douglas l
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Hi, My understanding is, the assessor give his/her report and then once a decision is made they appoint 3 shops that sell the same product. The ideas is for you to buy the same product as new for old, so if the new tv is cheaper then the insurance company are better off, If it is dearer that you win or if you pick a more expensive one, you pay the difference.
Best of luck, hope it works out well for you |
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Dan Insurance Man
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More often than not there is a clause in the policy which state that the insurer can choose the method of settlement.
In this case I would say they are more likely to have a partnership with an electrical goods retailer in your area who will arragne for replacment of equivalent model- they may also give you a credit note for a certain amount to spend in the retailers.
It is unlikely you will get settlement by cheque in this instance. |
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gusdiamond
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Check if you have 'like for like' insurance. They will probably give you a credit for to days equivalent with a company like Empiredirect. Then you can choose your replacement with them. |
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ALLEN B
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It will have to be a similar model to the one that is broken...like for like |
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samrat
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Insurance companies have a standard rate of depreciation on all goods insured(i.e. some percentage of the insured value is reduced anually like your car insurance).
Then you can be charged by companies to file a claim.
You can find out from your insurance company what your insurance return will be like and how much if any you are charged for your claim.
If your refund insurance - claim charges -increase in future insurance for new TV is an appreciable amount then file a claim and you shoud get that if your insurance covered accidents. |
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?
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My TV got broke when I moved last year and my insurance company was brilliant with me. I told them how much it cost and was given the option of having the money paid into my bank or they would get me a replacement. I had the money and got an even better LCD which is very nice. Plus, as my claim was just under a thousand pounds it didn't affect my no claims bonus which meant my payments haven't increased! |
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pasha39571
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Normally the company (if like for like insurance was purchased) will look at the make, model and type and will agree to replace it with the one on the market today that match's what you had. Or, some insurances will send you a cheque after they have done their own research and some will ask you to do the research! Others will identify a good match and ask if you are willing to accept it and then arrange to purchase one for you! It is unlikely if depreciation will come into it, unless you did not have like for like cover....
What ever way, looks you have a nice new TV coming! |
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Iron Serpent
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The purpose of insurance is indemnity, meaning they have to offer a replacement based on what you had before the accident.
If it will cost the insurer £250.00 to replace the TV then this will form their liability amount. Electronic goods come down fairly rapidly, I know!
If they could give you the exact same model of TV to you now, then they would. Cost wouldn't really come into it as all you are getting is what you had irrespective of the price. If they were to offer you a £900.00 TV as a replacement then this would undoubtedly have a much higher spec than the damaged one and you would be profitting from the claim.
If the model of the damaged TV is no longer available, then the insurer is obliged to offer you the next model up. The pay-out will also be minus the excess, or their supplier will collect it if they are replacing directly.
Another alternative is that you could have a more expensive TV if you were willing to put your own money to the insurer's liability amount.
All the best!
-----
Further to a previous answer, your premiums will rise because you are making the claim in the first place, wether it's a claim for Storm, Fire, Flood or something 'petty' like Accidental Damage. |
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jamand
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You will have to pay the first £50 or more (excess) then if you have old for new policy - you get a new TV - simple |
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Funny Lad
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direct line does new for old and I think most insurance companies have the same policey now.......fingers crossed you will get a nice LCD out of it. |
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ME
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It depends on if you have replacement cost for contents of your home on your policy. If you do, they will replace new for old, basically. If not, they will figure in the depreciation of the TV and only pay that. |
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Brandon M
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Depends on the type of policy that you are talking about and how it is written. If it is acv = actual cash value, then they are going to give you whatever the tv is worth today. If it is RC = replacement cost then they will give you whatever it cost to buy a like, kind tv.
Hope that helps.
Good luck! |
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studstaplesushi
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Your insurance company may not pay to replace the TV. The company that I work for does not pay for accidents to your personal property that are your fault. I would just file a claim and see what their process is. Every company handles claims differently. |
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Spirit*Girl
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When we had our TV dropped and broken by the repair men, we got a letter through saying we could have another TV as the same specs as the damaged one.
We paid £1000,00 for it, and the shops same specs come to £350, which is pretting gutting knowing how much we paid.
As our old TV had a DVD built in, i said i would like the same one.
But the shop did not have the same TV as they stoppped making it, so i argued that you can not put a price on a TV that is not being made anymore, to get ride of me i ended up with a brand new 42" TV.
So good luck with getting your new TV. |
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Sparky
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They will take into account the price of the TV when it was new, and replace it with a similar model. If you an excess to pay on your policy, you will be asked to pay this. If they cannot find a replacement, they usually offer a cheque for you to get one yourself. |
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ruth4526
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The ins. comp. will send you a check for what they think the tv is worth. First they send you a paper to fill out as to what happened to it. Where you bought it , how much you paid and you send this in and they send the check. |
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microspatula
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no |
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Larry
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Uh oh, the minute you involve your insurance company in something petty like this, the minute your rates are raised, or they drop your policy altogether. My homeowners insurance is for if my house burns down, nothing petty. Insurance companies are not fair about this little stuff. |
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