Do you have Jewelers Mutual Insurance coverage? Are they truly hassle free?

[Gadabout44]

Hello, I've just gotten off the phone with Jewelers Mutual. Jewelers Mutual provides coverage on jewelry for Theft, Loss, International loss as well, and mysterious disappearance (such as if you were to place a ring in a baggage and lose the ring).

This seems all too good to me. My annual premium with zero deductible is $157 (based on my zip code). The ring I had purchased cost me $10,455. If a company is so lenient on coverage, how does it prevent any fraudulent claims? They must be bombarded with fraudulent claims all the time. Which makes me believe that they are really strict on the loss claims

Which leads me to a concern, I do plan on getting coverage from them for my SO's ring. But I fear if (knocks on wood) my SO loses her ring, how much of a hassle will it be for me to process a successful claim with Jewelers Mutual? I guess this is a question for people who has processed a claim with Jewelers Mutual in the past. Is it really as simple as filing a claim, paying the deductible (if any), and purchasing a new ring. No hidden fees and what not.?

 

[sledge]

No experience w/ them. But had total losses with autos in the past. Quality insurance providers still make you jump through hoops and go through the red tape. To think there won't be something similar would be a little naive.

However, I suspect it's a reasonable process or they wouldn't be in business. FYI, for all insurance products offered, there is a really smart nerd (called a statistician) with glorified spreadsheets and calculations coming out their ying yang that says the insurance company can make $X profit by selling you the lower dollar annual policy you want to purchase.

I'm not saying it's a bad deal for you, but the insurance company is staying profitable and has employed resources to ensure their profitability, or they wouldn't be in business and offering their services.

 

[skypie]

I have JM and haven't had to file a claim so I can't speak to that experience.

If you suspect that it seems too easy to be true I suggest you try signing up for GemSafe coverage. It was so excruciatingly difficult to the point that I gave up trying to get coverage. Perhaps having to jump through all those hoops will give you more piece of mind!

JK (but only sorta)

 

[Gadabout44]

I have JM and haven't had to file a claim so I can't speak to that experience.

If you suspect that it seems too easy to be true I suggest you try signing up for GemSafe coverage. It was so excruciatingly difficult to the point that I gave up trying to get coverage. Perhaps having to jump through all those hoops will give you more piece of mind!

JK (but only sorta)

Well, I just want to make sure that if anything happens to the ring, my insurance provider will cover it without trying to battle with them. As Sledge has stated, with such a low premium I cant imagine them being in business. Using the numbers I was quoted on at $157 a year for a $10,455 ring; it would take Jewelers Mutual over 66 years to break even. That just seems like a business bound to suffer in losses which is why I am suspicious

PS excuse the typo above. I keep spelling "lost" and "loss"

 

[skypie]

I understand. Hopefully someone who has had to file a claim can chime in.

But as sledge mentioned, insurers (or more precisely, their actuaries) have done the math to figure out loss rates and rest assured they have factored that into your premium.

Well, I just want to make sure that if anything happens to the ring, my insurance provider will cover it without trying to battle with them. As Sledge has stated, with such a low premium I cant imagine them being in business. Using the numbers I was quoted on at $157 a year for a $10,455 ring; it would take Jewelers Mutual over 66 years to break even. That just seems like a business bound to suffer in losses which is why I am suspicious

PS excuse the typo above. I keep spelling "lost" and "loss"

 

[Gadabout44]

I understand. Hopefully someone who has had to file a claim can chime in.

But as sledge mentioned, insurers (or more precisely, their actuaries) have done the math to figure out loss rates and rest assured they have factored that into your premium.

Ahh you're right. I missed that. Oh and no thanks to GemSafe, thank you for the suggestion though

 

[rockysalamander]

I filed a claim for mysterious loss overseas. My ring must have grown legs and walked out the room door while I was in the shower. Easy-peasy and they even took the police report from the island authorities which was written in French, hand-written and "my" copy was the carbon. Total value was ~$8000, 3 years ago. They did not drop me and I still insure all my gems with them. They are not the least expensive, but I've had good luck so far.

 

[skypie]

It is worth noting that many pieces of jewelry have a lot of sentimental value (e.g. e-rings and wedding rings) and people are more likely to be careful with them as to not lose them, even if they are insured. Thus, loss rates are probably lower for jewelry than other types of property.

I would also note that I suspect the majority of jewelry insured is worn by women, who as a man, I know to be the more prudent sex!

 

[Yimmers]

Well, I just want to make sure that if anything happens to the ring, my insurance provider will cover it without trying to battle with them. As Sledge has stated, with such a low premium I cant imagine them being in business. Using the numbers I was quoted on at $157 a year for a $10,455 ring; it would take Jewelers Mutual over 66 years to break even. That just seems like a business bound to suffer in losses which is why I am suspicious

PS excuse the typo above. I keep spelling "lost" and "loss"

I've recently commented about my experience with JM on a different thread. Yes, it is easy. I suspect most people do not make claims, so, covering the loss is not a bank breaker.

I have a fairly low deductible. I had lost my wedding set in my house. Couldn't find it. They made me submit a statement both from me and another witness attesting, under penalty of perjury, that the rings were truly lost. I also had to submit a loss report with my local police and provide a copy to them.

They decided really fast, and then worked with my selected jeweler for a replacement. They cut a check to the jeweler, and I used the funds for the new ring. I haven't noticed any appreciable increase in my policy rates.

 

[Texas Leaguer]

I have experience with them going back almost 20 years. I know of very few cases where claims were not handled in an expedited manner and where customers were not really happy with their decision to get JM coverage.
Having said that, on larger claims they will definitely investigate. Most people understand that insurance fraud is a serious criminal offense so attempts are not that common.
It's always good to understand any insurance policy clearly, including any limits or exclusions. If you have any question about circumstances that might or might not be covered, just give them a call. They are very personable and easy to deal with. They are also specialists in personal jewelry coverage, so they have an intimate knowledge of the products and services involved.