shape
carat
color
clarity

Bought Ring - Next Step, Insurance... [Pictures Included]

bobbyboy

Rough_Rock
Joined
Dec 6, 2011
Messages
13
Hey yall,

I bought my ring / setting (I had an old post on here somewhere about it and finally went with it) and now I've got to figure out insuring it.

My question is this: I'm probably going to go with "Perfect Circle" (apparently this is just the new consumer face of Jewler's Mutual?) but I'm not sure what to insure if for. My purchase price was much less than the inflated appraisal price that was included, but when I go through the BlueNile website to the perfect circle link the amount it automatically calculates is more than my purchase price and less than my appraisal price.

The total purchase was just under $5k so I can technically submit my receipt in lui of an appraisal (and in lui of going through the BN website which doesn't require a separate appraisal) but if I search on their site I can't find a similar diamond for anywhere around the price price I paid for mine (all 20% or so more for the most part) so I'm just not sure what value to insure at.

Here are a few pictures of the diamond (not great, just off my iphone -- I apologize...) Took a gamble with the strong blue florescence and really like the effect it gives the ring! She loves the color of sapphires but wanted a diamond so hopefully she will think this is the best of both worlds as well!

Here are the details on the stone (Price: $3500 less 1.5% bank wire discount = $3447.50 - 5% ebates cash back = $3,275.13 net cost)

The dimensions are 6.45 - 6.47 x 4.04 mm

Weight: 1.03 cts
Color: J
Clarity Grade: SI1
Cut Grade: Excellent
Crown %:35.5
Pavilion %:41.0
Depth %:62.5%
Table %:55%
Polish:Excellent
Symmetry:Excellent
Girdle:Medium to Slightly Thick
Culet: None

Finish
Polish: Excellent
Symmetry: Excellent
Fluorescence: Very Strong Blue (this is the effect I wanted)

HCA Results:

Factor Grade
Light Return Very Good
Fire Good
Scintillation Good
Spread Very Good

ring2_5.png

ring1_2.jpg
 

rubybeth

Ideal_Rock
Joined
Nov 12, 2007
Messages
2,568
Re: Bought Ring - Next Step, Insurance... [Pictures Included

I don't exactly remember how it worked when I went to get insurance the first time, but I feel like I got to choose the dollar amount of insurance along with the deductible, and I just included the receipt and appraisal as evidence of what I was asking for in terms of coverage. So, I'm thinking you could insure it for 20% more than you paid so that you'd be covered in case you had to try to replace the diamond. I could be wrong on this, but you could contact JM directly to find out: https://www.jewelersmutual.com/contactus.aspx

I will also add that I've been very pleased with the JM coverage so far. My husband recently had to have his ring cut off due to an injury, and I wasn't sure if that type of damage would be covered so contacted JM about it. I had a reply within 12 hours, and they assured me that if I submitted a claim, it would likely be covered. I got that reply within 24 hours explaining how to get the ring fixed once my husband's hand has healed--it was all very quick and easy. I'm so glad we got his ring insured, too, since gold prices have gone up so sharply.
 

bobbyboy

Rough_Rock
Joined
Dec 6, 2011
Messages
13
Re: Bought Ring - Next Step, Insurance... [Pictures Included

rubybeth|1340645172|3223318 said:
I don't exactly remember how it worked when I went to get insurance the first time, but I feel like I got to choose the dollar amount of insurance along with the deductible, and I just included the receipt and appraisal as evidence of what I was asking for in terms of coverage. So, I'm thinking you could insure it for 20% more than you paid so that you'd be covered in case you had to try to replace the diamond. I could be wrong on this, but you could contact JM directly to find out: https://www.jewelersmutual.com/contactus.aspx

I will also add that I've been very pleased with the JM coverage so far. My husband recently had to have his ring cut off due to an injury, and I wasn't sure if that type of damage would be covered so contacted JM about it. I had a reply within 12 hours, and they assured me that if I submitted a claim, it would likely be covered. I got that reply within 24 hours explaining how to get the ring fixed once my husband's hand has healed--it was all very quick and easy. I'm so glad we got his ring insured, too, since gold prices have gone up so sharply.


Thanks for the reply! I was also debating insuring the much lower cost wedding band that matches (at a cost of about $10 bucks a year) so I will probably go ahead and throw that onto the policy as well for instances such as what you mentioned... I'm glad to hear that their service is as good as their reputation tends to indicate.

I've tried to look around some but every review seems to lead me back to JM / perfect circle... My other consideration is too look at a rider on my homeowners insurance but I've heard mixed things on doing that..
 

rubybeth

Ideal_Rock
Joined
Nov 12, 2007
Messages
2,568
Re: Bought Ring - Next Step, Insurance... [Pictures Included

bobbyboy|1340732095|3223900 said:
rubybeth|1340645172|3223318 said:
I don't exactly remember how it worked when I went to get insurance the first time, but I feel like I got to choose the dollar amount of insurance along with the deductible, and I just included the receipt and appraisal as evidence of what I was asking for in terms of coverage. So, I'm thinking you could insure it for 20% more than you paid so that you'd be covered in case you had to try to replace the diamond. I could be wrong on this, but you could contact JM directly to find out: https://www.jewelersmutual.com/contactus.aspx

I will also add that I've been very pleased with the JM coverage so far. My husband recently had to have his ring cut off due to an injury, and I wasn't sure if that type of damage would be covered so contacted JM about it. I had a reply within 12 hours, and they assured me that if I submitted a claim, it would likely be covered. I got that reply within 24 hours explaining how to get the ring fixed once my husband's hand has healed--it was all very quick and easy. I'm so glad we got his ring insured, too, since gold prices have gone up so sharply.


