After the initial shock of losing a piece of precious jewellery, the best thing is to look out for options regarding insurance. Most people have a comprehensive jewellery claim policy, especially for vintage jewellery or engagement rings.
Some companies might have a slightly different way of functioning, but basic aspects are mostly the same.
So, what do you need for a jewellery insurance claim? Are there any special procedures for jewellery claims online?
Our guide will help to ensure that the insurance proceeds can be done right.
Understanding the policy
This may seem apparent, but most people do not understand the clauses of insurance policies perfectly. Well, not all of us are experts, but it is highly important to know what you are settling for.
Usually, there are two types of jewellery claim insurance policies.
There is a “Cash value” and “Replacement cost”—it might sound like the same, but there are differences.
A cash policy takes into account the depreciation from the total cost at the time of the purchase. For this policy, the insurance company doesn’t assume if the value of the ring has gone up.
Whereas a replacement cost policy takes all the guesswork out, and you will be covered the amount identical to the ring to be purchased. This means, if the value has increased or decreased, it is considered during the transaction.
Please understand that whether it’s an offline jewellery insurance claim or an online jewellery claim policy, insurers get significant discounts from suppliers if they use them.
So, the valuation will likely to based on what they pay and not what you pay. Don’t be afraid to negotiate the deal. Especially if the jewellery is broken, good insurers often don’t object to paying out for jewellery repair.
They often use tricks to refrain from paying out a lot of pounds on a single claim.
Many times, insurers also offer you to look at replacement jewellery. In case of that, make sure to buy from a reputable source and focus on the quality of the jewellery piece.
Knowing your policy and dealing with jewellery claim companies like Prestige Valuations will stop any potential complications regarding recovery price.
Ensure everything is in written documents
No matter how much of good faith you have with your insurance company, written documents should be your priority.
Usually, the process starts with phone calls (so try to record the conversation). With so many online jewellery claim insurance companies, there can be a problem reading the record of the date of your claim.
So, encourage emails. That way, you have a formal claim report, and the company will likely acknowledge the receipt.
If you see a delay in your online jewellery claim, call and tell them to email you the current update.
Keep everything transparent
People often get tempted to embellish details of a stolen engagement ring or a broken piece of jewellery. But remember, these people are pros. Even with online companies, they can complete the missing link.
Thus, keep the conversations and claim transparent. Note the details and provide them with as many details as you can. Pictures, any documents, suspicions, everything should be known to your insurer.
After working in the industry for years, it is easy for us to spot a lie, and we have seen so many claims getting rejected due to this.
Also, lying for an insurance claim is a criminal offence.
Don’t let your emotion come in the way
Of course, losing a piece of jewellery can be very disheartening. Especially if there is a burglary or theft, the incident can be traumatising.
But this isn’t a friendly chat with someone about how upset you are over losing jewellery. Consider this as a business transaction and be professional.
Try to stay rational and calm. Emotions getting in the way of the claim can be disastrous. So, if necessary, take a few days until you are ready to deal with this professionally. Oftentimes, the valuation gets lower than you expected, deal with these complications rationally.
The key for jewellery claims insurance policies is to be ready for questioning and think logically. In case of an online jewellery insurance claim, answer the questions via email format. The process takes time as they have a lot of formalities and investigations, so be patient.
