Old for New Insurance

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manonthemoon
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Old for New Insurance

Post by manonthemoon »

So following our recent claim of damages to due lightning, our policy for house contents is old for new and has no excess..

Yet, we have to go out and buy new items that we are claiming for, before the insurance will cough up.

How can they call a policy old for new if they won't repay the cost of the new item?

Are all insurance companies complete blaggers or just ours?

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mysty
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Re: Old for New Insurance

Post by mysty »

Insurance companies are pigdogs. :lol:
No French insurance company will insure our company owned houses as they say they are at greater risk as they are empty.
mysty1 the new up to date user friendly version for an enhanced user experience

exile
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Re: Old for New Insurance

Post by exile »

manonthemoon wrote:
Sun Sep 15, 2019 12:52 pm
So following our recent claim of damages to due lightning, our policy for house contents is old for new and has no excess..

Yet, we have to go out and buy new items that we are claiming for, before the insurance will cough up.

How can they call a policy old for new if they won't repay the cost of the new item?

Are all insurance companies complete blaggers or just ours?
They will repay, but only on production of receipts for the new goods replacing the old.

There is a very good reason for this. I coud quote the list price for say a flat screen TV at €1000. The same model might be available at my local Darty or Boulanger on offer at €850. I might even be able to buy one from Amazon at €800 or on ebay at €750. So which amount of money should the insurance company give me to replace the item?

The answer is quite simply the price I actually paid.

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DominicBest
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Re: Old for New Insurance

Post by DominicBest »

Just over a year ago I had a big investigation into my vehicle and house insurances and managed to save a significant sum. One of the things I got rid of was the old for new insurance that was costing quite a bit. It should never have been called old for new it should have been called almost new for new because most of my household items were already too old to qualify.

manonthemoon
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Re: Old for New Insurance

Post by manonthemoon »

Thanks Exile I get your point. Somehow I don't think they're going to pay for the new tv, which is €500 more than the old tv. The old tv is no longer available so impossible to replace like for like.

Dominic, good point we're thinking of cancelling contents insurance after this is sorted.

limousinlady
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Re: Old for New Insurance

Post by limousinlady »

manonthemoon wrote:
Sun Sep 15, 2019 11:11 pm
Thanks Exile I get your point. Somehow I don't think they're going to pay for the new tv, which is €500 more than the old tv. The old tv is no longer available so impossible to replace like for like.

Dominic, good point we're thinking of cancelling contents insurance after this is sorted.
We dont have new for old cover and have found out that our storm damaged equipment about 3 years old is only worth 43% of the value and at 7 years old is worthless. All the equipment has to be tested by a professional to confirm the damage was caused by the storm and an excess of Eu225. If we continued with the claim we would end up with about Eu50 and it is not worth the hassle. So different to UK insurance cover. We are visiting the agent tomorrow to discuss!

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