Do I have to accept a non cash settlement from my insurers?
My insurers want me to accept a voucher or choose a replacement for a lost engagement ring, we want to take our time and not be restricted by having to go to chain stores on their list, it also has huge sentimental value, can i insist on cash
The majority of insurers now deal in vouchers for certain shops or will pay you once you choose the ring and send them the receipt up to the amount they have offered. They are under no obligation to offer cash, as the purpose of insurance is to put you back in the position you were in before the incident happened and that position was not having cash in the bank, but having a ring on a finger.
BUT – sometimes insurers will agree to give you cash – on the basis that the cash settlement will ALWAYS be less than the amount they have already offered you. It is always worth asking.
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