Insurance claim paid , what to buy ?

[jrs146]

Originally Posted by stylinleems

I personally would wait until Baselworld ... you never know there might be something you like or Rolex surprises us with.

Might as well wait. Although even if the perfect watch is released Who knows how long until it’s available to actually buy. Could be years


Sent from my iPhone using Tapatalk

[GFONG]

Originally Posted by jenniferjanef

Trade in the two 41DJ + £14k for DD40 upgrade to PT950.

This

[yhzdude]

strange they picked the outlet for you. worse case you pick a place and they write the cheque to them.. what if you want to keep the cash? and not replace the watch right away?

[ss96]

I agree with the posts saying wait till Baselworld, I think it's worth waiting for to see what might come up!

[amigomason]

AP or PP


Sent from my iPhone using Tapatalk Pro

[GradyPhilpott]

Originally Posted by yhzdude

strange they picked the outlet for you. worse case you pick a place and they write the cheque to them.. what if you want to keep the cash? and not replace the watch right away?

I agree.

I don't like that arrangement at all.

[JR16]

Is their an expiration date for the voucher? If not, agree w waiting til Basel


Sent from my iPhone using Tapatalk Pro

[grimps]

Originally Posted by JR16

Is their an expiration date for the voucher? If not, agree w waiting til Basel


Sent from my iPhone using Tapatalk Pro

Ive not recieved the voucher yet (or whatever it is they'll send) They only called yesterday to tell me that someone would be in touch from their prefered dealership.
They are a big nationwide chain in the UK and I have bought watches from thier stores before but I still think id get a better service with my local dealer.

I'm more than happy with the settlement figure from the insurance company and I'll wait unitl I'm contacted and see what they have to say.
I might be able to use the threat of my local AD being able to source me popular models to give them a kick into getting me top of thier lists

[Ruud Van Driver]

Originally Posted by AK797

Yes I would push for this, in this market ADs don't have much in SS so limiting you further is very unfair. Maybe good idea to go PM and sell one piece you have.

I'd challenge them on their policy too

[peterssub]

Originally Posted by Ruud Van Driver

I'd challenge them on their policy too

Sorry I know it's my first post but I've got to start somewhere. I dealt with this stuff for years so I have a bit of an insight. One of the conditions of UK insurance policies is that Insurers can settle a claim by replacing items or making a cash settlement at their option. This was introduced initially to help to combat fraud ie to prevent scammers collecting a large amount of cash on a dodgy claim. Insurers then realised that they could negotiate "discounts" with suppliers for giving them a large amount of business. They still haven't recognized of course that they were being ripped off in the first place so these "discounts" are pretty meaningless. You Insurer will be getting 20% ish off the voucher price. Whether their chosen supplier will be able to replace your watches is another matter. If they can't you are entitled to a cah settlement. Don't let them tell you otherwise! Apologies for the boring insurance lecture!

[airchitect]

Don’t think they can force you to to buy at their preferred retailer. Just like they couldn’t force you to fix your car at their preferred shop. Not to mention, if you didn’t even want to replace anything, they’d still have to give u the coin....

[Devildog]

Originally Posted by scoot4nat

Almost certainly within the terms and conditions given that OP is in the UK. Personally I think you've had a great settlement on a new for old basis.

UK insurance companies generally have agreements with large suppliers and a £14,000 voucher probably wouldn't have cost them more than £11,000. OP would be entitled to ask for a cash settleme but that would be for around that figure.

I'd definitely wait till Baselworld before making a choice.

Sent from my SM-G950F using Tapatalk

This ^^^

Totally normal in the UK, especially with "new for old" type policies where you are insured for a new replacement item, not a cash value settlement.

You can normally ask for a cash alternative (or vouchers for a diferent retailer) but they will discount the settlement accordingly.

Sadly, the lack of SS availbility is neither here nor there as its not the insurer's fault that Rolex supply is non existent.

[tyler1980]

Originally Posted by Devildog

This ^^^

Totally normal in the UK, especially with "new for old" type policies where you are insured for a new replacement item, not a cash value settlement.

You can normally ask for a cash alternative (or vouchers for a diferent retailer) but they will discount the settlement accordingly.

Sadly, the lack of SS availbility is neither here nor there as its not the insurer's fault that Rolex supply is non existent.

maybe so, not arguing that. I think its very shady though if you were paying a premium based on a monetary value of an item and they pay you in a voucher for the insured amount but less in cash. If they want to pay out in cash at say 11k or give you a 14k voucher they paid 11k for then your premium should be reflective of their exposure which is 11k, not 14k. Otherwise you are paying more in an insurance premium than they will pay out.

[Devildog]

Originally Posted by tyler1980

maybe so, not arguing that. I think its very shady though if you were paying a premium based on a monetary value of an item and they pay you in a voucher for the insured amount but less in cash. Personally if they want to pay out in cash at say 11k or give you a 14k voucher they paid 11k for then your premium should be reflective of their exposure which is 11k, not 14k. Otherwise you are paying more in an insurance premium than they will pay out.

You're making assumptions though Tyler. It all depends on the terms of the insurance. If its in the terms that settlement can be by vouchers fro a preferred supplier then there's nothing shady at all. That should, in fact, be factored into the premium cost too.

No one's been complaining that £14k isn't a great settlement, and if Aurum Group were the go to AD of choice fro the OP we'd all be telling him how well he'd done to get £14,000

Funnily enough WOS would be my preferred local AD of choice and I'd be ecstatic with £14k of Aurum Group vouchers to replce an old DJ and the Speedy

[tyler1980]

Originally Posted by Devildog

You're making assumptions though Tyler. It all depends on the terms of the insurance. If its in the terms that settlement can be by vouchers fro a preferred supplier then there's nothing shady at all. That should, in fact, be factored into the premium cost too.

No one's been complaining that £14k isn't a great settlement, and if Aurum Group were the go to AD of choice fro the OP we'd all be telling him how well he'd done to get £14,000

Funnily enough WOS would be my preferred local AD of choice and I'd be ecstatic with £14k of Aurum Group vouchers to replce an old DJ and the Speedy

yeah i think the value is high, so thats good. For my insurance i like to know specifically what they are insuring (monetary value) and specifically what money i will get in return.

Insured for a 14k voucher and paying premium for insurance exposure of 11k (cost to provide voucher) isnt a bad deal. That would make the insurance quote lower and more attractive to a prospective buyer. Id make sure i knew that before purchasing the policy though. Most people just buy insurance and worry about the terms when its too late.

[wb55]

I would beware of vouchers as I was told by Goldsmiths and Fraser Hart that you can’t purchase a Rolex using vouchers. £14k of vouchers without the ability to buy a Rolex is pretty lame.

[Raypep]

Originally Posted by Investr

bitcoin?????

Litecoin!

haha :)

[DoctorA]

A sky dweller
Or a sea dweller

[grimps]

I’ve just emailed them and said I’d like a Two tone blue dial sub and and no date sub .
I have a feeling that they’ll try and fob me off or tell me I’ll be waiting years.