Insurance question re lost ring-re-post from another forum.

[Gayletmom]

finally called my ins. co. this morning to file on my lost e-ring (it''s been a month). The good news is that we have a separate personal article policy for the ring and a few other pieces. The policy is with State Farm and the agent''s assistant tells me that when we insured it 18 yrs. ago the appraisal was $11k. I haven''t looked up my copy of the appraisal yet but as best I recall it was a 1.4 ct, RB, H color, VS2 clarity. Simple solitaire setting in 18kt YG with Platinum prongs. Purchased from a local jewelry store back then so probably decent quality but not like the fabulous cuts you see on this site.

When I asked how this works, she said that there are several ways it could play out but usually they will ask me to take my appraisal to a local jeweler to get a replacement cost. Then they will pay me either the insured amount (11k) minus deductible, or, if it is lower, the replacement cost.

Have any of you been through this process before? Her comment made it sound like the process might have several possible outcomes so I am wondering if I have any negotiating room. BTW, my plan is to upgrade so I don''t want a replacement stone but rather, maximum $$!

Any advice will be appreciated.
Gayletmom

 

[neatfreak]

Here''s a repost of what I said in your other thread. If you use the REPORT CONCERN button, admin will happily move the thread for you into another forum so you don''t have to start a new one.


Many companies won''t do a payout, so you might have to work with one of their jewelers for the replacement. The max you''ll get is $11k since that is what it was insured for, but you could get less if the value of replacing it is less right now.

Make sure to clarify if you need to get this replacement cost from a jeweler whom you will be working with, or any jeweler. And if it has to be one of THEIR jewelers, or if you get to choose.

 

[Gayletmom]

Thanks for the info on how to handle that msg issue-I was wondering!

I''ll ask for details about a specified jeweler. I''m wondering if any of the PS vendors might be "approved jewelers" for State Farm. That sure would make me feel better!

I''m reading on these forums about insurance and thinking about changing to Chubb. Such good scoop here!

 

[denverappraiser]

The State Farm list is pretty big and easy to get onto for people who are willing to sell for reasonable prices. It requires navigating something of a bureaucracy for them and some may not want to put up with it but I wouldn’t be surprised if most of the PS guys were on it. Call up your favorite one and ask. You just might be pleasantly surprised.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[2babycarrots]

I just went through this process--- not fun. The insurance company ended up giving us 20% less than what we had the ring appraised for. Their vendor felt that they could make a duplicate of my custom made ring for 20% less that what we had originally paid for it. The adjustor said that they have found that most appraisals are inflated by 20%. I found it interesting that the vendor they used came up with a quote for exactly what the insurance company felt the appraisal was inflated for. I didn''t have the fight in me so I accepted their check. Not sure if I had much of a choice anyway. Hopefully I will find a WOW ring to replace my original!

Good luck with replacing your ring! I hope your process is smooth and easy.

 

[neatfreak]

Jeweler''s Mutual is another to look into, they are a bit less expensive than chubb, but also don''t usually do cash payouts. But you can choose any jeweler you want which is a major advantage over state farm and other insurance companies.

 

[elle_chris]

Date: 12/5/2008 8:06:14 PM
Author: neatfreak
Jeweler's Mutual is another to look into, they are a bit less expensive than chubb, but also don't usually do cash payouts. But you can choose any jeweler you want which is a major advantage over state farm and other insurance companies.

Neat, I have jewelers mutual for my e-ring. they told me in case of a loss, i'd have to go through the company i purchased my setting from which is not the same company i purchased my stone from

. Either way it's pearlmans or whiteflash but i was a bit surprised.
my policy ends in March I believe, i'm going with Chubb after that.

Gayletmom- my other pieces are with Travlers Ins. they also replace instead of paying out but they told me that the bottom line was- in case of loss, i don't have to accept anything through them, and in the end, go with a jeweler of my choice. So yes, I think most insurance companies that replace instead of pay out may have several different options. But, their first choice will always be the one that least costly to them. Just remember you have the right to not accept it.

 

[neatfreak]

Date: 12/5/2008 8:21:17 PM
Author: elle_chris

Date: 12/5/2008 8:06:14 PM

Author: neatfreak

Jeweler's Mutual is another to look into, they are a bit less expensive than chubb, but also don't usually do cash payouts. But you can choose any jeweler you want which is a major advantage over state farm and other insurance companies.

Neat, I have jewelers mutual for my e-ring. they told me in case of a loss, i'd have to go through the company i purchased my setting from which is not the same company i purchased my stone from

. Either way it's pearlmans or whiteflash but i was a bit surprised.

I'm fairly sure that is incorrect. When I had to replace my ering, they told me I could work with any jeweler I wanted and it didn't have to be the jeweler I bought the original from. I did decide to work with Mark again, but it was my choice...they literally told me to send my ring to any jeweler I wanted, let them know who it was, and have the jeweler contact them with a quote.

