I have old for new policy, you cant buy a tv for £200 anymore are they in their rights to do this?
2007-02-19 09:02:12 · 12 answers · asked by laralipstick 1 in Business & Finance ➔ Insurance
Times have changed thats why they sould be replacing my tv with something that is the same, which they cant do as they dont exsist therefore they should replace it with something that is as high spec as to what my tv was 4 years ago not a bloody portable.
2007-02-19 09:11:17 · update #1
get a life emo boy
2007-02-19 09:12:03 · update #2
would just like to advise everyone that after complaining all day, my insurance have offered me a Lcd tv, so i must have been in my rights when they cant give me tv that i am entitled to. thanx to u all
2007-02-20 08:48:27 · update #3
the times and technology have changed...look at the new plasma, hd, etc. tv's that have come out in the last 4yrs....you might wanna read the fine print of your contract.
2007-02-19 09:06:43 · answer #1 · answered by Anonymous · 0⤊ 1⤋
If you have something similar to a Replacement Cost endorsement on your policy (your "old for new policy" statement indicates to me that you do), then the insurer is responsible for the lower of: a) repairing the property with materials of similar kind and quality; or b) replacing with new articles of similar kind, quality and usefulness. Your T.V. might have been "high spec" four years ago, but with T.V. technology expanding at the incredible rate it has been over the last four years, what was "high spec" back then is common these days. What is considered "high spec" today would've cost at least three or four times what you paid for your T.V. four years ago (if it even existed four years ago), therefore demanding a "high spec" T.V. of today would be putting you in a better position than you would have been when the loss occurred, which is violating a principle of insurance. Therefore if the insurer has found a new article of similar kind, quality and usefulness for 200, then they are within their rights to offer it.
2007-02-19 17:42:29 · answer #2 · answered by Gambit 7 · 0⤊ 0⤋
You need to understand what you are covered for before you buy any insurance policy. The reason why the insurance company is not giving you enough money to replace your TV they are taking the year of the set into consideration is because you did not buy a policy with "REPLACEMENT COAST COVERAGE" If you would have purchased a policy with this coverage you would not have a problem now. Note, it would have been a higher premium but, worth it.
2007-02-22 03:09:59 · answer #3 · answered by Kat G 6 · 0⤊ 0⤋
If your policy in the UK reads similar to the US, you get actual cash value until the item is replaced with like kind & quality. They do this because if you decide NOT to replace, the actual cash value is making you "whole". which is the basic premise of insurance. If you upgrade, you have to pay the difference between a like kind & quality item & the upgrade. The best person to ask is your adjuster but I bet this will be the answer. Also, an item is not really obsolete unless it is no longer usable(and it is sitting collecting dust).
2007-02-19 09:28:10 · answer #4 · answered by Sue 6 · 4⤊ 0⤋
I just can tell you the way we do in the USA. If you have a policy that pays cash value, will pay the amount of money that the loss is worth at the time, in other words they pay with a depreciation, but you can take a policy that pays "replacement value", in other words they replace at the actual cash value and also the company reserves the right to replace the item
2007-02-19 11:05:43 · answer #5 · answered by lm050254 5 · 0⤊ 1⤋
Insurance companies use loss adjusters. Loss adjusters always know a place you could get your product replaced for less than you think.
Loss adjusters can basically always knock down the cost of your goods, and if the Insurer wants to offer you a cheque for the lot, her job is to keep that cheque down to a minimum.
2007-02-19 21:56:29 · answer #6 · answered by Amy 1 · 0⤊ 0⤋
You get like for like. What it cost to buy that tv today. Think about it... If everyone got to upgrade everytime they had an insurance claim the fraud would be out of this world.
2007-02-19 13:07:23 · answer #7 · answered by mamatohaley+1 4 · 0⤊ 1⤋
Your tv is obsolete, you're telling us. You don't get "state of the art" for "state of the art", your policy is "new for new, like kind and quality." Somebody, somewhere, has that kind of tv sitting on a shelf collecting dust for $200. You don't get an improved tv, sorry.
2007-02-19 09:17:01 · answer #8 · answered by Anonymous 7 · 1⤊ 1⤋
I don't know about in UK, but in the US there is a higher level of coverage that pay's replace cost, not current value.
2007-02-21 12:43:31 · answer #9 · answered by Quixotic 3 · 0⤊ 0⤋
because of the fact they are giving you depreciated value for the television: Take the value of the television while to procure it, then depreciate that value by ability of how some years old that's. They do an identical ingredient for vehicles.
2016-11-23 19:15:47 · answer #10 · answered by ? 4 · 0⤊ 0⤋