Did you Insure your ring?

[Jessie702]

Hi, i have had my E Ring since christmas, and have been trying to decide if i should get it insured or not. So my question is, how many of you got your Ering, or WB, or any jewerly insured, and do you think its worth the cost, and if you can to share, how much did it cost you?

 

[vintagelover229]

Hey Jessie!
It's all relative to the cost of the ring for insuring purposes. May I ask how much your ring was? (another thing to consider is you bought your ring right before the last couple price increases so the cost to replace it has increased so you probably want to get an appraisal done or have the jeweler you bought it from give you an updated estimate if they do that). We are insuring my ring for ~20k (which is more than what we paid but it is what its value is bc its an estate piece) and here in Canada through Jewelers Mutual we are paying ~300.00 per yr to insure my ring. If you can't afford to replace your ring if it was lost it's best to insure it. You can pay in installments to the insurance company (monthly, two payments or all at once) so there are many options.

I would have to have the stone lost/ring stolen or something else happen and you not be able to replace the ring


Chubbs and Jewelers mutual are the two that I recommend for insuring jewelry. However I don't have my other jewelery insured (although I will after we take everything in to get appraised) because there is no way I could replace any of my pieces at this moment in time if something were to happen

 

[diamondringlover]

My e-ring and 5 stone are insured, I waited 20 years to get a decent diamond, so I cant afford to easily replace them, so they are insured!

 

[Jessie702]

Thanks so much for the replies. I honestly do not know how much it cost, and i guess step one would be finding out. For peace of mind, 300 is worth it, if something ever happens to my ring. I would be devasted. Thank you so much, im going to check up on this, so i know, and it might be what i take care of next week.

 

[clgwli]

My yellow diamond ring is insured as is a pair of my diamond hoops. I usually have a thing where if they are valued at about $1000 or more I insure them. That's kind of my comfort zone. Much less than that and I can usually easily replace w/o worry. I'm resetting my yellow diamond and am getting another diamond band along with it, so I will insure both.

My plain gold band that will match the yellow diamond won't be insured because we could easily replace that one financially at least.

Where I live for every $1K that your jewelry is worth, I pay $10/yr. Pretty cheap IMO for peace of mind.

 

[NewEnglandLady]

I used to insure my e-ring and wedding band, but no longer do. I think my premium used to be a few hundred bucks per year for ~$20K in insurance.

For me, the lack of insurance is because my e-ring is too sentimental to replace. If I lost it, I wouldn't want to replace it, so there was no point in carrying the insurance.

 

[NOYFB]

My e-ring and eternity band are insured with Jewelers Mutual. They are insured for the cost I paid for the rings. I feel comfortable having the insurance because I know that if anything were to ever happen I could have my rings replaced. I think I pay $150-ish a year for the coverage. It's worth it to me.

 

[diamondseeker2006]

Unless the ring is not very expensive or you have no problem with paying the cash to replace it, then you need insurance. I only insure my e-ring and studs and will probably add an expensive watch I just got because these are things I wear a lot and have the most chance of being lost or damaged. I have other items that it would be painful to lose, but I am willing to take the risk with them.

 

[Dancing Fire]

nope,can't afford the $220 per $10K coverage premium...

 

[rosetta]

I insure both my e rings for a total of $50,000 as I wear them a lot.

I don't insure about $10000 worth of jewellery I wear regularly as I paid much less for it.

I have more jewellery in the bank that I only wear occasionally at big events that aren't insured.

It's a calculated risk!

 

[jsb15]

I would definitely insure your e-ring. My wife lost her stone after 22 years when two prongs broke and I'm glad I had the policy. The two things I learned were to make sure the cut characteristics are on your appraisal and to insure for real replacement cost (what you paid). My appraisal only had carat, clarity and color and the insurer wanted to give me an allowance for a G-VG cut because that was not specified. Based on the quality of my other insured items I eventually convinced them to replace for an AGS 000. Also, they couldn't care less that my appraisal was for 15-20% more than replacement cost. I paid that additional premium for years for nothing and if I hadn't been persistent at getting the better quality stone, they would have replaced for 60% of the appraisal amount.

 

[ked123]

I pay a little over $600/year for $40K worth of coverage through Jeweler's Mutual. It seems high to me, but I was quoted just about the same price to put the jewelry on a rider through my homeowner's insurance.

 

[hoofbeats95]

I have my ering and wedding band insured through Touchstone. I couldn't afford to replace if anything happened. Mine are insured higher than what I paid because I bought just before the price increases and I already can't replace for the price I paid. Insurance is based on where you live. You can get a quote easily enough. Peace of mind is worth it to me, and I'm assuming since you asked the question, you'd like peace of mind too

 

[septembergirl]

I have my ering and wedding band insured through Touchstone. I couldn't afford to replace if anything happened. Mine are insured higher than what I paid because I bought just before the price increases and I already can't replace for the price I paid. Insurance is based on where you live. You can get a quote easily enough. Peace of mind is worth it to me, and I'm assuming since you asked the question, you'd like peace of mind too

Mine are insured through Touchstone too. My DH and I were just talking about my ring set last night and he said that he wouldn't think twice about insuring it.

 

[Dreamer_D]

I have a policy with JM for my e-ring only. I have about $15k coverage for $185 per annum with a $500 deductible (Canadian funds, may be different in the US).

The deductible really decreases the cost. Insurance covers not only loss of the ring itself, but damage to the setting etc. Since most damage is under $500 or $1000, most claims are in that range, making a policy with no deductible that will covers repairs in that price range riskier to the insurer in terms of the probability of paying out a claim, and thus no deductible insurance is more expensive. If you choose a deductible that means you will not make claims under the $500 price point, then the insurer can offer a lower premium because it is less likely you will be making a claim. So my suggestion is to have a deductible and save yourself a hefty chunk of insurance change over the years.