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Wookie_66

Valuation

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I don't usually put my watches on my insurance nut I have just brought a Breitling hurricane that I can't ignore. I brought it new tax free from abroad and have receipt. However I have called the contents insurance and because of the value the want it valued. I advised I have the receipt and it's only been on the market for a month so how can they argue. 

Who do people use to get a valuation and how much. I would prefer not to send it off and to get an official valuation as cheap as possible. Can anyone help?

Thanks

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Goldsmiths, Ernst Jones, maybe an Independant, but they charge.  A letter from a an Independant. If you have a new for old policy, as is common, they would provide you with a new one . :)

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Whoever you end up using, double check with the insurance company that they are happy with the choice (and try to get the confirmation in an email, letter or some other recorded format). If the worst happens, it is always possible they will try and find an excuse not to pay. 

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Only insure the really important things. Your car (well, you have to)...your life...if you have a dependant. Your house. Other than that, why do you need to spend loads of dosh on something that 'might happen'. I have a boiler insurance ....costs me £234 a year......I've had it for the last 20 years....that's £4,680.....and it's never broken down! These days, I don't bother.

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18 minutes ago, JonnyOldBoy said:

£234 boiler insurance !? They are only £1500 new max.... and have 5 year guarantees.... so surely just save £250 per year for 6 years..... not 20 !?!? :thumbs_up:

Don't know about 1500.  Last one cost me 3k.,  maybe you only have one hot tap and two radiators :swoon:

 

 

 

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I insure my goods and chattels including my watches and the wifes coin collection.     I've never been asked for a valuation and to be honest the last one I got which was for probate was a load of rubbish and cost me too.   Basically if your insurance Co want a valuation for a new watch I would look elsewhere as the insurance market is very competitive.   

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3 hours ago, JonnyOldBoy said:

If he has a receipt , then he will at least get back that amount in the event of loss. They are not legally allowed to wriggle out of that.... The ones they try to are those when someone has purchased something other than direct retail , then it gets complicated.... if they want it to....

The issue depends on the type of insurance it is. Not all policies will replace goods, some will replace value. That's when it gets complicated. Watches don't retain their value once sold, so if the policy only pays out the value of the watch, how its valued is important. If they decide they want to pay less, then they can contest the valuation and potentially pay out less. However if you have evidence that they are happy with the valuation you got, then they can't turn around and try to contest it later on. 

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My insirance company just asked me and I told them secondhand retail values.   They didn't even know I am an ex-jeweller.   We used to do a couple of services... valuations (charged at 1.5% + VAT) and estimates for replacement (based on photo's of stolen items) which we didn't charge for if they used us to source the replacement.

 

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20 minutes ago, JonnyOldBoy said:

We live in a 5 bed house , 3 floors with over 15 radiators and 2 power showers. 18 months ago we had a brand new Boiler fitted. Its a Worcester-Bosch and cost exactly £1400. Paid a mate ( who is a qualified registered fitter ) £200 to fit it. Its guaranteed for 5 years so long as its serviced every year at a cost of £60. So after 5 years , my total spend would be £1900 , so I can save up £375 a year for 5 years and I have approx the money to replace ( which is what we are doing ) , so no boiler insurance.... Not sure how anyone can spend £3000 on a boiler to be honest !? They just do not cost anywhere near that .. Your labour charge must have been extortionate..... 

No extortion, I was a builder..............

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It was work on my mother's house done at cost. Vaillant all singing all dancing boiler.......can't remember the breakdown.

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45 minutes ago, JonnyOldBoy said:

We live in a 5 bed house , 3 floors with over 15 radiators and 2 power showers. 18 months ago we had a brand new Boiler fitted. Its a Worcester-Bosch and cost exactly £1400. Paid a mate ( who is a qualified registered fitter ) £200 to fit it. Its guaranteed for 5 years so long as its serviced every year at a cost of £60. So after 5 years , my total spend would be £1900 , so I can save up £375 a year for 5 years and I have approx the money to replace ( which is what we are doing ) , so no boiler insurance.... Not sure how anyone can spend £3000 on a boiler to be honest !? They just do not cost anywhere near that .. Your labour charge must have been extortionate..... 

Do they only last 5 years? Had to change mine once but that was close to 20 years ago and it still works fine - it is oil rather than gas.

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Our boiler has been there since 1940... single pipe system.   Pain in the arse if we ever want to replace it they will turn the house upside down.  

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1 hour ago, JonnyOldBoy said:

No the Guarantee lasts 5 years. Boilers if serviced once a year usually last 15-20 years. Our one that was replaced last year came with the house so it lasted exactly 20 years. My point was about not wasting money on Boiler insurance..... because if you save the money yourself , then as the Guarantee expires , you have a kitty to replace if needed , or repair , and you do not have another 15 years saying an insurance... they are a complete rip off.....

Those boilers cost about the same as WB boilers ... so for that price it would have included a lot more infrastructure work ... There is no way it costs £1200 labour to rip out and old boiler and directly replace with a new. She probably also needed a new storage unit and pump... possible new piping to to make things compliant etc etc.... anyway , I am rambling ,,, this is a watch forum...... LOL

Look Old Boy, I ran a construction company, granny and eggs spring to mind.

No offence....bit I'm Retired.

Edited by RWP

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About time too.  

I'm not getting into boilers or whether or not the job was VFM. It was done at cost and believe me that is what some boilers cost.

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38 minutes ago, RWP said:

About time too.  

I'm not getting into boilers or whether or not the job was VFM. It was done at cost and believe me that is what some boilers cost.

You're not wrong Rog. We had a new Worcester 40 in our Devon house which cost £2300 with a 10 year extended guarantee sub annual service.  There were cheaper ones but we've had Worcester before with no prob.  

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4 minutes ago, JonnyOldBoy said:

yes so the base price for that is £1700....

Probably ..

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