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Engagement ring insurance Canada

knight

Rough_Rock
Joined
Sep 5, 2013
Messages
20
Hi all,

I am with perfect circle in Canada, ring was appraised at 17k from Brian Gavin, I've been with perfect circle for a couple of years.

My premiums went from 260 to 360 this year.... when I inquired, they said its because they have had too many policies paid out in Canada recently...


What other Canadian options do I have ? I only have 10 days to make this decision as my policy renews early Sept.


any help is appreciated?
 

breanne

Shiny_Rock
Joined
Jun 7, 2016
Messages
188
First question, is 17k the retail replacement value? My appraisal was 25k for retail replacement value, but I knew the insurance company would never pay that, so I asked the appraiser to provide what it realistically would be replaced for, which was 11k.

I use jewellers mutual, I'm in Canada.
 

Fulvia

Shiny_Rock
Joined
Dec 15, 2015
Messages
246
Jewelers Mutual!

P.S. Your insurance company's answer is just about the stupidest thing I have ever heard.
 

knight

Rough_Rock
Joined
Sep 5, 2013
Messages
20
breanne|1471983682|4069153 said:
First question, is 17k the retail replacement value? My appraisal was 25k for retail replacement value, but I knew the insurance company would never pay that, so I asked the appraiser to provide what it realistically would be replaced for, which was 11k.

I use jewellers mutual, I'm in Canada.

yes perfect circle is Jewelers mutual. the Appraisal was done at Knar jewelry. I understood that the insurance company will pay whatever it you are paying for in premiums.

This year they have increased the premiums ...you should notice it too
 

RaiKai

Brilliant_Rock
Joined
Mar 8, 2010
Messages
1,255
knight|1471984294|4069163 said:
breanne|1471983682|4069153 said:
First question, is 17k the retail replacement value? My appraisal was 25k for retail replacement value, but I knew the insurance company would never pay that, so I asked the appraiser to provide what it realistically would be replaced for, which was 11k.

I use jewellers mutual, I'm in Canada.

yes perfect circle is Jewelers mutual. the Appraisal was done at Knar jewelry. I understood that the insurance company will pay whatever it you are paying for in premiums.

This year they have increased the premiums ...you should notice it too
No, the bolded is not accurate. Perfect Circle/JM will pay what it takes to replace with similar and like quality (from a jeweler of your choosing). They don't just hand over a cheque for your maximum coverage (that would be a bad way to minimize fraudulent claims), and if it costs far less than the insured value to replace, then the extra you paid for premiums was a waste. This is why it is very important to get a realistic appraisal based on replacement value.

I am in Canada and use Jeweler's Mutual. My premiums did not increase this year from what I saw, but this may be highly dependent on your location as well as premiums depend on location. It looks like your premiums are already quite a bit higher than mine before your increase - I pay roughly a little over $1 per $100 in coverage.
 

breanne

Shiny_Rock
Joined
Jun 7, 2016
Messages
188
Nope. As raikai explained, you'll get the replacement value, not the retail value, which is muchhhhhh less. My ring as mentioned was appraised at 25k retail, but should anything happen to it, the insurance company will find a replacement for much less, so it's important to get the replacement appraisal, and pay the premium on that amount. Even though you can choose who you work with for replacement, it doesn't mean it'll cost what the appraiser said it would, so you've been overpaying your premium for nothing.
 

Bron357

Ideal_Rock
Premium
Joined
Jan 22, 2014
Messages
4,704
Yes, I worked in insurance for many years. Make sure your valuation is for market replacement not retail replacement and that your diamond is completely specified. Insurance companies will rarely pay out $$ they will replace like with like so that's why your valuation must be very specific. And as you pay premiums on the sum insured make sure it's market replacement ie the realistic $12,000 value not the $20,000 "over generous so you feel pleased" retail replacement price because in the event of loss I can assure the insurer will be screwing the supplier down to $10,00 to replace your lost ring.
 

knight

Rough_Rock
Joined
Sep 5, 2013
Messages
20
Pretty confident that when I asked the gemologist for the appraisal she said it was what it would actually cost to replace the ring.

I think 100 dollars extra is excessive from jeweler mutual.. and as such I want to look around


does any other company do this in Canada?
 

breanne

Shiny_Rock
Joined
Jun 7, 2016
Messages
188
Well, you'd know based on how much you paid for it, if your appraisal was 10k more for example, then no, that's not the replacement value, that's retail. I'd perhaps get a reappraisal and request specifically to have all the details of the diamond documented, the details that make it important to you, and what you'd need to see again should anything happen to the current. Then, see what the replacement value really is, that in and of itself may save you this additional premium you've encountered. I believe JM's premiums are generally 1.5%, I doubt there's much better in Canada, I wouldn't go through any other insurance as their speciality may not be that of diamonds/rings etc.
 
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