Best Place for Insurance?

[anon34985]

Hi,

I am wanting to insure my ring and I am wondering where you guys have had the best experience, I've done a bit of research but can't seem to come up with what I am looking for!

Would you insure it for the purchase price or the appraised price? I notice that most of the insurance companies say they will get you back to where you started, so if I were to insure it for the appraised price, and had to buy the exact same diamond (spec wise) what would happen to the extra $$? (It's almost 7k)

Do any companies pay out and let you shop around, or do you have to purchase basically the exact same diamond? With the appraised price I could nearly purchase two rings. (And I would want to be smarter if I ever had to use it, IE, buying a second hand diamond, etc.)

Thanks for any advice!

 

[OoohShiny]

A proper appraisal should reflect the realistic cost to buy it again, not some imaginary inflated figure seemingly plucked out of thin air - the latter just means you pay inflated premiums and if/when you need to claim, the insurance company is likely to still only pay out the minimum cost to acquire a similar spec stone in the open market.

If you are buying a 'brand' stone, it is important to provide the documentary evidence to the insurers so that they know (and cannot wriggle out of) providing another branded stone, rather than some generic (terrible) GIA XXX steep/deep thing.

I think Jewellers Mutual is the only(?) company that provides cash-out policies now. Do a search for 'Jewllers Mutual' or 'Insurance' on the forum and a few threads should come up.

 

[anon34985]

Thank you!! Unfortunately- I have one of those GIA XXX not so excellent stones, as it was purchased before I learned all of this great info available here on pricescope! Lesson learned, however, it is still a valuable item, and I would like to have in insured.. and in the case I ever need to replace it, I will do much for research to get the best stone I can while still not in the "super ideal" category, as i'm sure even if I purchased the higher premium it sounds like they would only give what it costs to replace with a like stone... appraised value is seeming like a bit of a joke!

 

[OoohShiny]

An accurate appraisal is useful. An inflated appraisal less so lol

You could contact one of the PS-recommended appraisers - I think there is a list under one of the tabs at the top of the forum, or you could seek out posts by oldminer or Denver Appraiser and click through to their contact details