INSURANCE v REALITY.....

[pmptrading]

Hello,
I can''t understand why there is such a huge difference between ACTUAL price paid and INSURANCE valuation.....

Why is the Insurance figure so much higher - and too think I thought I was just a clever shopper!

Isn''t the insurance figure just a lie?

 

[lisa1.01fvs1]

Sometimes appraisers give you an inflated figure of what the item is worth. I think they want you to think you got a great deal.

You should provide what you paid for the item, sometimes this comes in a valuation letter.

As this is the dollar amt. you''ll want to recover and not pay extra insurance for an inflated appraisal for years.

The appraisal simply insures that in the event of loss you are supplied with the same item as described by appraisal. 4 c''s and all that.

 

[arjunajane]

Hi, I would suggest you read this thread https://www.pricescope.com/community/threads/questions-for-the-appraisers.82508/

And there is another thread just yesterday about the same topic - I will find it

 

[arjunajane]

here is the other one which is current and has very good info
https://www.pricescope.com/community/threads/what-is-your-chubb-insurance-rate.82817/

 

[Modified Brilliant]

Date: 4/11/2008 1:39:36 AM
Author: lisa1.01fvs1
Sometimes appraisers give you an inflated figure of what the item is worth. I think they want you to think you got a great deal.

You should provide what you paid for the item, sometimes this comes in a valuation letter.

As this is the dollar amt. you''ll want to recover and not pay extra insurance for an inflated appraisal for years.

The appraisal simply insures that in the event of loss you are supplied with the same item as described by appraisal. 4 c''s and all that.

This may be true if the appraiser is the "seller" but independent appraisers are unbiased and have no interest in
overvaluating an item. We just want to make sure that you understand how we arrive at our valuation conclusion.

Jeff Averbook,GG
Graduate Gemologist since 1986

www.metrojewelryappraisers.com