insurance cost?
- Thread starter GiGi
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Hi Gigi!
While I can't answer your question, I can tell you what my recent experience was so you can adjust from there.
I just had a ring appraised and insured it 2 days ago. The ring appraised for $17,000., I have State Farm Insurance, and I live in NY. My policy is $152. per year w/a $1000. deductible. (This covers loss, theft, diamond cracking, stone falling out, etc.)
Be aware though, they explained to me that should something happen to the ring, they do not "just give you a check in the amount it appraised for". They replace it.
I was not comfortable when they told me this. I did not want a typical B&M diamond to replace mine. My agent assured me that the diamond would have to be replaced with one of the same or better, and it would be based on the specs on the appraisal.
My only personal concern now is that I know I can probably replace my ring for about $10,000. with some good internet shopping - so why am I paying insurance on $17,000. and still having a $1000. deductible?
Just my experience! Hope some of this helps!
While I can't answer your question, I can tell you what my recent experience was so you can adjust from there.
I just had a ring appraised and insured it 2 days ago. The ring appraised for $17,000., I have State Farm Insurance, and I live in NY. My policy is $152. per year w/a $1000. deductible. (This covers loss, theft, diamond cracking, stone falling out, etc.)
Be aware though, they explained to me that should something happen to the ring, they do not "just give you a check in the amount it appraised for". They replace it.
I was not comfortable when they told me this. I did not want a typical B&M diamond to replace mine. My agent assured me that the diamond would have to be replaced with one of the same or better, and it would be based on the specs on the appraisal.
My only personal concern now is that I know I can probably replace my ring for about $10,000. with some good internet shopping - so why am I paying insurance on $17,000. and still having a $1000. deductible?
Just my experience! Hope some of this helps!
- Joined
- Dec 31, 1999
- Messages
- 598
This really can vary state to state and company to company.
Here in SC you could have that insured by Jewelers Mutual for $110.00 per year. No deductable, and all perils covered. Off memory the same company with the same coverage is about $250 a year in NY which is one of the highest rate areas for that company.
Here in SC you could have that insured by Jewelers Mutual for $110.00 per year. No deductable, and all perils covered. Off memory the same company with the same coverage is about $250 a year in NY which is one of the highest rate areas for that company.
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- Messages
- 598
You just need to make sure they cover all perils. And the prices I quoted above have no deductable. You can have discounts depending on the deductable you choose. State Farm is a good company in my opinion.
I pulled out the rate chart and I nailed it above off of memory. I guess the mind is the second thing to go
I pulled out the rate chart and I nailed it above off of memory. I guess the mind is the second thing to go
Tarams,
Then just lower your coverage to $10,000 but make sure they know it was appraised at $17,000 and have that on file. There is no advantage to overinsuring something that you know can actually be replaced for $10,000. I suggest you know your Sarin data and map of inclusions -- so you can insist on a stone with the same proportions and inclusions on the side instead of under the table, etc. I will insure the ring I buy for what I paid + maybe $1000.
Then just lower your coverage to $10,000 but make sure they know it was appraised at $17,000 and have that on file. There is no advantage to overinsuring something that you know can actually be replaced for $10,000. I suggest you know your Sarin data and map of inclusions -- so you can insist on a stone with the same proportions and inclusions on the side instead of under the table, etc. I will insure the ring I buy for what I paid + maybe $1000.
Thanks, but can't do that! State Farm made it clear that it has to be appraised for the amount stated in the appraisal. I have no idea why! (I guess so they can charge me for $17,000 worth of insurance instead of 10k!)
I don't have a Sarin report.
I had asked previously about how I can get one. Didn't get much info.
I don't have a Sarin report.
I had asked previously about how I can get one. Didn't get much info.
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On 10/29/2002 2:08:30 PM
Thanks, but can't do that! State Farm made it clear that it has to be appraised for the amount stated in the appraisal. I have no idea why! (I guess so they can charge me for $17,000 worth of insurance instead of 10k!)
I don't have a Sarin report.
I had asked previously about how I can get one. Didn't get much info.
