Techsured/Phonesured terrible business practice

Having insured my phone with these people, my phone was ****** along with other items during a house break-in. My claim was approved relatively quickly after submitting all relevant documentation. Here is the catch.

They send me a settlement agreement (for R4,850) that cannot replace my phone....the phone was insured (at 3 x the settlement value!). So whilst I can accept that equipment deteriorates, my point is the premium never goes down, only up, and if you do lose your item you will be paid at what THEY deem to be the market value of your item. I don't have much of a problem with that as long as you can get the same item. I challenged them to get me the same phone at the settlement amount. Their supplier does not have stock and that the only option was for me to take the settlement amount and buy a new device, was their answer.

This is basically a take it or leave it scenario.

It's going to cost me at least double the settlement amount to get the same device!!! This is still way less than the insured amount.

This whole thing smurks of Mafia tactics. I understand insurance companies have to make money too, but this is just **************** and greed. I have grudgingly accepted the settlement but I will certainly not be insuring anything further with these people and am not done with this issue either.