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Guide to insurance after making an e-ring purchase?

DiamondDense

Shiny_Rock
Joined
Nov 1, 2016
Messages
172
Haven't seen it talked about all that much on here and not really sure how it works

I imagine you get the stone and setting appraised by your jeweler and go from there but not sure which insurer is best or what else there is to know
 

MissGotRocks

Super_Ideal_Rock
Premium
Joined
Jun 23, 2005
Messages
12,219
You can also use your receipt and insure it for the amount paid. Make sure you furnish the insurance company with the cert if it is certified by AGS or GIA. You want to give them as much detail as you can especially if you are going with a company that will replace 'with like kind'.

Appraisals sometimes give a huge inflated value to the ring resulting in much higher premiums than necessary. You want enough insurance to be able to replace the ring but not so much that you are paying in excess of reasonable. Always revisit your insured amount every so often to make sure the ring is adequately insured. Diamond prices do fluctuate from time to time.
 

DiamondDense

Shiny_Rock
Joined
Nov 1, 2016
Messages
172
MissGotRocks|1482022805|4108059 said:
You can also use your receipt and insure it for the amount paid. Make sure you furnish the insurance company with the cert if it is certified by AGS or GIA. You want to give them as much detail as you can especially if you are going with a company that will replace 'with like kind'.

Appraisals sometimes give a huge inflated value to the ring resulting in much higher premiums than necessary. You want enough insurance to be able to replace the ring but not so much that you are paying in excess of reasonable. Always revisit your insured amount every so often to make sure the ring is adequately insured. Diamond prices do fluctuate from time to time.
do i do this as soon as i get it?
 

AdaBeta27

Brilliant_Rock
Premium
Joined
Sep 7, 2004
Messages
906
I'd try to get the necessary paperwork ahead of time so that it's insured the moment you receive it. There have been center diamonds lost out of uninsured rings right off the bat, as well as mishaps that caused the ring to be lost.
 

Jimmianne

Ideal_Rock
Premium
Joined
Dec 9, 2013
Messages
6,075
I like and use Perfect Circle Insurance. Be aware that your homeowners' policy may not [probably won't] cover things such as chipping or breaking. You just - as soon as you acquire a piece - fill out the form on their website and send them a scan or photo of your appraisal or purchase receipt.
 

DiamondDense

Shiny_Rock
Joined
Nov 1, 2016
Messages
172
so i got my ring appraised by the jeweler i bought from. the appraisal was double the purchase price.

in this case i guess it makes sense to insure based on the receipt/purchase order?
 

rubybeth

Ideal_Rock
Joined
Nov 12, 2007
Messages
2,565
DiamondDense|1482244842|4108542 said:
so i got my ring appraised by the jeweler i bought from. the appraisal was double the purchase price.

in this case i guess it makes sense to insure based on the receipt/purchase order?
Ugh, I hate that jewelers do this. It's a "feel good" appraisal and does NOTHING to help yo--you pay more to insure a higher value item, and if they ever repair or replace, the insurer negotiates to pay less than retail anyway. Insure based on purchase price, if you can.
 
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