|
|
|
|
| ||
Diamond Jewelry Forums
 Picture Gallery
 Video Gallery
 Journal
|
|||
|
|  Search
|  Posted Today
|  Most Active
|  Help
|
||
 »
Home
»  » Diamond Prices and Grading »
 » RockyTalky
»  » What do you think I will pay to ensure my ~$5k ring?
|
|
 |
What do you think I will pay to ensure my ~$5k ring? |
 |
| P: 10/23/2003 2:38:24 PM | |
spicolicpa Cut Rock Total Posts: 243 Last Post: 12/1/2003 Member Since: 9/25/2003 |
I am starting to get these crazy nightmares about my Fiancee losing or getting the ring stolen. What would you expect me to pay yearly for insuring a ring of this type. About 5k, but replacement value probably would be more. Do you think its worth the investment in insurance? PS Opps my spelling declines with sleep lose I guess:O)
Battle the Obfuscation |
| Posted: 10/23/2003 2:38:24 PM | |
|
There are 9 replies to this message. There are 9 replies on this page. |
|
| P: 10/23/2003 2:53:30 PM | |
flubber Cut Rock Total Posts: 224 Last Post: 7/28/2007 Member Since: 10/13/2003 |
I'm sorry I don't have an answer to your question, but I just have a parallel question that belongs here. What is the criteria for having a ring insured? Will they accept any appraisal or do they have their own appraisers? And like you said, replacement values are usually more than what one would pay for it in a store, correct?
|
| Posted: 10/23/2003 2:53:30 PM | |
| P: 10/23/2003 3:16:12 PM | |
magna2 Cut Rock Total Posts: 319 Last Post: 2/9/2004 Member Since: 9/22/2003 |
The cost of insurance is going to depend on the appraised value of the ring and the area that you live in. For an appraised value of $10000 expect to pay somewhere between $150 - $200. Whether it is worth buying insurance...well, that is a personal choice. Like all insurance you are hedging against some catastrophe. If nothing ever happens, looking back you would think it was a bad deal but if something does happen, you know you are insured and could have it replaced at the appraised value which hopefully is slightly more than what you had paid. Therefore you are able to replace it with a better diamond if the policy allows you to cash out instead of the insurance company replacing it with "like" item. Any appraisal will do as long as it is from a recognized appraiser (not meaning a renown appraiser - just not a piece of paper from Joe Blow off the street) that provides the requisite information describing the diamond and a testament of the value. 
|
| Posted: 10/23/2003 3:16:12 PM | |
| P: 10/23/2003 5:55:32 PM | |
NewlyEngaged Cut Rock Total Posts: 102 Last Post: 12/28/2003 Member Since: 7/10/2003 |
My fiance's ring is insured as a "scheduled" item, as most jewelry is, under our Homeowner's policy. The cost is $18 per thousand dollars in appraised value. My appraisal actually says "replacement cost" (which I paid much less than that number) as well ($11,500 x $18 = $216/year). The higher the value, the higher the "per thousand" cost gets. As far as if it's worth it? In my opinion, insurance is indeed worth it. You are protecting yourself in a case of theft or losing the ring, the stone falling out, damage, etc. I have an aunt who had her ring stolen from her at knife point (insurance paid for a new ring), my sister's e-ring was 15 years old when the jeweler noticed a chip in the stone when he was cleaning it... Insurance paid for a new stone to replace it. The years of paying for insurance surely was made up for. You insure your car right? Even if your car was worth $5,000 (as many are after you drive them for a few years), you would likely still have full coverage for your car... So why not for your ring? As far as how much they pay? If I file a claim for my fiance's ring, they will not just write a check for $11,500, nor will they say "okay, go buy a new ring for $11,500 and we'll cover it". What they will do (as they did with my sister), they will probably have you get 2 or 3 estimates from jewelers as to what it would cost to replace and they will then give you the cheapest or perhaps the mid-range estimate depending on the quality of the insurance company and the adjuster making the decision. Thanks! |
| Posted: 10/23/2003 5:55:32 PM | |
| P: 10/23/2003 6:08:08 PM | |
Mara Ideal Rock Total Posts: 27,904 Last Post: 11/22/2009 Member Since: 10/30/2002 |
I am with Chubb and it depends on your region as well, but here in the CA Bayarea, for $10,500 of coverage, we pay $200 a year. Slightly higher than State Farm in our area, which was I think $150 a year--but they didn't offer the unconditional check option. I think our area is pretty high and since Chubb is more expensive, if you were looking at around $5k -- you'd be spending around $100 or less per year most likely.
About whether its worth it, I say yes. But then again I wear my ring for everything I do. Some people only wear it around the house, or out in public, or take it off when they wash their hands or do dishes or anything. I wear it every minute of every day except when I sleep. I'm pretty hard on my hands too. I garden with no gloves and keep my ring on. I kickbox with my ring on. I also play with my ring, slipping it on and off randomly when I am nervous. So for all these rings, insurance is a necessary thing for me. I just rest easier knowing should anything happen, I am covered and my fiance won't kill me for losing the ring (as he would if I lost it and we couldn't replace it!!).
 ________________________________ |
| Posted: 10/23/2003 6:08:08 PM | |
| P: 10/23/2003 6:28:35 PM | |
|
NewlyEngaged Cut Rock Total Posts: 102 Last Post: 12/28/2003 Member Since: 7/10/2003 |
Oh yeah, one more thing to keep in mind, and this may be different with each insurance company. But, if your fiance does not live with you, the ring technically needs to be covered under her policy for her renters insurance, homeowners insurance or through an independent policy, etc. If you chance it that they (the insurance company) won't check up, that's a risky gamble. If you file a claim that will cost them $6,000 or $7,000, they will likely do their due diligence. Let's say for instance, you insure the ring at your place, but your fiance lives elsewhere and it is stolen. She files a police report under her address and the insurance company asks for a copy of the police report, they can deny the claim if they choose for false information, or worse, fraud. It is a slim risk, but a risk nonetheless. I grew up around the insurance industry and I have heard nightmares of insurance companies denying claims for the stupidest (that a word?) reasons. But it isn't a stupid reason when you are the one denied. Good luck. 
