My OEC fell out! Insurance question :(!

[rocks]

You are going to have to do the legwork for them. Go back to your vendor and ask about comparables. Get it in writing. There is a lot of nuance with OECs, so insist on seeing the stone before accepting it. usaa may end up cashing out, but not for retail appraisal value.

 

[imitcan]

Build a bonfire and keep looking! A friend lost her much smaller diamond (0.64) when she was camping and found it 2 evenings later while roasting marshmallows. The small, controlled fire reflected on that stone like nobody's business. All were relieved!
Good luck with the search or the replacement.

 

[therainbowradish]

Yes I have been referring to it as an antique diamond consistently. I sent them a message with information on how antique diamonds are not the same and will require a specialist to find one of similar characteristics. I am hopeful that if I show them some comps now that they will be able to see it is in their best interest of time to just work with someone who does this all day long. This is not a stone that they can buy in a bulk parcel lol

 

[wildcat03]

I remain hopeful that you will find it. I have USAA as well and the one time I hit a wall with them, I had my father (former Navy, the reason my family has USAA) get on the phone with them and he reminded them that they are there to serve current and former military, etc. They quickly adjusted their approach and did what I had been asking (I am forgetting what it was...).

 

[rocks]

Our claim was settled to our satisfaction. They were more than fair. Usaa determined that because the breitling was "vintage" and unavailable that settlement would be based on the original retail, plus tax, less the deductible.

In short, give them what they need to decide in your favor.

 

[therainbowradish]

Our claim was settled to our satisfaction. They were more than fair. Usaa determined that because the breitling was "vintage" and unavailable that settlement would be based on the original retail, plus tax, less the deductible.

In short, give them what they need to decide in your favor.

]Was
Can you elaborate on what you mean by giving them what they need to decide in my favor? Should I send them a list of comps from Erica or maybe a few sources? I just want them to work with her though. Still waiting to hear from the gem lab...

 

[unsettled]

Yes I have been referring to it as an antique diamond consistently. I sent them a message with information on how antique diamonds are not the same and will require a specialist to find one of similar characteristics. I am hopeful that if I show them some comps now that they will be able to see it is in their best interest of time to just work with someone who does this all day long. This is not a stone that they can buy in a bulk parcel lol

I am so sorry you lost your diamond. This makes me so nervous. I have USAA. And I SPECIFICALLY asked if my insurance policy would pay out my insured amount or if I'd have to have it replaced with "like kind". She said they would write me a check for the full amount of insurance and I could replace it as I liked. I am starting to wonder if this is true? If it's not, then I would like to insure for less than my appraisal amount (I've had my diamond since 2003, so it is pretty significantly more expensive now to replace). No sense in paying insurance on the appraised amount if that's not what I will receive should something happen.

 

[therainbowradish]

Get that in writing!!!!! It is not true thus far but I will be posting updates!

 

[unsettled]

Get that in writing!!!!! It is not true thus far but I will be posting updates!

I will be finding out then. I don't want to pay based on the appraisal amount. Because it is for sure inflated over what I could replace my set for.

 

[rocks]

My experience with usaa is that they will replace, unless they realize that they cannot through their sources. Then they write a check. Don't be antagonistic. They function as a military organization. Get quotes from your vendor of choice for a similar stone, and mounting, and submit to usaa along with your appraisal. I am in the trade, and did a search on rapnet. There is nothing available in the 2ct range for $5000 or $6000. That is to your benefit. The cheapest uncertified stone is in the $9000 range. GIA stones are significantly more...but that isn't what you had. I will say that therefore several dealers that work with old cuts that do not list. I doubt usa works with any of them. You never mentioned anything about the color, clarity or cut, but as I said, there is nothing that cheap listed.

 

[therainbowradish]

My experience with usaa is that they will replace, unless they realize that they cannot through their sources. Then they write a check. Don't be antagonistic. They function as a military organization. Get quotes from your vendor of choice for a similar stone, and mounting, and submit to usaa along with your appraisal. I am in the trade, and did a search on rapnet. There is nothing available in the 2ct range for $5000 or $6000. That is to your benefit. The cheapest uncertified stone is in the $9000 range. GIA stones are significantly more...but that isn't what you had. I will say that therefore several dealers that work with old cuts that do not list. I doubt usa works with any of them. You never mentioned anything about the color, clarity or cut, but as I said, there is nothing that cheap listed.

Thank you! I definitely have no intention of being antagonistic but am happy to help them. It is hard to be patient while they try to find something. Once they let me know what they find, or don't, I will send them the comps from Erica. They already have my appraisal. I called the appraiser and asked her if she inflates. She said she did but only a little so I am hoping the value is actually close. My stone was M color and SI3 (EGL, go figure, so probably an I1 by GIA although it was eye clean if you can believe that). 8.35x8.32x4.77. 57.2% depth, 55% table so a little spready but no fisheye. It really was pretty! The EGL that came with it estimated at $9800 if that means anything.

My ring on the other hand was damaged beyond repair but USAA said it was wear an year and they cut me a check for $198. Oy. It was a family heirloom so I will have to buy a new mounting for it. They won't insure it otherwise.

Who does USAA get their diamonds from? I am really curious if they will find anything at all.

 

[the_mother_thing]

I am interested to see how this comes about, as I also have USAA (and my jewelry covered by same). I haven't had to file any jewelry claims yet (and pray I never do), but I can say I have found them to be very good to me in handling 6 of my 9 car accidents (none of which were my fault; I am a crash magnet!), and a computer that took a deadly tumble off the counter. The last car accident resulted in my Infiniti being totaled, and without specifying numbers, I will say I was shocked (in a very good way) with the value assigned the car and speed with which they cut me a check. I know this is a bit different, but in having been with them for at least 15 years now, I have never had a bad experience. So TRD - I do hope you reach an amicable outcome on this, and that USAA does right by you in replacing your diamond or assigning a proper value for you to replace it.

Since I have a few antique diamonds/pieces covered by them, I kinda want to call them up now and ask them to detail the process for me for replacing them, if it's ever necessary. When I got my policy, they told me no matter what happens, "it will be repaired/replaced with a like item, or they will pay out the value for me to find a suitable replacement". But we all know there is ALWAYS some fine print.

I will share what I learn from them, but it may be a few days till I have adequate time to call them.

 

[rocks]

The EGL m si3 could be the problem. That is an o/p i1. That is where the rep's estimate may be coming from. Get the comps and send them.

Usaa uses a network of brokers and manufacturers. They used to,have a diamond buying service, but discontinued it.

 

[therainbowradish]

The EGL m si3 could be the problem. That is an o/p i1. That is where the rep's estimate may be coming from. Get the comps and send them.

Usaa uses a network of brokers and manufacturers. Tey used to,have a diamond buying service, but discontinued it.

Send them now while they are still looking or wait for him to contact me? They said the stone had to be of SI3 or better and M or better (truthfully I would like to replace it with an S/T but they said they would not do that. Do I just send them links to stones or how do I provide comps in the most effective way? I have never done this before.

We have been more than happy with USAA! I am confident they will help me fix this

 

[rocks]

I would send the comps now. There is very little available thru the channels they generally use that might be appropriate. In our case, my husband was able find a very similar watch on ebay (20 year old breitling). We told usaa that the watch was purchased at a know Madison avenue watch retailer. Usaa said that if the retailer could provide documentation indicating that if they could locate such a watch, that it would cost more, that they would consider increasing the settlement. We called the retailer, and were told that we should accept the offer. Usaa allowed 150% of the ebay price plus tax, which happened to be retail when the watch was new. That said, I am updating my appraisals for my diamonds to include magnified photographs!