Insurance query: Laptop value

[KiD Fresh]

Any insurance gurus here that can help me?

STORY:
I quit my job at an IT company to go traveling. As part of my departure gift they offer me to sell my 1yr old work laptop ($3.3k new) at a nominal value of $200 (to cover admin and accounting fees).

Laptop gets stolen and I claim insurance. They only settle $200.

I can't knock on my ex-employers door and buy another laptop under the same conditions! This was a one time departure gift under special conditions which I don't have access to anymore.

What if the laptop was a gift, which it was in a way, would they say the value is zero and not pay anything?

I'm struggling to get my head around this. I'm sitting here with no laptop and $200 in my pocket. How am I supposed to replace a professional laptop with $200?

Should i pursue the matter further or is this normal practice not worth bothering with?

Thanks

[ind1go]

What sort of insurance cover do you have, and with who?

If you have full replacement cover for your contents, i can't see how any domestic insurer is trying to settle the claim for the amount you paid your employer. Your contents should be getting replaced, especially if the laptop is less than 5 years old.

Now, if you have limited indemnity cover, this may be a different story and the depending on the wording, the insurer is only required to pay you for the condition the laptop was in immediately prior to the loss.

I'm still struggling to understand how they have come up with the settlement suggestion of $200 though, regardless of the fact that's what you paid for it - like you said, if it was a gift, the $200 wouldn't even come in to play.

Sounds to me like you've been dealing with someone who doesn't know what they're doing, or they're intentionally trying to limit your entitlement for whatever reason.

[bradc]

Depends if your insurance covers purchase value or replacement value. Sounds like shit insurance.

[GeneralZod]

OK who is this shit insurance co?

[ind1go]

I'm almost expecting it to be some form of travel insurance, considering OP mentions he left his job to go travelling and I'm assuming took his laptop with him.

If this is the case, then without seeing the policy wording, I wouldn't be surprised at the settlement offered considering how shit most travel insurance policies are.

[Subway]

I wouldn't have even mentioned the $200, just said it was a gift and let them value it accordingly

[KiD Fresh]

Travel Insurance with 1Cover.
Because I said it was a gift and then I had to provide written confirmation from my ex-employer. In that confirmation they said it was a gift+$200 admin fees. Hence the value of $200.

What sort of insurance cover do you have, and with who?

I'm still struggling to understand how they have come up with the settlement suggestion of $200

Policy says purchase value or they can replace the laptop for me. They chose to pay me $200. I'm trying to argue this is not the value. Alternatively give them the $200 back and get them to replace it for me.

Depends if your insurance covers purchase value or replacement value. Sounds like shit insurance.

1Cover

OK who is this shit insurance co?

[Subway]

If you really want, insurance ombudsmen decisions are all published on their website, troll through till you find some cases that are similar to yours and use that against them.

https://www.ifso.nz/case-studies/

[i.e.awesome]

I worked in travel insurance for 5 years (tho at a different company) but that sounds like total bs to me. Unless that was a depreciated value less excess that they paid to you, it sounds ****ed. Maybe request the receipt from your former employer?

I haven't read the policy wording tho, what particular policy is it?

I would dispute it and ask them to show exactly the policy wording that says they can only pay you $200.

Sent from my CPH1979 using Tapatalk

[Subway]

1cover policy says they wont pay more than the original purchase price of any item.

https://www.1cover.co.nz/assets/1Cov..._20190710.pdf/

pg 31

[GeneralZod]

OK 1cover, good to know, and avoid.

Maybe everyone gets the same standard cover and wording on their policy but maybe post your policy here someone might find they're jerking you around.

[suntoucher]

1cover policy says they wont pay more than the original purchase price of any item.

https://www.1cover.co.nz/assets/1Cov..._20190710.pdf/

pg 31

Original purchase price would have been 3.3k (ish).

Probably need old workplace to provide an invoice, or update their letter to say, "gift (originally purchased for 3.3k) + $200 admin fees", then it's 3.3k value from insurer because the admin fees won't stack.

Page 31 says, THE ORIGINAL purchase price, not YOUR purchase price.

I know at my last work the RRP of the Dell Latitudes we bought were 3x what we actually paid for them. So they're probably assuming the same scenario so don't want to Google for the RRP and overpay, and they're also assuming that you're not mentioning the cost because it was well below RRP, so they're running with hard pricing data they have.

Should be easy for the employer to dredge up the invoice on an expenditure that large. Unless they don't want to say 3.3k original purchase price because it was actually $1.5k.

[focus]

But I would still take $1.5k over $200 any day.

[suntoucher]

But I would still take $1.5k over $200 any day.

Well, yeah, but how does the insurer know the 1.5k price?

It's possible they were digging for RRP when they didn't pay RRP is what I mean.

It's a reasonably large IT purpose. There will be oodles of easy to find documentation to prove its cost.