$600 for insurance on a ring??

[clyparkr]

So I purchased a engagement ring and I''m looking into insurance for it before I pick it up.

I was quoted $600 for it by my current allstate insurance agency here in NYC.

The ring was appraised for $23,500.

I''m just wondering if $600 for the year is a decent price or if anyone can recommend someone i could go with...

Also does anyone have any idea if I can purchase insurance through allstate for the ring...then lets say a month from now drop them and go wiht someone else... haha kinda need the insurance ASAP since im picking up the ring in a few days... pics to follow

 

[NewEnglandLady]

Wow, I realize that NYC is higher, but my ring is insured for $23 or $24K through JM and is less than half of that. And I live in Boston.

Is your current homeowners insurance through allstate? I''m not sure if you can add items for only a month, I''d just call and find out.

 

[surfgirl]

First of all, please do a search on insurance because there are way too many threads on this and if you do a search, we dont have to repeat it all.

1. You say your ring was "appraised" for a certain amount. I''m wondering what you paid for it because there is no point in paying insurance on an oft-over inflated appraisal. A lot of appraisers inflate their appraisals, why, I dont know. They like people to think they got a deal or something. Is the appraisal from an independent appraiser or the store you got it from? If it''s not from an independent appraiser, then you should get it re-appraised from someone independent.

2. As for prices, that''s about right for the amount you''re saying. Certain markets have higher insurance rates depending on crime rates, etc. NYC, LA and SoCal all have higher rates than, say, Tuskaloosa, AL...

 

[TravelingGal]

Our rate here in Los Angeles is double (or triple) on what I found for other parts of the country. It''s awful.

I pay a $200 and something to insure $6500 through chubb.

 

[clyparkr]

SurfGirl - Thanks for all the info... i should have totally done a search first... sorry

Yea I think I might get another appraisal and see if I can get something a little closer to what I actually paid for it.

thanks for all the help guys and gals.

 

[denverappraiser]

NYC is the most expensive market in the country for insurance. If you would consider moving to Fargo ND,, you’ll find significantly better rates. As an alternative, shop around with some of the other insurance companies. I think you’ll find them all to be high there but some will be lower than others.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Jewelry Appraisals in Denver

 

[lyra]

I live in Canada and that figure is not out of line according to what I pay for insurance. It''s a little bit higher than what I''d pay for the same, about $100/year more. I live in a high insurance area as well.

 

[Skippy123]

Date: 11/5/2007 3:20:25 PM
Author:clyparkr
So I purchased a engagement ring and I''m looking into insurance for it before I pick it up.

I was quoted $600 for it by my current allstate insurance agency here in NYC.

The ring was appraised for $23,500.

I''m just wondering if $600 for the year is a decent price or if anyone can recommend someone i could go with...

Also does anyone have any idea if I can purchase insurance through allstate for the ring...then lets say a month from now drop them and go wiht someone else... haha kinda need the insurance ASAP since im picking up the ring in a few days... pics to follow

That might be a good price; I would call around.

 

[Richard Sherwood]

It''s about 25% over the national average, but thats about what you''d expect for NYC, which has at least 25% more crime than the average city.

 

[surfgirl]

Date: 11/6/2007 12:09:35 AM
Author: Richard Sherwood
It''s about 25% over the national average, but thats about what you''d expect for NYC, which has at least 25% more crime than the average city.

Richard, why do I always read your posts and in my head, hear the voice of comedian Lewis Black saying your words?

 

[stebbo]

Date: 11/5/2007 3:20:25 PM
Author:clyparkr
So I purchased a engagement ring and I'm looking into insurance for it before I pick it up.

I was quoted $600 for it by my current allstate insurance agency here in NYC.

The ring was appraised for $23,500.

I'm just wondering if $600 for the year is a decent price or if anyone can recommend someone i could go with...

Jeweler Mutual will charge you 2% in NYC = $470. You can also drop that down by electing to pay a deductible (eg $500 deductible will take you down to about $400), then drop up to another 5% depending on your house alarm.

It's also worth getting the diamond Gemprinted (it can be done mounted). It'll cost around $50 but will knock 10% of the Allstate premium and 5% off JM's.

 

[tanuki]

I live in a suburb of Atlanta and insured for $18,000 at a cost of $20 per month - which comes out to $240 per year - the insurance was thru my homeowners policy.

One difference in NYC is that you are more likely to be out wearing it walking around in public and people tend to use public transportation more which brings you into contact with more people you don''t know who may be potential thieves. Anywhere you go there is a potential for a mugger to relieve you of your jewelry in a matter of less than a minute. Insuring a ring you wear every day isn''t the same as insuring it for an exact location so it makes sense that the price would be higher in the city than the suburbs.

 

[Quash]

I was talking to an insurance broker today regarding getting insurance at Chubb next week for an engagement ring. I''m in Toronto. She also noted I''d save with a home alarm; thought she said 10% but can''t remember.

She said that current industry standard is about $1.80 - $1.90 per $100 for jewelry. So, that may help you a bit, even though some markets will be a bit less or more than this.

I''m going with Chubb because they pay agreed value based on the appraisal, pay out in cash if you want and have an automatic 150% increase above your appraisal if diamonds and metals increase in the market. I assume the last item is of limited value as the appraised value is always above the actual cost. But, I''m going with Chubb because I know that they don''t tend to try to short change clients on the policies if there is a loss and don''t tend to drag out claims.

A close friend of mine who was a claims manager at Chubb noted that for their home insurance they also don''t play games with clients.

 

[w143]

You can get a quick quote at JM website:
http://www.jewelersmutual.com/Custom.aspx?custom=CalculatePremium

 

[Richard Sherwood]

Date: 11/6/2007 1:50:42 AM
Author: surfgirl

Date: 11/6/2007 12:09:35 AM

Author: Richard Sherwood

It's about 25% over the national average, but thats about what you'd expect for NYC, which has at least 25% more crime than the average city.

Richard, why do I always read your posts and in my head, hear the voice of comedian Lewis Black saying your words?

Lewis gets most his material from me.

 

[Skippy123]

Date: 11/8/2007 9:32:11 PM
Author: Richard Sherwood


Lewis gets most his material from me.

Richard, btw your post above and Denverappraisers link to Fargo, ND this is what I look like reading this thread.