insurance vouchers?

I wondered if anyone can tell me if you have to accept vouchers from your insurance company or if you can ask for a cheque. I recently had a lot of valuable porcelain stolen during a burglary and feel as though the insurance company will force my hand to have these as opposed to a cheque. I am not sure if I want to replace them as it was 20 years worth of collecting.Can anyone help?

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5 Responses to “insurance vouchers?”

  1. RRM says:

    Read your insurance policy thoroughly, not the most riveting read but depending on what it says in there about vouchers will determine whether you have to accept them or if you can demand cash.

  2. Flossy says:

    It really depends on the wording of your policy. Most insurance policies work on a new for old basis, where the insurance company will replace the goods like for like but at the current replacement costs. They will be loathed to give you money as you could then spend this on absolutely anything, whereas the whole point of insurance is to replace your goods. A simple definition of insurance is to put you in exactly the same position as you were the second before the loss occurred…. in this case, that means with the valuable porcelains. If you really don’t feel that you can find the same items, or even a modern day equivalent, speak to the claims department and tell them your concerns. If you get a decent claims handler, they may agree as a one off to give you a cheque.

  3. pri k says:

    Read it again & again

  4. mbrcatz17 says:

    No, you can request a check, but usually if you opt for the check, you can only collect "actual cash value" as opposed to "replacement value". There’s usually a time period, where if you then replace the items, they give you the difference.

    You should ask your agent, who knows specifically about YOUR policy terms and conditions.

  5. Lizard says:

    Go back to your insurance company and tell them that you do not want to have the vouchers as the collection is not holding as much pleasure for you. Now your home insurance is there to replace what has gone, the vouchers are how much that part of the claim would cost. However as I do not know your claims history should you be a serial claimer then the company will be not wishing to settle this with cash. The other option is they will give a cheque to the supplier of your own choice. You say that the collection is over 20 years old – can the insurance replace everything from that collection on a like for like basis? If not then cash is yours! But you need to be able to establish that the replacement is not the same thing.

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