Insurance on rings?

[spunger]

Hey guys,

We''ve been working on trying to get insurance on our rings that we have. It''s not too bad as our auto insurance company seems to cover everything (autos/renters) insurance. They''re telling us it''s $220/year for $35,000 worth of coverage in which the 2 rings are covered under. That''s with a $1,000 deductible.

So my question is..........what do they do, you pay $1,000 and they write you a check for $10,000 (assuming that''s the value of your ring)? The insurance agent was saying to use the value that you paid for it and not the "appraised" value. In my case from buying it off the internet the price I paid is much different than the "appraised" value.

I didn''t get it. So what''s the point in having an item appraised if you don''t use it in an insurance quote?

I''m lost on this one. I''m not 100% sure what to do. The price isn''t that bad, but I want to make sure it is covered correctly.

Any ideas?

 

[marvel]

I''m interested to hear the response to this one also. The only think I can think is that your premium would go up with the appraised value.

 

[Skippy123]

This thread maybe very helpful to you https://www.pricescope.com/community/threads/insurance-appraisal-question.73115/

 

[stebbo]

Date: 11/27/2007 6:31:53 PM
Author:spunger
Hey guys,


We''ve been working on trying to get insurance on our rings that we have. It''s not too bad as our auto insurance company seems to cover everything (autos/renters) insurance. They''re telling us it''s $220/year for $35,000 worth of coverage in which the 2 rings are covered under. That''s with a $1,000 deductible.


So my question is..........what do they do, you pay $1,000 and they write you a check for $10,000 (assuming that''s the value of your ring)? The insurance agent was saying to use the value that you paid for it and not the ''appraised'' value. In my case from buying it off the internet the price I paid is much different than the ''appraised'' value.

Any ideas?

Skip''s link should say it all--unless you have an agreed-value rider. Any idea?

 

[spunger]

The reason I ask is because Allstate (in this example) covers 25% of your total insured value on one item, so if I wanted to insure a ring for $8,000 I''d have to pay on insurance for $32,000. The difference between our appraisal and what we paid for it is like $10-20 more per year. I can live with that.

The only issue right now is the rings are titled as "custom" on the reports we have, so I''m seeing if we can have it changed to reflect what brand/model the rings are. I think once we get that taken care of we can go ahead with everything. $220 a year for that sort of coverage seems decent. Plus I have some other expensive items that would be nice to have insurance on.

 

[stebbo]

Date: 11/27/2007 10:52:49 PM
Author: spunger
The reason I ask is because Allstate (in this example) covers 25% of your total insured value on one item, so if I wanted to insure a ring for $8,000 I'd have to pay on insurance for $32,000.

Your very low quote for $220/year makes me think $35,000 is your total insured under renters, and you aren't getting a scheduled rider for the jewelry. If so, you could find that you have no coverage for breakage and mysterious loss, both inside and outside the home.

The only issue right now is the rings are titled as 'custom' on the reports we have, so I'm seeing if we can have it changed to reflect what brand/model the rings are.

You definitely want to do that if the brand/model are important.

 

[ChattyCat]

Well, I can probably tell you how it turns out in a week or two, but we pay $78/year for $13,400 coverage on my (now destroyed) solitaire from USAA. It was a separate rider added to our homeowner''s ins. We only paid $8200 for it, but that was supposedly the wholesale price, so we insured it for retail, which we''re glad of now, as prices have risen, and I think the current wholesale on the ring is around $11K.