 

[elle_chris]

Date: 12/5/2008 8:24:26 PM
Author: neatfreak

Date: 12/5/2008 8:21:17 PM
Author: elle_chris

Date: 12/5/2008 8:06:14 PM

Author: neatfreak

Jeweler''s Mutual is another to look into, they are a bit less expensive than chubb, but also don''t usually do cash payouts. But you can choose any jeweler you want which is a major advantage over state farm and other insurance companies.

Neat, I have jewelers mutual for my e-ring. they told me in case of a loss, i''d have to go through the company i purchased my setting from which is not the same company i purchased my stone from

. Either way it''s pearlmans or whiteflash but i was a bit surprised.

I''m fairly sure that is incorrect. When I had to replace my ering, they told me I could work with any jeweler I wanted and it didn''t have to be the jeweler I bought the original from. I did decide to work with Mark again, but it was my choice...they literally told me to send my ring to any jeweler I wanted, let them know who it was, and have the jeweler contact them with a quote.

Really?? That was the biggest reason I wanted to switch to Chubb. I''m going to give them a call again right before the policy expires. If I can get that in writing, I''ll stay with them. No use paying Chubb even more.

 

[neatfreak]

Date: 12/5/2008 8:45:04 PM
Author: elle_chris

Date: 12/5/2008 8:24:26 PM

Author: neatfreak

Date: 12/5/2008 8:21:17 PM

Author: elle_chris

Date: 12/5/2008 8:06:14 PM


Author: neatfreak


Jeweler''s Mutual is another to look into, they are a bit less expensive than chubb, but also don''t usually do cash payouts. But you can choose any jeweler you want which is a major advantage over state farm and other insurance companies.

Neat, I have jewelers mutual for my e-ring. they told me in case of a loss, i''d have to go through the company i purchased my setting from which is not the same company i purchased my stone from

. Either way it''s pearlmans or whiteflash but i was a bit surprised.

I''m fairly sure that is incorrect. When I had to replace my ering, they told me I could work with any jeweler I wanted and it didn''t have to be the jeweler I bought the original from. I did decide to work with Mark again, but it was my choice...they literally told me to send my ring to any jeweler I wanted, let them know who it was, and have the jeweler contact them with a quote.

Really?? That was the biggest reason I wanted to switch to Chubb. I''m going to give them a call again right before the policy expires. If I can get that in writing, I''ll stay with them. No use paying Chubb even more.

Yeah, I would call and ask again. Or maybe Sue Fritz will see this and chime in. I just know that they didn''t impose any kind of restrictions on me when I replaced my ring.

 

[Fly Girl]

Gayletmom - I went through the State Farm claims process a couple of years ago. I got the list of local State Farm jewelers and selected a couple and got pre-quotes from them (as in, what would it cost you to replace this ring?). The differences were dramatic. My ring was insured for $18,000, and one jeweler gave me a quote of $20,000, and another gave me a quote of $12,000. I selected the $20,000 guy, had him do the official quote to State Farm, who then cashed out my policy for $18,000. I still wonder what sort of ring I would have ended up with had I gone with the jeweler who said he could do it for $12,000. BTW, my ring was a custom ring by a local designer, but State Farm didn''t care a bit about that. Fortunately, I found my ring, returned the check to State Farm, and now throw a lot of my business to the jeweler who took the time to get me a decent State Farm quote. He knew that he was doing a lot of work for State Farm, and probably wouldn''t get to remake my ring (I had found PS by then.) He really is a dear.

 

[ilovedogs]

I just went thru this with Allstate. Super easy process for me. Mine was a damaged stone. Their jeweler confirmed it was damaged beyond repair, he offered me $300 for the stone (1.02 RB). He gave me a replacement value and Allstate cut me a check and I had it in 3 days. I also kept my stone and James Allen polished the chip and I had it set in a bezel pendant. We ended up getting abput $500 more than what my husband paid for the stone 18 months ago (and I got to keep the original stone, less the $300)....overall great experience.

 

[arjunajane]

Date: 12/6/2008 4:27:37 AM
Author: ilovedogs
I just went thru this with Allstate. Super easy process for me. Mine was a damaged stone. Their jeweler confirmed it was damaged beyond repair, he offered me $300 for the stone (1.02 RB). He gave me a replacement value and Allstate cut me a check and I had it in 3 days. I also kept my stone and James Allen polished the chip and I had it set in a bezel pendant. We ended up getting abput $500 more than what my husband paid for the stone 18 months ago (and I got to keep the original stone, less the $300)....overall great experience.

Hey ILD, I''m reading your story and want to understand, but I''m lost ! You said your jewellery offered you $300 for the stone (presumably to buy it off you), but you also said you kept it and set it in a pendant..sorry, I''m confused, lol !

 

[Gayletmom]

Thanks to all of you for the helpful info. I will let you know what I hear from State Farm and how things work it.

I will also be telling all of my girlfriends to re-evaluate their policies and make sure they have the coverage they expect.