[glesgaguyav]

Ok this may not be the best Forum to post, but it's my favorite and members may be able to help.
My house was recently broken into and my (toys) were stolen, camcorders and cameras.
Question is regarding the Insurance valuer and the value they put on the gear.
I lost an old Sony, bought for £800 in 1999 and a Panasonic bought last year for around £400.
I have reciepts for both but I am unsure if the valuer will give me the full value for replacement or the second hand value.
The policy doesn't mention New for Old and has no options for this, just replacement
This is my first insurance claim so any advice or expierences would be helpfull

[rhubarbe]

You're likely to get replacement by equivalent model less what they consider fair wear and tear. In the case of the Sony the wear and tear will amount to most of the replacement value over eight years I am afraid.

If you hear a squeaking noise while you are talking to the assessor it means either he has new shoes or a tape recorder in his pocket. Just you be careful.

[redsox_mark]

My experience is that when the policy calls for replacement (which was the case with me) they will try to determine what is an equivalent model today, and offer you either that as a replacement, or the cash value of what it costs today.

When I lost a camcorder a couple of years ago, the preferred approach of my insurer was to go to Dixons with the old model number and have them propose a replacement model. Dixons came back saying they were unable to determine a current model..... I was asked to suggest one. I proposed a model which I felt best matched what I lost... they went back to Dixons to confirm what I proposed was reasonable.. they agreed, and gave me the cash (which I then applied as a part payment for a more expensive camcorder).

The insurance companies all work a bit differently, but it seems common for them to offer you a specific model as a replacement. I suggest you do your homework to determine yourself what you think a fair replacement is, and what that fair replacement costs today.

[rhubarbe]

If the policy doesn't state new for old then he will get stung for wear and tear.

You following me, BTW, or am I following you today?

[redsox_mark]

I didn't get a deduction for wear and tear, I'll have to check the wording on my policy.
I'm not stalking you, I promise!

[rhubarbe]

I did. Maybe it's me stalking you..... Aharrr!

[glesgaguyav]

Thanks for the input guys, I thought that might be the case (beat the value down).
The Sony was state of the art in 1999 as the price reflects, I suppose deep down I am hoping I could get a nice new state of the art HD camcorder as a replacement.
I suppose the "wee man" never wins, insurance companies promise the earth and deliver nothing.

[rickyt]

I'm afraid you should really find out exactly what you are covered for from the very start .What you are covered for should should reflect your premium price.I knew someone who was only paying £45 a year for cover , but it wasn't new for old ( if it isn't , it not worth having as if you have some older electronic gear that's in in perfect nic , you wont get much], but they opted for new for old and it doubled the premium , but its worth it .

[redsox_mark]

Good advice... I got lucky in that my policy was "new for old". Mine specifically says:

REPLACEMENT POSSESSIONS ON A NEW-FOR-OLD BASIS
DELIVERED TO YOUR DOOR IF THEY ARE STOLEN OR
DAMAGED BEYOND REPAIR

But even with this you need to be prepared and argue your case; there was a recent thread where an insurance company offered a new entry level Digital8 camcorder as a replacement for a high end DV one... the only thing they had in common was a similar model number.

[rhubarbe]

And yet another warning to those of us who have high end anything. Lots of these insurance companies have a tie in with a supplier, and in the case of MoreThan (just as an example) their tie-in is with DSG (Dixons, Currys, etc).

Now, just imagine your TAG McLaren, or Naim hi-fi gear goes, along with your Eurosatellite receivers , all your HTPC stuff and your network media player, your hugely expensive camcorder and all.

What is DSG going to able to provide from all that lot? A DVD-R and an HTIB if you're lucky, and a JVC el cheapo HDD camcorder.

Be afraid. Be very afraid.

While I am on the subject it's always worth hiding a little note to the wife in case you peg it on the way to work, letting her know the real value of all your stuff. That way she won't sell all your pride and joy for "Just a few quid," on eBay.

Just remember to hide it somewhere she never looks.

[redsox_mark]

Yea, I'm with MoreThan.. in my case Dixons didn't have a replacement, so I agreed a cash sum with them (presenting a case for what was a suitable replacement and the current price, being sure to quote the highest price I cound find ). So I think if Dixons doesn't have a replacement you are OK. The issue is more if they do offer a replacement model which is a fair replacement, but you don't want that. (In my case I wanted to take this oppertunity to upgrade to HD, topping up with my cash.. I didn't want a direct replacement). If they had offered me one I'm not sure if they would have agreed to give me the cash instead.

[rhubarbe]

I'm sure they wouldn't, because the price that Dixons quote you bears no relation to the price they charge MoreThan. You take cash it costs cash.

[redsox_mark]

They did give me a good cash settlement when Dixons didn't have a replacement.

[rhubarbe]

Moral: always buy kit that DSG don't sell.

Don't we all?

[rickyt]

While were on the subject of theft , it's a good idea every now & then to make a list of all your valuables including purchase price and serial numbers. Some people take photographs of their valuables , mainly jewelry & watches . Another good idea is to walk around your home ,from room to room with a camcorder and record all your electrical items , TV's , DVD's ,PC's etc in case of a theft . May help to identify such item's if there stolen , but mainly to acess your loss for the insurance company .

[rhubarbe]

Just don't leave the list with serial numbers on it anywhere the burglar might find it.