Insurance claim for lady Seamaster 2583 80 00 What happens now?

[JasonM]

Mrs M has mislaid and lost her Seamaster 150m quartz blue face diver that she bought new in 2006, she's gutted, searched all over and she hasn't a clue when she lost it, within the last month, so we've started a insurance claim and they have been really good and efficient, Ive provided scans of the cards and original receipt so so far so good, thing is, they say they will replace like for like or the closest equivalent, great, happy with that, the thing is, I don't think Omega make a quartz Lady Seamaster diver anymore, Ive had a look on their website but nothing comes close, what will they offer? they have a 'Jewellery team' that presumably is either a associated retailer or a sourcing division. Will it be a case of choosing from a list of nasty looking dress style quartz Constellations which isn't her thing at all or do I press for a cash settlement and source pre owned?
Cheers.

[Pitfitter]

When I made a claim for an obsolete model a few years ago I had to submit a letter from jewellers giving their costing a like for like replacement, insurer sent me a cheque( less excess) ade out to said jeweller although in a previous claim the cheque was made out to me, same insurer so that may be down to whoever processes the claim and the insurance company your with.

[Kingstepper]

Surprised that they'll pay out TBH out for a watch that just can't be found.

[JasonM]

Surprised that they'll pay out TBH out for a watch that just can't be found.

I was too, I was completely upfront about it when I called them to discuss it and they said that my policy covered accidental loss as well as damage or theft.
It may even turn up in which case I can either give them the old watch or repay the value of the replacement.

[D4RW1N]

Based on my previous experience (sadly a stolen watch), they will try and estimate the new replacement value, either by the method outlined or by looking at the most similar equivalents of the current line up.

They will then most likely offer a voucher card (probably for goldsmiths/ wos etc) to the equivalent value, which you could spend on anything (with one or two exclusions). If you wanted to source a used replacement, you might be able to negotiate a cash settlement, but may be lower.

Being open and upfront about everything is the best way to approach it. Generally, as long as your policy covers your reason for loss, I found I was dealt with fairly and efficiently and was satisfied with the outcome. I'm sure my experience will differ depending on insurer etc but I had no issues.

[MartynJC (UK)]

I’d suggest accept a cash settlement and buy something your good wife would like from the Omega collection or similar. Good luck. Maybe post Picts? Martyn

[JasonM]

Thanks, Ill update when there is a outcome.
J

[Tom-P]

They will then most likely offer a voucher card (probably for goldsmiths/ wos etc) to the equivalent value, which you could spend on anything (with one or two exclusions). If you wanted to source a used replacement, you might be able to negotiate a cash settlement, but may be lower.

They do not have the right to impose a cash settlement at a lower level than vouchers, but they all try it. See my post 13 in this thread

https://forum.tz-uk.com/showthread.p...ight=ombudsman

for the long answer, but the ombudsman has ruled definitely against this practice.

The wise thing to do would be to wait and see what they offer, i.e. £x in vouchers. (Assuming you are content with the sum itself) then you say you want £x in cash. Then they'll say you can have cash but it would be less, i.e. £y. Then you point out that the ombudsman has ruled against this practice and they'll flounder comically, blame a system error, and offer you £x, in cash.

[JasonM]

Thanks Tom, Ill update as I get more details.

[JasonM]

Just to add some closure, we accepted the initial pay out of £1600 as the the Seamaster was listed on the Goldsmiths site, however when we came to buy it, it transpired that was discontinued and unavailable, the voucher couldn’t be used on their pre owned selection either, so I phoned them back up and explained that we could not purchase a equivalent watch with their settlement. They agreed immediately and revised their figure to the next available lady Seamaster which was the co-axial auto and cost £3800! We accepted the revised offer and a new voucher and she bought a blingy Breitling Colt 36 with MOP and diamond dial which she loves, great service from Cambridge Mappin and Webb too.
Couldn’t fault the process, Nationwide and their settlement team were great, no quibbles at all.

[RAJEN]

Awesome result. You should atleast put up one pic of the replacement.

[JasonM]

Awesome result. You should atleast put up one pic of the replacement.

Will do! It’s a strange combo, quite a tool watch with a overdose of bling.

[Normunds]

What a result!

In my neck of woods it is impossible to find insurer who would put my watch on my apartment insurance, nevermind accidental damage or travel insurance.

[Liner33]

I wonder if the old one will turn up now

My dads house was burgled some years back and they took all the jewellery, including his Seamaster so he thought , it wasn't until a few months later that he found it in the centre console of the car and remembered taking it off and putting in there when working on the car

[JasonM]

Probably.
Sod’s law.

[Golfpaul]

Just to add some closure, we accepted the initial pay out of £1600 as the the Seamaster was listed on the Goldsmiths site, however when we came to buy it, it transpired that was discontinued and unavailable, the voucher couldn’t be used on their pre owned selection either, so I phoned them back up and explained that we could not purchase a equivalent watch with their settlement. They agreed immediately and revised their figure to the next available lady Seamaster which was the co-axial auto and cost £3800! We accepted the revised offer and a new voucher and she bought a blingy Breitling Colt 36 with MOP and diamond dial which she loves, great service from Cambridge Mappin and Webb too.
Couldn’t fault the process, Nationwide and their settlement team were great, no quibbles at all.

That’s a super result but I really can’t see other insurance companies following that policy.