I bought an engagement ring from a shop in Birmingham for £2100, and when it arrived it came with an insurance valuation from the jeweller. At first I thought great this will be useful to have in case I ever need to claim, but thought it sounded a little high. So I dutifully rang my insurance company to get it added to the contents insurance/personal possessions and query how much I should cover it for.
Unfortunately it turns out they can’t insure the ring as their single item limit is £5000, and the valuation was at £6500! I now realise that this piece of paper is causing me more trouble than good and I’m having to take out standalone cover at considerable cost
I’m thinking of paying to get it properly assessed somewhere as although I understand the valuation is likely to be higher than what I paid, should it really be over 3 times the amount?! It just seems so silly as I assume the insurance company would likely only payout £2000 for a replacement even if I was paying the premium for £5000. What are other people’s experiences of insurance valuations? I was expecting it to be around £3500 or something…