What INSURANCE???

[soulsis]

I am confused when it comes to getting insurance on your jewelry. I have called three companies in Canada and they all will cover against loss or theft...but not damage. And they quoted me ridiculous amounts to add on to my existing plan. What makes them think I can afford to spend $40 a month for the rest of my life for a $10,000 ring???? I am very confused. If I lost the ring I would be very upset mind you...but too me it isn''t a symbol of my happiness! I don''t need diamonds for that.

BTW...Chubb was one of the people I called. They are probably in the same circle as the PHONE companies that are ripping us off. I mean, why do I have to pay a $7.00 administration fee every month for ONE BLODDY PHONE CALL????


I tell you....THEY FU%K YOU IN THE DRIVE-THROUGH!!!

 

[ame]

Wow. I hope someone living in Canadialand can help you out. I haven''t had any weird fees from Chubb ever.

 

[laney]

I''m not sure if you have only tried "jewelery" insurance.

We insured my ring under our homeowners policy. It''s a rider policy that is "added on" and we pay a yearly fee for the insured value of the ring.

Each insurance company is different, I''m sure. With our Allstate policy - when we had DAMAGE to the stone - they took the damage stone, and were going to have their jeweler replace the stone. If the replacement wasn''t satisfactory - they would give me a check - equal to THEIR replacement cost. I guess we had a "replacement" policy - vs those you may see with CHUBB - that just pay out the value of the article.

Even with my replacment policy - I had adequate coverage and got a check so that I could replace my damaged stone. Whole process - from calling claim to check took 5 days.

Check into options with homeowners and renters insurance.

 

[allycat0303]

Hi Soulsis,

Well I''m from Canada (Quebec). My boyfriend had insurance for his apartment stuff. He added the loose diamond to it (against theft, damage, loss, cat eating it, etc.). It cost 12$ per month for the loose diamond, which cost us about $8200 Canadian. Our insurance agent told us, it could be insured for a greater amount with the setting (it''s a Leon Mege setting). Or leave the insurance at $12 per month. I had it insured for the transport and setting process with Leon. Once the diamond is set though, I''m going to drop the insurance. I figure insurance for the whole ring would be at least $35/month and well, maybe it''s careless of me, but I''m NOT paying $35 per month. I''ll feel like I''m renting my ring or something. Of course I''d better not break it. And keep it away from my cats

. We definitely did not pay a $7.00 fee for anything.

 

[soulsis]

Date: 8/12/2005 3:53:27 PM
Author: allycat0303
Hi Soulsis,


Well I''m from Canada (Quebec). My boyfriend had insurance for his apartment stuff. He added the loose diamond to it (against theft, damage, loss, cat eating it, etc.). It cost 12$ per month for the loose diamond, which cost us about $8200 Canadian. Our insurance agent told us, it could be insured for a greater amount with the setting (it''s a Leon Mege setting). Or leave the insurance at $12 per month. I had it insured for the transport and setting process with Leon. Once the diamond is set though, I''m going to drop the insurance. I figure insurance for the whole ring would be at least $35/month and well, maybe it''s careless of me, but I''m NOT paying $35 per month. I''ll feel like I''m renting my ring or something. Of course I''d better not break it. And keep it away from my cats

. We definitely did not pay a $7.00 fee for anything.

No...I agree completely. I have had quotes on my insurance for just a RIDER and they have said $35 a month. So if I pay that for 20 years I could have a bigger diamond

I don''t think it is really necessary unless you have some serious bling...maybe in the 6 figures or something. $35 a month is more than I pay for life insurance!

And sorry everyone...the $7.00 fee was for the phone company, not the security company. TELUS (the devil''s spawn of phone companies here) charges a $6.95 administration fee for using long distance. So if I call my soon-to-be step daughter and talk for 10 minutes...it''s 0.40 for the call plus the $6.95!

 

[RockDoc]

RE Phone Charges

Take a look at http://www.skype.com

and Yahoo... which has VOIP phone service where you can make calls for free to another computer- and their services are worldwide.

Skype has a program where you can call land lines but they have a minor charge for that... Read their site

Rockdoc

 

[karenleah15]

I have my ring insured through my homeowners policy. I pay $60 a yr. It is a cash out policy. If I lose the ring they send me a check. If I break the ring they will pay to fix it or if I want a new ring I have to send them the broken one and they send me a check.

 

[RockDoc]

I am not sure about Canada.

In the US insurance companies set rates based on the crime statistic in your residence.

The rates here seem to vary for chubb an average of 2-3% of the value.

While the $ 300-500 a year may seem prohibitive to you, if you think that is excessive, what do you think they should charge you?

I know that if I collected $ 400 with the potential liability of paying $ 8200.00 if there was a loss the first year, it would be a big risk for me.

Of course, if you decide to put the $ 400 per year religiously in the bank in case, you have a loss, the longer you don''t have a loss the better it is. But there is risk in this, which the insurance companies take at what I believe to be a sensible cost given how easy it is to sustain a loss.

My car inusrance was just increased. I drive about 6000 miles per year, don''t have a luxury type car - and my new premium is $ 2800.00 per year.

It''s my opinion here that the premium cost for car insurance is a lot higher than it is for jewelry coverage based on a potential cliam amount which is generally limited. Most commonly about $ 100K US. But that is the limit for each type oif coverage ( uninsured motorist, property damage, medical coverage, colllision etc.

Rockdoc