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Well, then get it appraised again and tell the appraiser to appraise it for $11K (one risk -- the insurer might automatically assume that all apraisals are 70% to 100% too high. And this time go to an appraiser that has a Sarin machine. Call up Sarin at 1-212-768-0818 and ask if they have a list of people who have the machine in your area or ask them how to go about getting a Sarin test if they do not have someone in your area.
On 10/29/2002 2:08:30 PM
Thanks, but can't do that! State Farm made it clear that it has to be appraised for the amount stated in the appraisal. I have no idea why! (I guess so they can charge me for $17,000 worth of insurance instead of 10k!)
I don't have a Sarin report.
I had asked previously about how I can get one. Didn't get much info.
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Well, then get it appraised again and tell the appraiser to appraise it for $11K (one risk -- the insurer might automatically assume that all apraisals are 70% to 100% too high. And this time go to an appraiser that has a Sarin machine. Call up Sarin at 1-212-768-0818 and ask if they have a list of people who have the machine in your area or ask them how to go about getting a Sarin test if they do not have someone in your area.
I didn't realize the appraisers give the Sarin reports! I guess my appraisal was a waste of $60 (also considering that they took the measurements off my GIA cert for the report).
Okay, I called Sarin. (Thank you for their #!!!!) I need to find Jonathon (?) at Good Old Gold in Massapequa - someone on this board previously posted info, I need it again! Please re post!
I wanted a true & honest appraisal. I didn't ask for any particular #, and atually when it was quoted to me, I asked if that was inflated at all. I was told that that price is what it would cost me to replace the ring that day at a retail jeweler.
Okay, I called Sarin. (Thank you for their #!!!!) I need to find Jonathon (?) at Good Old Gold in Massapequa - someone on this board previously posted info, I need it again! Please re post!
I wanted a true & honest appraisal. I didn't ask for any particular #, and atually when it was quoted to me, I asked if that was inflated at all. I was told that that price is what it would cost me to replace the ring that day at a retail jeweler.
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On 10/29/2002 3:01:21 PM
I wanted a true & honest appraisal. I didn't ask for any particular #, and atually when it was quoted to me, I asked if that was inflated at all. I was told that that price is what it would cost me to replace the ring that day at a retail jeweler.
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I would just ask for a Sarin and only pay for another appraisal if you want it to be a $11,000 one to reduce your insurance. You do have a GIA cert, so you already know a lot.
Yeah, I guess it was not inflated for a retail jewler but as you discovered, insurance companies don't pay retail.
On 10/29/2002 3:01:21 PM
I wanted a true & honest appraisal. I didn't ask for any particular #, and atually when it was quoted to me, I asked if that was inflated at all. I was told that that price is what it would cost me to replace the ring that day at a retail jeweler.
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I would just ask for a Sarin and only pay for another appraisal if you want it to be a $11,000 one to reduce your insurance. You do have a GIA cert, so you already know a lot.
Yeah, I guess it was not inflated for a retail jewler but as you discovered, insurance companies don't pay retail.
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On 10/28/2002 2:06:41 PM
What is a reasonable amount of money a year for fully-covered insurace on an engagement ring, let's say at 10K replacement value? Thanks!
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I just insured a diamond engagement ring that I had purchased several weeks ago, and decided to go with Chubb instead of my homeowner's insurance company. For the appraised value of $6550, the yearly premium was $98.00 for Virginia (DC metro).
On 10/28/2002 2:06:41 PM
What is a reasonable amount of money a year for fully-covered insurace on an engagement ring, let's say at 10K replacement value? Thanks!
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I just insured a diamond engagement ring that I had purchased several weeks ago, and decided to go with Chubb instead of my homeowner's insurance company. For the appraised value of $6550, the yearly premium was $98.00 for Virginia (DC metro).
One idea is no insurance at all. The value of a ring is sentimental. The monetary value of insurance is not a good bet or else the insurance companies would not be making profit. They know, statistically, it is better for them to take your $98 a year and $1000 deductable and then nickle and dime you when you make a claim, trying to give you $3000 instead of $5800.
I know a young woman who put her engagement ring in her shoe at the beach for safe keeping when she swam (so she would not have it fall off her finger). When she finished swimming, she put on her shoes, but noticed a "rock" in them. So she took off her shoe and flung the rock out. it was her ring! Luckily, she was able to find it 20 feet awat.
