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ť insurance value question: paid vs. appraisal value

insurance value question: paid vs. appraisal value

P: 8/26/2007 7:41:18 PM
Kissmark Cut Rock Total Posts: 414 Last Post: 6/12/2009 Member Since: 5/28/2007	Hi I just purchased a diamond pendant from whiteflash and the amount that I paid (the listing price) and the appraisal value that they sent me are different. The appraisal value is about 1600 more than what I paid for. My question is when insuring the piece, should I go with the amount that I paid for or the appraised value? Obviously the value appraised is higher and hence I will receive more cash in case anything happens, but at the same time it means higher premium as well. Is it just a matter of personal choise or is it more advisable to go with one or the other? thanks!
Posted: 8/26/2007 7:41:18 PM

There are 2 replies to this message. There are 2 replies on this page.

P: 8/26/2007 7:47:21 PM
neatfreak Ideal Rock Total Posts: 13,455 Last Post: 11/23/2009 Member Since: 2/17/2007	You won't necessarily receive more cash if something happens, but you WILL pay more premiums. The insurance company likely will only give you the amount of $ it actually costs to replace the item, they won't just hand out an extra $1600 because you claim it was worth that. Thus, it usually makes more sense to use the real purchase price and then update it as inflation takes ahold.
Posted: 8/26/2007 7:47:21 PM

P: 8/26/2007 7:56:21 PM
Kissmark Cut Rock Total Posts: 414 Last Post: 6/12/2009 Member Since: 5/28/2007	Date: 8/26/2007 7:47:21 PM Author: neatfreak You won't necessarily receive more cash if something happens, but you WILL pay more premiums. The insurance company likely will only give you the amount of $ it actually costs to replace the item, they won't just hand out an extra $1600 because you claim it was worth that. Thus, it usually makes more sense to use the real purchase price and then update it as inflation takes ahold. I am using Chubbs, and my understanding is that they will give out cash payment for the amount that I claimed. They accept either receipt (which states the amount that I actually paid), or appraisal report. Or am I misunderstanding? thanks
Posted: 8/26/2007 7:56:21 PM

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