Reply With QuoteI'd take the cash, ignore the voucher and put up a WTB here.
Hi All
Sadly had my Omega Aquaterra 39.2mm co axial stolen a couple of weeks back.
Sadly was under-insured, so now have a Mappin and Webb/Goldsmiths/WoS voucher for £2.5k.
Liked the Omega, understated and not too massive.
Any suggestions - I’m looking at Tudors and Tags, but wondered if anyone had any guidance.
Don’t really like the current Omegas, with the date at 6, not enough to put another £2-3k in for anyway.
Also any insight into this whole insurance voucher wheeze - seems like a bit of a p155 take to be honest!
I'd take the cash, ignore the voucher and put up a WTB here.
I’m going to phone them tomorrow and ask what the cash equivalent might be, but excepting to be disappointed 😂
Policy had a £1500 single item limit (I think)
The AT was purchased from here in 2011. Now I’d need a few more posts to see what was for sale for a start! Not sure if that’s the same for a wanted ad?
£2.5k voucher against a max £1.5k policy seems like a mighty good outcome to me, all things considered.
Yeah you are correct, I’m a bit reluctant to push back on £££ as seems quite fair - just interested in the mechanics of it all - presumably tied up in the volume coming via insurance claims managers and the margin in these products - voucher can only be used against full retail for example.
I’m not hugely into watches obviously but going from a 15 year old AT with the 2500 movement, and fair wear and tear on it, to say, a new Tudor BB58 doesn’t seem to be too bad.
Just curious to see how the knowledgeable folk on here see things - I guess it’s not that an uncommon situation.
I think you have a result as long as you can find something you like. The 58 is an excellent watch.Originally Posted by xxnick1975
I think you’ve done well.
I’d go for a BB58, great result
How did you manage a £2500 result on a £1500 single item limit policy?
Indeed, I’m not entirely sure, presumably theres some significant room between the headline value on the voucher (which can only be used against full RRP etc) and what it truly costs the insurer.
The higher headline number appeals to the consumer/insured but must make sense on the other side too. Curious if anyone here has a deeper insight into how it works.
Appreciate the vote of confidence re the BB58.
This goes back to 2014, but provides some background, and would also justify their requirement for full RRP:
https://forums.moneysavingexpert.com...ccept-vouchers
One person posted:
"The ombudsman has ruled that insurers are entitled to deduct their supplier discount from cash settlements. The only exception to this is if their suppliers are unable to provide appropriate like for like replacements."
This was my experience a couple of years ago, worked out well.
https://forum.tz-uk.com/showthread.p...at-happens-now
Cheers..
Jase
Interesting that within that 2019 thread - someone states that the cash/voucher disparity is not legal (but link doesn't work)
Just called them and didn’t get very far…. Asked them if my voucher could be used against Tudors and Tags and they confirmed it could be used against Tags but didn’t know about Tudors, and will call me back!
Probably best calling your local WoS store to double check.
If available on Tudor the 58 and the new BB Chrono are quite nice.
Think I will do that, and also thanks to the posters above, illuminating!
So finally I have the list of brands I can choose from….
Baume & Mercier Watches
Bell & Ross Watches
Breitling Watches
Bremont Watches
Cartier Watches
Chanel Watches
Corum Watches
Frederique Constant Watches
Glashutte Original Watches
Junghans Watches
Longines Watches
Maurice Lacroix
Muhle Glashutte
Mont Blanc Watches
Nomos Watches
Omega Watches
Tag Heuer Watches
Starting to get a headache 🤕
Omega it is then
Surely the voucher is with the AD. As such how can they exclude some brands?
I've heard rumor of someone buying a watch on the list of allowed brands and then exchanging it within the cool off period for something else eg a Tudor (you'd still have to pay any delta)
No idea if possible or whether I was being told a porkie
Could be a possible solution
Some strange omissions if that is a full list of brands to choose from, but some good options up to the credit value and beyond. Is it the insurer or AD who have stated it?
If Tudor is the watch you want I’d try ordering via the website and / or persist in store to find out why it would be reasonably excluded.
Thanks for the input. Seems to me the insurance company outsource the claims management to a third party and this third party is a division of Watches of Switzerland - all the contacts I’ve deal with have WOS email addresses!
