king price insurance...the worst insurance to take

I had a very unfortunate incident the previous weekend. My bag was ****** at edgars the glen mall on saturday 7th march 2015...my phone which was insured by king price insurance for the amount of r12000,still has not been paid out it is 10days since I put through my claim but still nothing,and when I insured my phone I insured it with the knowledge of it being insured for r12000 and if I have a claim even if its 10years down the line since I'm paying the installment for r12000 I would be paid out that amount, but now when I put my claim through the person that assisted me informe me that they can only pay out what the phone is worth on the market now,this is ridiculous I want answers and I want them now,because I was paying the amount insured for r12000 and nothing less