insurance for my new EC

[shminbabe]

hi guys,

i''m (still) in michigan on vacation (will be gone for 2 more weeks) and the insurance co. my home owners agent referred me to still hasn''t called to give me any quotes for my new ring even though the appraisal was faxed to the the day i bought it. (tuesday). now i''m scared to wear it and i just got it!

so you guys recommended chubbs or jeweler''s mutual. i started to apply online last night but got worried that it wasn''t the "safest" way to go. can i insure it via an online application? have any of you done that? i got the impression that it would be instantly insured (JM) although i did not complete the online application process.

it asks if i''ve ever made a claim for a jewelry loss. well, in 2001, some lowlife worker swiped my engagement ring off my dresser and i never saw it again. that was the only thing taken (my fault for leaving it out in the open, etc) and it was not insured via a separate rider. so i did claim it but only got the maximum for unscheduled items: $1,000. should i admit that this happened? will they find out? i am never a dishonest person but i''m afraid to admit this for fear of them making the premium really high when what happened was just really stupid and my fault and it''s not like i live in a high risk area with a high risk lifestyle. you know?

yes, i did file a police report and everything. is there any "statute of limitations" on claims history that you know of, so I would not have to report this?

also the jeweler appraised the ring at $36,000 "you''d pay that much if you paid full retail; you got a really great price on the stone..." i know that appraisals are generally inflated (aren''t they?) but i know i wouldn''t have to pay $38k to replace this stone. not at this time, anyway. maybe if the cost of diamonds continues to rise. i think i did get a good price on the stone, though: i paid what is commensurate with the online vendors i was dealing with and much less than the higher end jeweler in our town (my jeweler is a family-owned, neighborhood store).

so, is it wise to go ahead and insure it for its appraised value, and what kinds of deductables have you guys chosen? i''m inclined to go with a higher ded. for a lower cost premium. but i want it fully insured against anything: chipping during reset, dropping it down the garbage disposal, theft...whatever.

and you thought you were rid of me for a while!

i''m just visiting family and not in a hotel room but i''m guarding it with my life and want to wear my new ring!

help!

jeannie

 

[monarch64]

Yes, I think the insurance co. could find out that you filed a previous claim. Even if it was a small payout I would still admit to it...2001 is not that long ago. If that''s the only thing you''ve ever claimed on your homeowner''s I can''t see it becoming a huge issue. I''m not in the ins. biz so I don''t know about a statue of limitations on claims history, though.

Yes, appraisals are somewhat inflated. However, let''s say the stone appraised for $36k now and you "lost it" or it was stolen three years from now, you''d want that inflated appraisal at that time since the cost of diamonds goes up from time to time.

I know nothing about insuring anything online...I''ve always preferred to talk with our ins. agent about valuables, etc. as she''s nice, knowledgeable and someone my DH''s known since H.S. and we figure she''s not going to steer us too wrong. Unless you really know a ton about insuring valuables, I would say talk to a live person you''re comfortable with about all these questions.

As far as high ded./low prem...that is entirely up to you. If it won''t be a big deal to you to pay out a large ded. if indeed some loss occurs, than go that route. If you don''t want to spend a lot out of pocket then you should reconsider how much coverage you actually want...

 

[Char D]

Hi Jeannie,

You should start wearing your ring! Jewelers Mutual has a secure website where credit card info and ssn are encrypted. You can also print out the application and fax it or mail it if you''d prefer.

As for the prior loss, you need to provide that information on the application, as we would have access to the information. It will not affect your premium rate, as our rates are filed with the state and they are set.

When deciding how much to insure it for, a general guiding question is, "How much is it worth to you to have the peace of mind that you are adequately insured in case of a loss?" If the difference in premium is relatively minimal, I know I''d prefer the higher value, but it''s totally up to you.

With Jewelers Mutual, if the value is under $50,000, the coverage begins the date it is submitted, assuming we have all the information including an appraisal. For mail or fax, coverage beings as of the postmarked date.

Given this, if you get the application and supporting materials to us today, you can stop worrying and begin wearing it today!
Please call us if you have any further questions and our personal jewelry staff will be happy to help!

Sue Fritz
Jewelers Mutual Insurance Co.

 

[shminbabe]

hi!

well, i did insure with jeweler''s mutual a few days ago! and i AM wearing my new EC with great delight! i applied online, told them about the prior loss, had the appraisal faxed and i''m all set. it was a great relief.

i just happened in to read your post today, jeweler''s mutual, so thanks!

it was very easy. my homeowner''s did not do riders, much to my dismay.

now i get to shop for a setting. saw some really ugly ones at the mall stores yesterday. (was just getting a feel for the types of settings in real life).

jeannie