inflated appraisal and insurance

[tommalle]

I have searched previous posts and found some good information regarding appriasals and insurance but haven''t found the answer to my question. The situation is this, I bought a ring. I paid approximately $8,500 for the diamond and setting. The store gave me an appraisal and valued it at $13,800. I now need insurance and was wondering if I should get it appraised to try to get the value down because I know I can get a replacement for far less than $13,800. I don''t want to pay for coverage on a ring that does not cost that much to replace. I love the ring and have no issues with wondering if I paid the right price. I think the color, clarity and the like are accurate. Even if for some odd reason they are not I don''t plan on doing anything about it. The ONLY reason for the appraisal would be to get the value of the ring closer to the actual replacement value. Should I do this or should I go with the store appraisal?

 

[njseeker]

first i would contact the store. The store may be more than happy to provide you with a new appraisal at a lower appraised price.

second i would research your insurance company and find out how they pay out claims... and make sure you don''t need a 13k appraisal.

third find out what the difference is between insuring a 13.8k diamond vs. an 8.5k diamond and weigh the price differential between the appraisal price and the insurance payments.