insurance policy headaches

[ojai00]

I''m looking to get my engagement ring insured and I have two options: homeowners'' insurance (Amica) and Jewelers'' Mutual. Amica requires me to provide my bill of sale, although my appraised value is higher than that. Jewelers'' Mutual will insure me for my appraised amount but will cost me $948/year with no deductible and $777/year with a $1000 deductible. I''m leaning towards the $777/year and $1000 deductible option but wanted to get some input from you guys first. Can anyone please provide some insight? Thanks a lot!

 

[Regular Guy]

Though you sound more interested in JM, (and on that choice...with or without deductible, I''d say it''s a personal choice)... I wouldn''t give up on Amica yet. What do they charge? How does their representation of what they will do for you in the case of a loss compare with JM. If Amica is less cost to you, and both represent they will make you whole, with like kind, the cheaper alternative may be more attractive.

 

[ojai00]

Thanks for the reply! Amica is significantly lower. If I provide my bill of sale, it will be about $241/year. Amica offers a cash reimbursement whereas JM will allow me to choose my own jeweler and replace with a like stone. JM did not offer me the cash reimbursement option. I am just worried that God-forbid something happens to the stone down the line and I won''t be able to get the same stone for the same price that I paid for it.

 

[shady71]

Date: 2/26/2009 1:27:46 PM
Author: ojai00
Thanks for the reply! Amica is significantly lower. If I provide my bill of sale, it will be about $241/year. Amica offers a cash reimbursement whereas JM will allow me to choose my own jeweler and replace with a like stone. JM did not offer me the cash reimbursement option. I am just worried that God-forbid something happens to the stone down the line and I won''t be able to get the same stone for the same price that I paid for it.

That doesn''t make much sense. You insure something for it''s value, not it''s cost. What if it were an heirloom stone. What about inflation? What difference should it make to the insurance co if you are paying a premium based on it''s value?? If you spoke with a local agent, I would try to get to a higher up, something sounds fishy!

 

[MMT]

I dont know anything about Amica but I have JM. I went with the $500 deductible to bring the price down a little. My appraisal was also higher that my purchase price but it gives me some piece of mind that it will be completely covered.

 

[Regular Guy]

I don''t know Ojaii,

Though not sure at all...I''d consider investing in yourself. That means paying yourself the $5 - 700 annually for the less expensive option. People fight here to get Chubb so they can get that benefit of cash. I don''t think Chubb cares if it''s a receipt or appraisal...they just insure the dollar amount, and don''t care what underlies it, I think.

Unless you think you snarked somebody wild for the diamond you have, I presume for the same cash, today, you can get a similar diamond/ring, today.

Amica is rated #1 with Consumer Reports. They wouldn''t insure my home because they represented it would cost way less to rebuild my home for what I would need to insure it for. They''re very conservative, which is...what it is.

 

[ojai00]

Thanks a lot for the input guys. I really appreciate it. I''ll call Amica again and if they can explain their policy some more. Like you said Ira, I can''t see myself paying almost $1000/year for insurance. I''d go broke!

 

[beach]

Gemshield is great too!!! Get to choose my jeweler if anything happens. They do not decide.

 

[neatfreak]

Date: 2/26/2009 2:20:34 PM
Author: ojai00
Thanks a lot for the input guys. I really appreciate it. I'll call Amica again and if they can explain their policy some more. Like you said Ira, I can't see myself paying almost $1000/year for insurance. I'd go broke!

Are you SURE those quotes are right from JM? That seems really insane from JM. I think I saw in another thread you were looking at a 2ct stone...there is no way the premium would be almost $1000 for a 2ct...unless I am missing something here.

I have about $10,000 worth of jewelry insured with JM (between a few different pieces) and my premium is like $80 year. Even if you are insuring a $30k stone in a high crime area it shouldn't be more than a few hundred per year...

 

[beach]

Just like diamonds, premiums go up exponentially at certain price points. For 50000 at Gemshield it is around 700 a year. CHUBB around 1000. Statefarm around 950. JM around 900. Her numbers are not off at all for a 2ct diamond. Several smaller pieces are often less than one large piece because the risk is spread out.

 

[KtIceRN]

I have Amica and have had to put in a few claims. My original e-ring chipped and they gave me cash to replace it. I have never had to give them a bill of sale, only an appraisal. I would call and check again on that. I actually got over 1000 more thatn I had originally paid for the stone and they even paid the resetting fee as I was using my original setting. They came to my home and picked up the chipped stone and handed me a check.
I also had a few pieces stolen from me and they we very kind to me durring that hard time. I had my check within 10 days and they are persuing the person who stole the pieces from me.
I have not seen a rise in my premiums at all and did not pay a deductiable either time. Don''t give up on Amica yet, I have had a great expierence in the times I had to deal with them.

Hope that helps. Good luck!

 

[ojai00]

I saw a number of posts from you regarding your experience with Amica.

Thanks for your input. I just called again to the national line and they told me that it was not required for me to provide a bill of sale. However, they said it might be a requirement the east coast regional office. If I just tell them that I can''t get a copy of it, then I guess they will have to insure me based on my appraised amount, which at $420/year, is still less than JM.

 

[elle_chris]

NeatFreak- I just got my renewal in the mail from JM, they''re charging me $1,069 for 2.52ct solitare and I have it insured for 3k above what I paid. They''re not cheap.

 

[KtIceRN]

Date: 2/26/2009 7:03:52 PM
Author: ojai00
I saw a number of posts from you regarding your experience with Amica.

Thanks for your input. I just called again to the national line and they told me that it was not required for me to provide a bill of sale. However, they said it might be a requirement the east coast regional office. If I just tell them that I can''t get a copy of it, then I guess they will have to insure me based on my appraised amount, which at $420/year, is still less than JM.

I am on the east coast, actually Rhose Island where they are based out of, so it should not be required for you to have the bill of sale.

 

[neatfreak]

Date: 2/26/2009 7:10:09 PM
Author: elle_chris
NeatFreak- I just got my renewal in the mail from JM, they''re charging me $1,069 for 2.52ct solitare and I have it insured for 3k above what I paid. They''re not cheap.

Wow, I guess it really does go up with bigger stones. That just seems nuts to me!

 

[Dancing Fire]

Date: 2/26/2009 7:10:09 PM
Author: elle_chris
NeatFreak- I just got my renewal in the mail from JM, they''re charging me $1,069 for 2.52ct solitare and I have it insured for 3k above what I paid. They''re not cheap.

no need to insure over what you paid,especially when diamond prices are falling.

 

[mbz]

I use USAA. Their pricing and service is great! (You have to be a service member, or have in the service, of course to use them.)

Mike

 

[ojai00]

I called Amica again and they said that they do require the bill of sale (NY only?) because they want to make sure you own the diamond. They said a lot of times people file claims for jewelry that they don''t own and I guess they are trying to cut down on that.