So car insurance is required by law or at least by the loan on the car if there is one.
And house insurance is needed because almost no one could recover from a burned down house.
And health insurance will pay for that $300,000 emergency surgury.
But a ring could be recovered from as it is 1-2 months salary or less in nearly all cases.
I know a young woman who put her engagement ring in her shoe at the beach for safe keeping when she swam (so she would not have it fall off her finger). When she finished swimming, she put on her shoes, but noticed a "rock" in them. So she took off her shoe and flung the rock out. it was her ring! Luckily, she was able to find it 20 feet awat.
So car insurance is required by law or at least by the loan on the car if there is one.
And house insurance is needed because almost no one could recover from a burned down house.
And health insurance will pay for that $300,000 emergency surgury.
But a ring could be recovered from as it is 1-2 months salary or less in nearly all cases.
whatever987
Rough_Rock
- Joined
- Oct 30, 2002
- Messages
- 7
No insurance at all? Now there's a smart idea -- NOT!!
If you had a new car would you only carry liability insurance, reasoning that the cosmetic appearance and condition of your vehicle is a sentimental issue? Could you reasonably afford to toss aside 2 months salary if your bride-to-be lost her ring?
The loss of an engagement ring would be emotionally trying enough. There is no point in adding the risk of a significant financial burden. If you buy a ring that is only worth a few hundred dollars, yes. However you'll find that the people on Pricescope tend to spend a significantly higher amount on average.
Just my .02, but the thought of no insurance is scary to me.
If you had a new car would you only carry liability insurance, reasoning that the cosmetic appearance and condition of your vehicle is a sentimental issue? Could you reasonably afford to toss aside 2 months salary if your bride-to-be lost her ring?
The loss of an engagement ring would be emotionally trying enough. There is no point in adding the risk of a significant financial burden. If you buy a ring that is only worth a few hundred dollars, yes. However you'll find that the people on Pricescope tend to spend a significantly higher amount on average.
Just my .02, but the thought of no insurance is scary to me.
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On 10/30/2002 8:19:49 PM
No insurance at all? Now there's a smart idea -- NOT!!
If you had a new car would you only carry liability insurance, reasoning that the cosmetic appearance and condition of your vehicle is a sentimental issue? Could you reasonably afford to toss aside 2 months salary if your bride-to-be lost her ring?
The loss of an engagement ring would be emotionally trying enough. There is no point in adding the risk of a significant financial burden. If you buy a ring that is only worth a few hundred dollars, yes. However you'll find that the people on Pricescope tend to spend a significantly higher amount on average.
Just my .02, but the thought of no insurance is scary to me.
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I have a $3000 deductable on my car because I would only make a claim in case of catastrophic failure. I only have liability on my motorcycles, even though they are nice.
Well her ring will be less than 2 months of my salary, but there would be no rush to replace a ring with another since no replacement would have the same value. So I could take my time to replace it if I needed to. Also a ring is not like a house where you are really screwed if it burns down. And besides, there is a $1000 deductable and they will try very very hard to not pay you what you need to replace it.
On 10/30/2002 8:19:49 PM
No insurance at all? Now there's a smart idea -- NOT!!
If you had a new car would you only carry liability insurance, reasoning that the cosmetic appearance and condition of your vehicle is a sentimental issue? Could you reasonably afford to toss aside 2 months salary if your bride-to-be lost her ring?
The loss of an engagement ring would be emotionally trying enough. There is no point in adding the risk of a significant financial burden. If you buy a ring that is only worth a few hundred dollars, yes. However you'll find that the people on Pricescope tend to spend a significantly higher amount on average.
Just my .02, but the thought of no insurance is scary to me.
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I have a $3000 deductable on my car because I would only make a claim in case of catastrophic failure. I only have liability on my motorcycles, even though they are nice.
Well her ring will be less than 2 months of my salary, but there would be no rush to replace a ring with another since no replacement would have the same value. So I could take my time to replace it if I needed to. Also a ring is not like a house where you are really screwed if it burns down. And besides, there is a $1000 deductable and they will try very very hard to not pay you what you need to replace it.
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