I''m planning on replacing my wife''s engagement ring and wedding band insurance (we currently used SF and I realized that I don''t like the terms).
I did some research on Chubb''s around here and see that many people like it b/c of the cash payout. I called up an independent broker who could sell me a policy through Chubb''s. Their price was quite high, about $1,000/year vs. the $650/year I''m currently paying (total insured is about $50k). I still was thinking that the price increase would possibly be worth it due to getting the cash and being able to work with who I want.
Today I called Geico for a quote (it would be through Travellers) and to find out how they handled a claim. The rep told me that if you submit a claim you have the choice of getting a replacement or getting the cash value. We spoke about this for a while and she said that while it isn''t usually advertised for obvious reasons, you have every right to get the cash value if you want it (assuming total loss). The one caveat is I do need to have my homeowners through them, but this isn''t a big deal as their quote was cheaper than what I''m currently paying so I''ll probably move it there as well. The jewelry quote was, $646/yr for 0 ded and $546/yr for $500 ded.
This is significantly lower than with Chubb''s for what seems to be the same coverage. I was wondering if anyone around here has experience that the Geico/Travellers isn''t all that she made it out to be. Have people received cash value from Travellers for total loss? Any thoughts would be helpful.
Thanks.
I did some research on Chubb''s around here and see that many people like it b/c of the cash payout. I called up an independent broker who could sell me a policy through Chubb''s. Their price was quite high, about $1,000/year vs. the $650/year I''m currently paying (total insured is about $50k). I still was thinking that the price increase would possibly be worth it due to getting the cash and being able to work with who I want.
Today I called Geico for a quote (it would be through Travellers) and to find out how they handled a claim. The rep told me that if you submit a claim you have the choice of getting a replacement or getting the cash value. We spoke about this for a while and she said that while it isn''t usually advertised for obvious reasons, you have every right to get the cash value if you want it (assuming total loss). The one caveat is I do need to have my homeowners through them, but this isn''t a big deal as their quote was cheaper than what I''m currently paying so I''ll probably move it there as well. The jewelry quote was, $646/yr for 0 ded and $546/yr for $500 ded.
This is significantly lower than with Chubb''s for what seems to be the same coverage. I was wondering if anyone around here has experience that the Geico/Travellers isn''t all that she made it out to be. Have people received cash value from Travellers for total loss? Any thoughts would be helpful.
Thanks.