Insurance Appraisal

[Final Cut]

Here is an interesting story:

Young(ish) man buys 2.42ct hvs2 GIA round AGA1A cut with confidence on the internet (Thank you ADOL and Rockdoc) for $16.5k !!!

Same person hands copy of cert and stone casually over to local jeweller for an insurance appraisal - 2 days later appraisal returns.....

The appraisal states .... ready ... $32k....

Same young(ish) and recently poor(ish) young(ish) man is now thinking about 'loosing' this stone and buying a 4ct for the insurance money

!!!

WOW - what a difference - Guess it just proves that Pricescope really makes a difference. Just thought I would share this !!!

FC

 

[homer_j]

I hope you aren't paying the 32K premium.

If you are, it would be 'unfortunate' if the stone happened to pop out and you couldn't find it.....

People do this and get away with it, but with a stone worth close to 20k I think the insurance co. will probably do some investigating.

 

[Iceman]

If you set up your insurance plan to replace for $$$$$$, then you loose the diamnond, they will pay
you out in cash. If you have the standard insurance policy then they give you like kind and
what you paid 16.5K for the insurance company will buy the same thing for 15K
and replace like kind.

So before you loose it check the policy , also different premiums for different
policy's too.

Also do you think you can sell it for that price ? No. You now fall into willing buyer willing seller catagory and the diamond you bought really has a true value of maybe $14,000 (this all depends on what you bought and market ) and not $32,000 that your waisting your money paying premiums with.

Sounds like you need to ask the guy who wrote the appraisal to rethink what he did (purpose and function).