Curious - What is the average difference b/w purchace price and appraisal?

[trevor9606]

I bought an engagement ring from GOG and they did an appraisal of the ring, I was planning on an independent appraisal after I propose just for peace of mind ( I know GOG is highly reputable and I am not worried, just covering all my bases).

Is there a set amount above purchase price that I should hope an appraisal will be?

The price that GOG gave on their appraisal was surprising....in a very good way!

Just curious as to what I should have expected.


I don''t know if people usually talk numbers openly in these cases thats why I''m being kind of wordy here.

 

[neatfreak]

Appraisals are often greatly inflated. Sometimes as much as 2x or more...

Basically you want to insure for the purchase price and make sure that you reevaluate as prices go up to ensure that you have the same coverage. An insurance payout will only pay the amount it ACTUALLY COSTS TO REPLACE usually. So usually you pay extra premiums and don''t get much benefit.

 

[trevor9606]

wow... 2x or more than the purchase price!? that seems ridiculous to me...

 

[JerseyWoman]

My insurance will pay the appraisal cost in cash, not replacement. The cost is $13 per thousand. I am paying a little higher in premium but it is worth it to me.

 

[TopSecret]

Date: 4/1/2008 11:21:33 AM
Author: JerseyWoman
My insurance will pay the appraisal cost in cash, not replacement. The cost is $13 per thousand. I am paying a little higher in premium but it is worth it to me.

cool. what company are you insured through?

 

[eaglesgal]

The jeweler where my BF bought my ring also gave an appraisal of the ring...it was 50% more than the purchase price. I laughed when I saw it, to be quite honest. They are selling jewelry that is worth 50% more than people pay? There should be a line out the door!

Needless to say, the ring will be appraised by an independent source.

 

[JerseyWoman]

Merrimack Mutual - Maybe a New England Company?