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“Marks & Spencer Contents Insurance - Claims Problems”

written by on 26/02/2014

I recently lost a diamond ring, that was a specified item on my insurance. Their claims management team (LOSS MANAGEMENT GROUP) revalued my ring at current day prices at £9100. Here is the nasty bit, they then gave me a list of jewellery stores where I could spend the money on a replacement ring. Mostly big chain stores that are not competitively priced, have inferior stones and lack the more unusual pieces. I sourced a couple of potential replacements through other more discerning jewellery stores and gave LMG the details. These rings were £6800 and £7500, which would leave me a balance to buy something else. Marks and Spencer said that if I wanted to use these stores I could only have 75% of my value back!!! UNBELIEVABLE. I will be pursuing this via their complaints process, but a word of caution for others....this is not an acceptable situation, they are negotiating a tidy profit for themselves (22%)by forcing their customers to deal with overpriced high street stores, who give them a 'kick back' on the customer's purchase. Why are they not passing any discount to the customer? Appalling, and Marks and Spencer, you should be ashamed of yourselves, not very customer friendly in the slightest. Try a new strapline.....perhaps This is not 'your M&S', its POOR M&S!