The vouchers they issue are in categories - so as it was an Omega that was stolen, my voucher is in cat 2. To convert to a voucher redeemable against a Tudor, the value would reduce significantly (apparently -I didn’t test it as I’ve gone off the BB to be fair)
I’m going to Goldsmiths tomorrow to look at a SMP 300 and a moon watch Speedmaster (old version)
Will need to pony up a fair chunk of cash, so with a V for 2.5, will need to add 1.5 to 1.8 for the new omega.
but I bought the AT in 2011 from here for £1k, so having either box fresh for less than £3k out of my pocket is kinda acceptable - I’ve convinced myself anyway - hopefully the wife doesn’t see this thread ha ha!
Might be worth asking how the voucher works with pre-owned.
https://www.watches-of-switzerland.c...ipient:For+Him
*Terms & Conditions: 1. The e-Card is redeemable at Goldsmiths, Mappin & Webb and Watches of Switzerland, with the exception of concessions in airports. 2. The e-Card can only be used to purchase items for sale at the full recommended retail price. 3. The e-Card cannot be used to purchase SALE items, or in conjunction with any other discounts or promotional offers. 4. The e-Card is not redeemable against Patek Phillipe, Rolex, Other prestigious watches, Pre-owned, Smart watches or Coinage 5. The value of the e-Card cannot be exchanged wholly or partly for cash. A balance can be obtained at all stores or by calling 0870 242 6682.
That's a shame. Maybe try haggle on the Omega when you're in there, see if it gets you anything off. Make clear the voucher is only being used as partial payment.
That’s a great idea - hadn’t thought of that angle - worth an ask!
The joys of ‘insurance’. Everything rigged to suit the company, not the customer.
what right do they have to lecture customers on how they can spend their own money? It’s your money, not theirs. They seem to look upon their customers as grubby cheats (hence the ‘vouchers’).
Sheer cheek against honest, paying, customers.
Last edited by paskinner; 6th July 2021 at 22:05.
Whilst I do agree with that sentiment, my only caveat is that I was underinsured.
If the stolen watch had been listed on the policy etc, I’m confident I’d have a £4.7k voc for a new AT, so would not be fannying around like I am now!
But yeah, things that used to be simple have been made increasing complicated in the name of progress….
I’m fairly sanguine about it. My dog was in the house alone when the feckers broke in, I’m just grateful he a wasn’t taken or hurt. There’s always another watch!
While I hear insurance companies do indeed try to fob folk off with vouchers regularly, nevertheless OP could have cash if he wanted. It's a well trodden path and insurance companies can't give you vouchers in lieu of cash unless you choose to accept them.
However in this instance the OP is being given £2.5k vouchers against an insurance policy that covered up to £1.5k, so the situation is a little more nuanced that you're allowing for. In OPs shoes, I'd be relatively happy with £2.5k to put towards an Omega at an AD, in lieu of £1.5k cash.
Sounds like the OP has a plan.
Not sure if it’s transferable but If he did really want a Tudor, another approach would be to sell the voucher for say, £2K. Someone gets a good deal, he gets £500 extra on the insured value with no restrictions.
Even if not transferable the OP could buy a 2.5k watch for someone and who could then pop 2k in his bank if that was an acceptable exchange.
Off to the watch shop now, fingers crossed. I have the original bracelet (was on a strap when nicked) and box from the AT so can flog that on eBay I guess for a few more quid towards the new one.
The person who stole it can buy that off you to complete the set
Ha ha - funnily enough - the police have arrested 2 people in connection with a bunch of burglaries in the area, maybe I’ll ask them to offer it to them!
All done - now the proud owner of a speedie 1861!
Great choice, glad it all worked out.
Cheers..
Jase
Criminals potentially arrested and a great new watch on the wrist (an upgrade if I may say so). Bravo, happy ending
Yeah, bit of a ball ache but in end has turned out okay I guess.
I think I’m quite keen to get a SMP300 too, but will wait until I’ve got
My 50 posts in here, and can see what’s around 2nd hand.
A good day. Just need IT to come home now!
What a day! Will never forget getting my first Speedie and ENG getting to the final. ICH!
Congrats, nice choice.
Did u manage a discount (or did the vouchers rule that out)?
Sadly not, I asked but nothing doing.
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