it?

 

[Bozza]

I was unfortunate enough that, when I was in David Lloyd, someone broke into my locker, took all my things and used my keys to drive my car out of the car park and it was never seen again.

It was a nice BMW cabrio that I'd bought at the end of the Winter months when demand for cabrios is weak. The car was stolen a few months later during a hot spell.

The offer from the insurance company was not very good so I went back to ask for more, presenting adverts from Autotrader for cars of similar age, spec and mileage. The second offer that came back was for more than I'd paid for the car. Like the OP, I'd submitted my purchase receipt and had figured that would be the ceiling of any payout but I was paid out a fair whack above that.

Fraud my great arse.

 

[Deleted User X18H]

An item is only worth what someone is prepared to pay for it. If you buy an item for one price you can of course sell it for another. If you make an insurance claim for that item you can only claim for the amount you purchased that item for. If losses on items of gold were settled on todays market prices every one would be 'losing rings and other items. There may have been a case where the adjuster for what ever reason may have paid the claim on the maximum recoverable under the policy benefits or based on the single article limit.

 

[bomber130]

Give it to the Help the Hero's charity. Concience will be clear and you could then sleep at night

 

[severnside gull]

buy gold