Insurance deductible

[bright ice]

What is the most common deductible for insurance most people choose if your coverage is say 30K?

 

[diamondseeker2006]

Hmm, you know, that is a good question, but I think mine on the Chubb policy is zero. I don't recall deductibles coming up.

 

[bright ice]

Hmm, you know, that is a good question, but I think mine on the Chubb policy is zero. I don't recall deductibles coming up.

I got some quotes online from JM:

1. 1000 is $308
2. 500 is $323
3. 250 is $338
4. 100 is $349
5. 0 is $375

So, I am thinking it would just be worth it to take the 0 deductible! Who is better, JM or Chubb?

 

[Dreamer_D]

I believe Chubb will give you a cash out settlement, so if you can get that go for it.

I use a $1000 deductible to keep my premium lower. Insurance is, for me, to cover a loss so large I cannot afford to replace it. So I don't forsee making claims less than $1000 (say for a damaged setting), and if I had a bigger loss, I would eat the $1000. For me it came out to $80 difference. THat adds up over time.

 

[oldminer]

If you look at the overall picture, the amount you pay for insurance is greater over time than the value of your jewelry or the risk of a loss. Otherwise, insurance companies would not make money on selling you their insurance. I self-insured my wife's jewelry over the past 40+ years and certainly am now way ahead of any loss which might happen. Never had a single claim.

Not everyone is so lucky or so careful. A large deductible is good sense in the long run. Every dollar less you spend for coverage, on average, will potentially be money saved. You may have a loss or two over the years which negates the savings, but in the end, the deductible ought to bring you to the plus side. Take a deductible which you can afford to cover in case of a loss. A zero deductible is not really necessary for jewelry as you can always delay replacement until you have saved up the necessary deductible before making a replacement.

 

[Amys Bling]

If you look at the overall picture, the amount you pay for insurance is greater over time than the value of your jewelry or the risk of a loss. Otherwise, insurance companies would not make money on selling you their insurance. I self-insured my wife's jewelry over the past 40+ years and certainly am now way ahead of any loss which might happen. Never had a single claim.

Not everyone is so lucky or so careful. A large deductible is good sense in the long run. Every dollar less you spend for coverage, on average, will potentially be money saved. You may have a loss or two over the years which negates the savings, but in the end, the deductible ought to bring you to the plus side. Take a deductible which you can afford to cover in case of a loss. A zero deductible is not really necessary for jewelry as you can always delay replacement until you have saved up the necessary deductible before making a replacement.

Great perspective. I'm thinking of switching insurance coverage and this definitely makes me think twice about getting a 0 deductible.

 

[LibbyLA]

As long as you are dealing with a repair or the loss of one lower-priced piece, self-insurance makes sense. However, if you suffer a catastrophic loss (theft, fire, tornado, hurricane, etc.) or lose an expensive piece, that's a whole 'nother kettle of fish. Maybe having something other than 0 deductible makes sense, or self insurance if you are wealthy and/or don't have much expensive jewelry, but you can't just count on the loss being a repair or loss of a single piece.

I have lost jewelry to a burglary. Fortunately, I didn't have anything that was very valuable so my loss wasn't that great. I now have a monitored security system and keep some things in a safe deposit box, but I'm always aware that nothing is 100% protection.

Many of us won't ever have to collect on our homeowners insurance, but we still have it!

I'm paying insurance at the rate of $1.10 per $100 coverage. At that rate, it would take me over 80 years to pay in premiums the replacement cost of my jewelry if I insure every piece I have that's worth insuring. Even if I live to be 100, I won't have paid premiums that long.

liz

 

[diamondseeker2006]

I don't insure lower valued things. I only insure things that are $5000 and up. So I do want insurance on those things especially since I wear them often.

Bright Ice, premiums vary based on where you live, but I had almost $30k insured with Chubb last year for $328. and no deductible. I'd definitely see if you can find someone to write a policy and get a quote. There was a recent thread about it and a lot of agents won't bother with a jewelry policy unless you get homeowners. But there ARE agents who will write the policies.