Is it worth claiming on my home insurance and if so what will I receive in replacement?

Question

I’ve recently cracked my TV badly by knocking it over, it looks un-repairable and considering claiming on the home insurance. I am aware the premium will go up if I claim but cannot find in the policy cover how the claim will likely be treated. The TV is a 49” LG TV and was purchased around 4 years ago for £550 from Argos.

What I can find is that our RAC Home Insurance cover is...

a) New For Old, not indemnity cover.
b) Covered against accidental damage.

and I theorise that the outcome will be one of these...

1. TV is replaced with a similar size and brand, regardless of price, which as TV’s have gone down in price would be around £400 now to the insurance company,
2. £550 is handed over in cash.
3. £550 is given out in Argos Vouchers.
4. A TV is purchased by the insurance company, for the price of £550.

Many Thanks

Brian Mcilwee · Answer

Do not claim the TV on your insurance. It will raise the price of the insurance. What is more the increase will be permanent. So..if it raises the price by 30 Pounds Sterling per month ..then in 12 months you have paid the replacement cost of the TV..and then ..the next year you 'pay' it again. Not to mention that you probably have a 500 pound sterling deductible meaning that..even IF you claim it...the insurance will go up but the amount is under your deductible so you will wind up paying for the TV out of pocket ANYWAY.

So just go out and get yourself a new 50"TCL (Much better than an LG!) and dpon;t claim it on the insurance.

ihavqs2 · Answer

No, I wouldn’t claim.   Your home insurance will increase - not worth it.

My opinion.....

Is it worth claiming on my home insurance and if so what will I receive in replacement?

2 Answers