Bought my diamond....Now what???

[roundandwhite1]

After about 2 months of research, I finally pulled the trigger. I bought the diamond from JA and the setting should be ready within about a week from a local jeweler. I know the loose diamond is only insured through JA until someone signs to receive delivery.

1. Should I go ahead and get the diamond insured now through Perfect Circle (a Jewelers Mutual company) or wait until I receive the diamond, get an independent appraisal and then get it insured based off of that presumably higher number?

2. I'm also wondering about pricing. Perfect Circle has a "deal" through JA that spit out an annual premium of $226 for insurance on my $11K diamond. Is this a good price?

3. Last question, I promise...Do most people get the entire e-ring insured together (setting and diamond), or typically just the diamond?


Thanks for everyone's help!

 

[DelsFan]

Wow, I was just searching PriceScope for alternate insurance companies to Perfect Circle/Jewelers' Mutual. I too got an "auto-quote" for my (fiancee's) ring (that is just coming out of CAD drawing phase); from what I read the insurance company automatically adds 30% to one's actual cost but a person can insure their ring for their invoiced cost by jumping through a couple of hoops...

Anyway, is there a good insurance alternative or should we just use JM and move onto other (wedding related) chores?

 

[AprilBaby]

Jewelers mutual will take the sales receipt/ appraisal from JA for the complete ring. I just insured my WF earrings this morning. Send them the receipt and the GIA/AGS lab report by uploading the photos on the website. Easy as pie!

 

[iluvshinythings]

Unless it was a very inexpensive setting, I'd insure the whole ring.

 

[denverappraiser]

I don't think you have a choice. You MUST insure the whole thing. JM will bind a policy on a piece that still requires assembly but it's still basically on the whole ring. They won't insure an unmounted diamond (nor will anyone else that I'm aware of)