Losing a receipt doesn't necessarily mean jewellery and watches cannot be insured. The question is whether the available evidence satisfies the insurer's requirements, both when arranging cover and in the event of a claim.
Why might you need a receipt for jewellery insurance?
When arranging jewellery insurance, you’ll typically be asked to provide evidence that the item exists, belongs to you, and is worth the amount you want to insure it for.
A purchase receipt can help establish these details, particularly for jewellery bought recently. However, receipts aren't always available, especially for older pieces, gifts or inherited jewellery.
Fortunately, a purchase receipt for a jewellery piece or watch isn't necessarily the only document an insurer may consider. There are often other ways of providing information about your jewellery, although what is acceptable will vary from one policy to another.
What if you've lost the original jewellery receipt?
If you no longer have the original receipt, it's worth checking whether you have any other paperwork relating to the jewellery.
Requirements vary between insurance providers, but examples of documents they may accept could include bank or credit card statements showing the payment; dated emails or letters confirming a private sale; and personalised valuations or service receipts from a UK-based jeweller.
Some insurers make a distinction between jewellery less than five years old and older pieces, for which they may accept other forms of evidence.
Bear in mind that a photograph, for example, may show that an item exists but won't necessarily prove you own it or establish its value.
Also, if you can remember where the item was bought, speak directly to the jeweller – they may still have a record of the sale, depending on how long ago it was.
What about inherited jewellery?
Family jewellery often changes hands without any paperwork. You might inherit your mother's engagement ring, for example, with little more than the knowledge that she wore it for decades.
In this situation, photographs or documents relating to the inheritance could be useful. A valuation may also help identify the piece and establish what it might cost to replace.
Can a jewellery valuation take the place of a receipt?
Possibly, but not for every purpose as a valuation describes the jewellery and provides an assessment of its value. It doesn't necessarily establish who purchased it or who currently owns it. Some insurers require valuations from a UK-based jeweller or valuer, with a dated description of the item and the professional's business details.
Can you make a jewellery insurance claim without a receipt?
You may still be able to make a claim, but the absence of a receipt could mean having to provide other evidence.
Insurers assess claims according to the policy wording and the circumstances involved. Having a valuation, photograph or bank statement doesn't guarantee payment.
For this reason, it's worth keeping whatever records you have, even for jewellery and watches you've owned for years.
Looking for jewellery insurance?
If you're considering jewellery insurance from Assetsure and no longer have the original purchase receipt, please get in touch on 0208 0033 190. One of our team will be happy to explain what documentation may be acceptable before you arrange cover.
