Anyone have experience with Allstate insurance?

[Upside Down Man]

Hi everyone,

I have renter's and auto insurance through Allstate. I recently scheduled the diamond engagement ring I purchased for an extra $174 per year. After reading some recent threads, I looked into the policy and saw that they have "like kind or quality" language. So I called Allstate and asked someone there (she wouldn't even put me on the phone with my agent) if I something happens to the ring if they will cut me a check for the appriasal amount.

She says "yes, of course. We'll write you a check for the appriasal value."
Me: "But what about the part of the policy which says you'll replace it with 'like kind or quality'?"
Her: "Um, hold on."
[Time goes by...]
Her: "Yeah, we'll replace it for like kind or quality."
Me: "So doesn't that depend on how detailed the appraisal description is?"
Her: "Um, hold on."
[Time goes by...]
Her: "Yes it does."
Me: "What happened to just a moment ago when you said Allstate would just write me a check?"
Her: "Hold on."

This woman had no idea what she was talking about. Does anyone have experience with filing a claim with Allstate? Should I stick with them? Or should I look into Chubb, which will be a higher premium?

Thanks.

 

[Regular Guy]

There ought to be a law.

Date: 10/30/2006 3:35:09 PM
Author:Upside Down Man

Should I stick with them? Or should I look into Chubb, which will be a higher premium?

My guess:

1) Do you particularly want to be cashed out?
2) Do you especially value ease of the transaction, if needed because of a loss (which may not happen, we hope), etc. vs the lower monthly premium?
3) Does your agent have chapped hands?

Also, consider making your agent do the legwork you''re asking HQ to do for you. Chances are, their answer may be better. But if you get it from your local guy, seems to me, he''d stand by you, if a loss does ensue. Also, if you get it in writing, even if he''s not there, it may stick better. Likewise, as any appraiser (regardless of vested interest) will tell you, if going for like kind, it stands to reason that a well documented appraisal will help you get that. But, if you want choices at the time of a loss, Chubb stands to get you more.

But really, there ought to be a law!

 

[mrssalvo]

I had Allstate and had a claim and they were great. They do try to replace with like kind first and if they can''t they will cash out at the price they could replace your stone for, usually less than what you could replace it for b/c of the connections they have with certain chosen vendors. Anyway, my advice would be to include a very detailed appraiser, photos, idealscope images etc. which will make it harder for them to replace. If they can, great, you get a diamond of equal quality, if not they will probably cash you out. another pricescoper, Laney also has/had allstate and purchased her stone from GOG. The appraisal was so detailed they tried to find equal stones and couldn''t find anything acceptable to her so they cashed her out as well. I had my check from them in about a week from filing my claim. If you really would prefer a cash out policy then it might be worth looking into Chubb but it will usually cost more for that type of policy.

 

[Upside Down Man]

Thanks! My problem is my appraisal was not descriptive at all. Just listed the color, clarity, carat weight of the diamond and total weight of the ring. The cost of getting another, more detailed appraisal will be more than simply upgrading to Chubb. I had no idea insurance could be so complicated!!

 

[Modified Brilliant]

Hey Upside Down Man,

Don''t despair....incomplete appraisals or limited information appraisals are unfortunately very common.
You may want to consider a new appraisal by an independent gemologist/ appraiser who will provide you with a
more descriptive and comprehensive appraisal with photos. The more information, the better.

www.metrojewelryappraisers.com

 

[Stone Hunter]

Date: 10/30/2006 5:32:19 PM
Author: Upside Down Man
Thanks! My problem is my appraisal was not descriptive at all. Just listed the color, clarity, carat weight of the diamond and total weight of the ring. The cost of getting another, more detailed appraisal will be more than simply upgrading to Chubb. I had no idea insurance could be so complicated!!

A detailed appraisal may cost you a little now but not as much as years of Chubb will. Call and get a quote. Chubb is quite a bit higher in some areas.

Then just do the math. And of course go by your comfort level.

 

[Upside Down Man]

It turns out Chubb is only $60 more per year than Allstate in my area. Seeing as how an upgraded appraisal will run me $150-$200, it looks like Chubb might be the way to go? With the cash out option and the not having to deal with "like kind and quality" BS I think the $60 per year is worth it. (we're talking $5 a month...)

At the end of the day, I spent weeks and months hunting down my own jeweler to get the perfect stone. I don't want to get "stuck" with a jeweler that Allstate chose just because that jeweler can get Allstate a good deal on a stone that is "of like kind and quality" (whatever that means).

It sounds like I've already made up my mind

 

[RockDoc]

Date: 10/31/2006 12:27:01 AM
Author: Upside Down Man
It turns out Chubb is only $60 more per year than Allstate in my area. Seeing as how an upgraded appraisal will run me $150-$200, it looks like Chubb might be the way to go? With the cash out option and the not having to deal with ''like kind and quality'' BS I think the $60 per year is worth it. (we''re talking $5 a month...)

At the end of the day, I spent weeks and months hunting down my own jeweler to get the perfect stone. I don''t want to get ''stuck'' with a jeweler that Allstate chose just because that jeweler can get Allstate a good deal on a stone that is ''of like kind and quality'' (whatever that means).

It sounds like I''ve already made up my mind

Now consider that Allstate would never pay more than the amount you insured it for, and that Chubb will pay up to 150%, if it would cost you more than you insured it for at a replacing jeweler of YOUR choice.

Add the 1/3rd more to the Allstate premium, and you''ll see Chubb''s rates aren''t really that much more.

Rockdoc

 

[Upside Down Man]

I am now officially covered by Chubb.

Cost difference between Allstate and Chubb: $60/year
Cost of peace of mind: priceless.

 

[gsquare]

I have insurance for my 1.74 carat RB VS2 H AGS000 through Allstate. When I insured it I gave them copies of my appraisal from Rich Sherwood in Sarasota and a copy of the AGS certificate. I told them if I ever had to file a claim that these would be the documents I would use to base my replacement request. They told me that with such specific documentation that they would never be able to replace the diamond and they would just write me a check for the insured amount. I insured it for $20,000 and the cost was $306 per year. Between Rich''s appraisal and the papers from GOG I think I would have a pretty tight case. This thing has more papers than anything I own. The Chubb insurance does sound pretty nice. I''m just surprised that they don''t require more specific documention to underwrite a policy. It''s like getting life insurance and having the company just accept your next door neighbor''s word that you are in great health rather than requiring a physical and labwork. You would think they would pay out a lot of claims based on inflated appraisals if they don''t have the replacement option.