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Insurance question.....

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joseph

Rough_Rock
Joined
Mar 25, 2003
Messages
3
I just purchased an engagement ring and plan on proposing on a week long vacation. I made a call to my insurance company to set-up insurance and they refused to give it to me based on the fact that the insurance needs to be in her name. Since we are not living together they stated once I give the ring to her, it belongs to her and she needs to be the name on the insurance. Can anyone suggest to me some options to insure the ring?
 

Mara

Super_Ideal_Rock
Joined
Oct 30, 2002
Messages
31,003
I dont know if that is a die-hard rule across insurance companies. In fact I know some of the men on here who have purchased rings have insured them before proposal and/or after in their names. Our insurance co was going to tack on our ring and earrings to my FI's renters insurance policy in HIS NAME also. That is State Farm. But now we may go with Chubb because their policy is more 'open' about replacement...e.g they just cut a check as opposed to making you try to go with their choice of new replacement.

I would call up again and talk to a new agent, would not be surprised if you got a different answer. If the ring is in your possession and you own it, you should be able to get insurance on it. TECHNICALLY you purchased it...not her.
 

joseph

Rough_Rock
Joined
Mar 25, 2003
Messages
3
Thank you for your help. It just sounded strange and I wanted to be sure to have insurance in case something happened while we were away.
 

Ginaworld

Rough_Rock
Joined
Mar 11, 2003
Messages
36
Are you looking for insurance for the ring in your name or in hers? If you currently own it/have possession of it, then you should have insurance in your name. I sell insurance for several carriers, and in each of their respective cases, it is true that once she owns it/has possession of it, then she must have insurance on it. It comes down to "insurable interest"; if you don't own the ring, then you don't have insurable interest in it, which is required to insure an item. That is the case with most of the carriers with which I write; the one exception of course, is Chubb.

If you'd like to avoid all the hassle and have the "you'll get what you insured" type of policy, then go with Chubb as Mara is thinking of doing. ESPECIALLY if you're going on a trip and/or out of the country. No need to tempt fate. Good luck!

G.
 
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