Thanks for the reply! I was also debating insuring the much lower cost wedding band that matches (at a cost of about $10 bucks a year) so I will probably go ahead and throw that onto the policy as well for instances such as what you mentioned... I'm glad to hear that their service is as good as their reputation tends to indicate.

I've tried to look around some but every review seems to lead me back to JM / perfect circle... My other consideration is too look at a rider on my homeowners insurance but I've heard mixed things on doing that..

I have also read mixed things about a rider to homeowner's insurance. I feel like Jewelers Mutual really understands how emotionally attached people can be to their jewelry, and how replacing damaged/lost items can be really hard--you want to get as close to a replacement or as good of a repair as you possibly can. They let me choose the jeweler we wanted to have fix my husband's ring, they didn't dictate where it had to go, and we can wait until he recovers from his injury to get it fixed (his ring size may change). To lower your cost, you could even choose a deductible like we did. I think ours is $15--which we can pay directly to the jeweler when we get the ring fixed, and JM will pay the jeweler, meaning no paperwork for us!
 

webdiva

Brilliant_Rock
Joined
Feb 20, 2011
Messages
1,268
Re: Bought Ring - Next Step, Insurance... [Pictures Included

JM will replace the exact diamond you have - to your satisfaction. Your homeowner's will choose a diamond for you - using only the basic specs- like a 1.2-ish round diamond in a specific color range. If I spent years looking for my diamond to my exact specs, I'm not letting some schmo at an insurance company pick out something "comparable". :angryfire:
 

Bosie

Shiny_Rock
Joined
Aug 21, 2006
Messages
324
Re: Bought Ring - Next Step, Insurance... [Pictures Included

I bought my wife ER in 2004, insured with State Farm via appraisal from the appriasor.
SF increases the value every year, but the replacement cost is higher than the current value that SF has it listed so I got it reappraised.
I have been told that diamond prices have increased 40% in the last 18 months.
An insurance co will accept the bill of sale or the appraisal, but the appraisal is alwyas higher. I recommend the latter.
 

bobbyboy

Rough_Rock
Joined
Dec 6, 2011
Messages
13
Re: Bought Ring - Next Step, Insurance... [Pictures Included

Bosie|1340766765|3224210 said:
I bought my wife ER in 2004, insured with State Farm via appraisal from the appriasor.
SF increases the value every year, but the replacement cost is higher than the current value that SF has it listed so I got it reappraised.
I have been told that diamond prices have increased 40% in the last 18 months.
An insurance co will accept the bill of sale or the appraisal, but the appraisal is alwyas higher. I recommend the latter.

Thanks everyone for the advice -- I think I'm going to go through BN to buy the JM/PerfectCircle insurance and use the supplied valuation that it auto-fills for me ($5,649) which appears to be pretty accurate for replacement cost (most 'identical' stones appear to run 4100-4600 and the band is $1,100) and that won't require any additional appraisal if I do it directly through BN so I won't have to rely on their inflated $7,500k+ 'feel good' appraisal that came with the ring not will I have to pay the extra $200-$300 to get a real appraisal done.

I like the idea of keeping premiums low and running with just the invoice value of $4,400 but I can't find any stones remotely comparable for the price that would give me and I worry instead of replacing they would just 'cash out' my policy which is allowed under the "What We Pay" section (page 4) of their sample agreement ("We pay the LESSER of: (b) Our cost to repair/replace/rebuild the covered property with material of the same kind and quality, to the extent practicable; OR (c) The coverage amount shown.") so I think the 5600 valuation will give me adequate room to replace without having to worry about them saying "We can't replace your ring for the amount of the policy, you pay the rest", etc.

the fact that I can still search for my exact stock # on BN (I guess they cache sold diamonds, it just says "not available" and no longer lists a price) and do the "find similar search" and end up with the absolute cheapest stone the search returns (which is also smaller and has worse dimensions due to the cut) being $700+ more and most running $1,000 or more makes me feel even better about the stone I purchased -- especially now that I have it and have seen that it is completely eye-clean :)
 

TRIALnERROR

Shiny_Rock
Joined
Jun 7, 2012
Messages
180
Re: Bought Ring - Next Step, Insurance... [Pictures Included

If you qualify for insurance through USAA, I would definitely get a quote as I found their rates considerably cheaper than JM and others. Also, their level of customer service and process for handling claims is exceptional.
 

bobbyboy

Rough_Rock
Joined
Dec 6, 2011
Messages
13
Re: Bought Ring - Next Step, Insurance... [Pictures Included

TrialnError|1340829190|3224617 said:
If you qualify for insurance through USAA, I would definitely get a quote as I found their rates considerably cheaper than JM and others. Also, their level of customer service and process for handling claims is exceptional.

thanks for the tip but I don't think I am eligible. My grandfather is a retired veteran but my parents never had any policies through USAA do it doesn't appear like I would be eligible based on their criteria. I've always heard they have pretty much the best policies for everything (insurance / personal banking / mortgages)
 
Be a part of the community Get 3 HCA Results
Top