StateFarm Ring Insurance

[diamond island]

Any one with experience or knowledge about StateFarm insuring a engagement ring, the claims process, anyone who has statefarm or gone through one of their replacement/claim process, their policy, etc.... Thank you.

 

[strmrdr]

it sux.
They have a discount jewler they go thru and you either accept the crappy diamond they usualy come up with or you accept less cash than is needed to buy a decent replacement.
State Farm used to be one of the top insurance companies they now are overpriced and provide crap service thats why I dropped them after 18 years of having a policy with them.
One of their claims adjusters had a screaming fit because the car stereo that was stolen from my car was purchased used and I didnt have any paperwork.
They tried to get me to accept $150 on a $500 loss.
The jewlery policy is the same deal accept the peanuts they offer or go to court and get blacklisted.

 

[Maxine]

I''m still insurance shopping...thought USAA was high....this will take some time...

 

[Regular Guy]

Storm, sorry to hear about the bad experience from State Farm. Any chance it''s "one off?" I did decide to go with a rider on my Nationwide Policy, but had seriously considered State Farm, as they would insure this one item alone, their rates were better, and unlike how I Jeweler''s Mutual standardly works, by hooking up through the mail, with State Farm you more typically work through a local agent.

Also, Maxine, I''m led to understand USAA does have a good reputation, may just use your receipt as the basis for establishing the basis of the cost of our policy (check me on that), and however, a military connection presumably in place, or you''re constrained from using it.

 

[Maxine]

I also have Nationwide ride....recently added e-ring, but they don''t cover breakage...cost is ok.
USAA would cover the items my bf bought for me (bu tnot items I already own/owned). Their soct for those items was higher than N. and not THAT much less than Chubb, which would cover a minimun....more jewelry, plus antiques/collectibles.

 

[sahmama]

Funny, I had an excellent experience with State Farm in November...

I had my e-ring insured on a rider on my State Farm homeowners insurance policy. I chose to have a $1000 deductible just like on my h/o ins. policy.

The ring had three stones; it was dropped, and one stone went missing. When I took it to a jeweler to see about getting the stone replaced, we discovered that corners of both remaining stones ( a princess and a half moon) were chipped. I talked to my local agent, and he had the jeweler write up an estimate to replace all three stones, which I faxed to him. He submitted it to the claims adjustor as it was over his personl limit. The adjustor called and asked me a few questions, called the jeweler and asked a few questions, and I had a claim check for the amount of the estimate (minus my deductible), made out to me, within one week. I did have to return the damaged diamonds to State Farm--I imagine they will to re-cut them and re-sell to recoup some of their loss. In talking to the adjustor, he mentioned that the jeweler I used for the estimate (one of the largest and oldest in my town) was on their "approved" list of jewelers from whom they accept estimates--he also rattled off about 5 more, one was a national chain, the others all locals. But they don;t tell you who you have to use, or even that you have to replace the item. The amount I received was several thousand more than I paid for the whole ring four years ago--I felt the settlement was quite fair and I''ll be able to have a like quality ring made, by whomever I choose.

I still have not replaced my ring because I''m picky and haven''t found anyone local who wants to be bothered ordering in several cushions for me to look at and compare.

 

[strmrdr]

It might just be the claims office in my area thats out of control but I know several people that have had the same experence with them.

 

[denverappraiser]

The ‘approved list’ of jewelers in your area is fairly important. Getting onto that list isn’t all that difficult but the jeweler has to want to be there. They must agree to sell to the company on a pretty aggressive cost-plus basis, they must agree to their payment terms, and they must pass a short list of credibility checks. In Denver, several of the best jewelers in town are on the list. I don’t know about other markets. Most of the major insurance carriers maintain a similar list. If you want to have your replacement done by someone else, it’s possible to do this but you can expect the company to cash out the policy based on the estimate of the approved jeweler and you then take your money wherever you wish. If you have a piece by a particular designer or brand, the replacement jeweler will try to contact the manufacturer and buy a replacement piece directly from them. In the case of the big design houses there is often a previous relationship where the company has negotiated a special discount and with smaller firms they will try to make an individual deal. Sometimes this can be a problem because certain brands have restricted distribution deals and they won’t sell but usually it works out pretty well.

The best way to avoid being offered crappy diamonds and workmanship as a replacement is to have clear, accurate and complete documentation to present to the insurance company before you sign the policy. The description in your appraisal will be used as the purchase order for your replacement. If it says something like ‘ladies diamond ring – about the size of a pea - $14,000’, you can expect trouble if you ever find it necessary to be involved in a claim.

USAA is a fine company if you can do business with them. They are limited to US military personnel and their dependents. I think there are even more than that but I’m not sure. Your agent can tell you if you’re eligible.

Neil Beaty
Independent Appraisals in Denver

 

[fire&ice]

I''ve said it before - an insurance company is only as good as the agent who writes your policy.

Storm, I have no experience w/ Statefarm; but, I know my agent would intervened on my behalf.

I think Robin & Todd from niceice.com works with SF on insurance claims. In the past, they have sung their praises.

Personally, I would go with whatever insurer you want to have a long term relationship.

 

[goldengirl]

Whew, that makes me feel better to read... my policy will likely be through SF.