Thanks! |
| Posted: 10/23/2003 6:28:35 PM | |
| P: 10/23/2003 7:20:51 PM | |
Hest88 Ideal Rock Total Posts: 3,677 Last Post: 11/21/2009 Member Since: 1/22/2003 |
Well, my rings cost about the same as yours, and I decided not to insure them. If my rings cost as much as Mara's, or more, I'd consider it, but my current replacement cost is so low that I'd rather tuck away a certain amount of money into savings each month in case anything happens. Also, I don't know what your income is like, but I felt that given our incomes even if we didn't have the money saved up it wouldn't be too long before we could replace my rings. So, you really just have to weigh for yourself the cost of insurance vs. the cost of replacement and see if it's worth it in your case.
|
| Posted: 10/23/2003 7:20:51 PM | |
| P: 10/23/2003 10:00:00 PM | |
|
detta Rough Rock Total Posts: 28 Last Post: 10/23/2003 Member Since: 8/30/2003 |
On a semi-related note, I recently purchased 3 stones to have set into a ring (actually, my husband did the purchasing!). In any event, I called my insurance agent with hesitation...but it had to be done. I lost my original e-ring 5 years ago and never replaced it. I called and told him I purchased stones to be set. I wanted to make sure they were insured BEFORE they were set since I bought them on the web and am having a local jeweler set them. I had him give me a policy that would provide coverage in case they broke during setting. This was a grey area since I knew the jeweler can't get coverage for stones he is setting. Anyway, the coverage was relatively inexpensive. In my research with different companies, I have found most to charge $1.50 - $2.00/$100 of replacement value. It can be higher or lower depending on where you live and the value of the stone (I believe stones over $15,000 were automatically in the $2.00 category with most companies). I was thankful that my agent was only charging me $2.00/$100 given that I lost my last ring. Hope this helps!
Detta Poster |
| Posted: 10/23/2003 10:00:00 PM | |
| P: 10/23/2003 10:05:18 PM | |
candide Rough Rock Total Posts: 53 Last Post: 8/17/2007 Member Since: 8/29/2003 |
I would say call a few insurance carriers and just get a quote. Easy enough. It is usually a "separate item" policy. However, if you have renters or homeowners insurance, depending on the plicy. 5,000 may be under the max for jewelry.
I guess I got a good rate, because my quote on 25,000 ring is 22 dollars per month with State Farm in my area. The only other thing I have with them is renter's , at 14 per month.
Jon
|
| Posted: 10/23/2003 10:05:18 PM | |
| P: 10/24/2003 1:36:36 AM | |
asw Rough Rock Total Posts: 5 Last Post: 1/14/2009 Member Since: 10/8/2001 |
I recommend that you look into a company like Jewelers Mutual insurance. Second, as a private carrier, if you have a claim, it will not count against you like it does on a home owners policy or renters policy. My Case: I HAD a policy with a company I will leave unnamed, ( so they can all take the blame as far as I am concerned...they all shared the info on me when one cancelled me and got me black balled so they are to blame in my book), years ago and was encouraged to take the low deductible policy, and paid a higher premium for this. So when I did, and had 2 small claims in few the hundreds and a small fire in the low thousands to replace a heater in the attic that failed, i was cancelled. As it turns out, when they cancelled me and i could not get any liability or comprehensive or theft insurance in the next 3 years but instead was assigned to a state high risk insurance pool for fire only. This was in the state of CA. My point: In as much as the rates are about the same, why risk your liability, comprehensive and fire insurance through a carrier that is going to cancel you when you use it. They wanted my money, just didn't want to pay it out! Adding the jewelry rider adds money to them and more risk of cancelation to you! Finally: I had a customer with a chipped diamond this week that was afraid to use his policy because of that !! I said then why give them the money at all! He wanted me, as a jeweler to replace the chipped stone as If it was my fault they banged it and cleaved it after 6 months. I was able to mitigate the problem and help them go away happy, but if your a jeweler I would be careful about recommending a homeowners policy until they ( the insurance companies) clean up their polices of striking fear and panic into the people they serve. If your a consumer, ask questions up front and ask about how it affects the rest of your polciy and what is their specific policy on cancellation! So we are starting to offer a free one year policy with every sale. the 1.5% - 2% is like a cheap insurance to have a happy customer, peace of mind, a good solid value add, and a good relationship builder. i don't a dime from the company, nor a commission ( i would have to be an agent, but i can pay the premium for the customer! ) My take on this: I think the insurance companies want to cut down on fraud and frivolous claims, i think they need to make it clear UP FRONT what the will do in the case of small claims, and disclose this to the customers. By letting these events spread, they create Urban Legends and put fear into people and keep and pocket the extra premiums. A.S.Wallace |
| Posted: 10/24/2003 1:36:36 AM | |
 Previous Page
|
Next Page 
|
Contact Us | Back Home | Privacy Statement | Forum Agreement | Forum Policies | |
| Ideal BB Version: 0.1.5.4.beta1 | Message forum software powered by the Ideal BB |
| |
Pricescope -
Knowledge -
Diamond Prices -
Tools -
Resources -
About
© 2000-2009 Pricescope. Terms of Use Privacy Policy Disclaimer
forum archives
