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How much is your gold really worth? When you insure an item you pay the annual percentage charge based on the retail amount, which can sometimes be inflated by anything from 300% to 500% you pay over the odds every time. To avoid this situation you must be honest with yourself, you can’t buy at bottom book price and sell at top book price that is what the Jewellers do, so shop around and try and buy at trade if you can. When you insure this item make sure you use the trade price and make it clear from the start that you will demand a cash settlement from your insurance company should you suffer a loss. If you don’t they will send you to one of their recommended suppliers for them to make the kick back profit. This way you minimise what you pay "You receive all of the benefit's" Please remember an item is only worth what you can get for it when you sell it! So again be honest with yourself. Most insurance companies demand that items over £1,000 must be specified as a matter of course, so check your policy and have the item valued correctly.
NRV ( New replacement value ) SHRV ( secondhand replacement value ) ARV ( Antique replacement value ) FRV ( facsimile replacement value ) Valuation for probate Valuation for loan Private sale |