Insuring my 5.13CT pear ring... UGH!

[Amethyste]

OMG!!!!
I went to Jewelers mutual to get a quote on what it would cost me to insure my ring.
I do not have an appraisal ( one is scheduled on Monday ) but when I bought it from the seller. they had an "appraisal"
value of $103,000. I am pretty sure its grossly inflated, but just for kicks, i put that appraised amount in there to get a
general quote. It comes out to $1050 a year!

WOAHHHHHHHHHHHHHH!!! I am not sure I can afford that!!! Especially sinve my ring is in the low color spectrum,
to replace with same CT would probably be around $50,000. not $100,000!!!! I dont want to pay for $100,000
premium when its worth MUCH less than that.

Any intake on this? What do you all do?!

ugh...

 

[Lorelei]

Date: 6/25/2009 1:42:12 PM
Author:Amethyste
OMG!!!!
I went to Jewelers mutual to get a quote on what it would cost me to insure my ring.
I do not have an appraisal ( one is scheduled on Monday ) but when I bought it from the seller. they had an ''appraisal''
value of $103,000. I am pretty sure its grossly inflated, but just for kicks, i put that appraised amount in there to get a
general quote. It comes out to $1050 a year!

WOAHHHHHHHHHHHHHH!!! I am not sure I can afford that!!! Especially sinve my ring is in the low color spectrum,
to replace with same CT would probably be around $50,000. not $100,000!!!! I dont want to pay for $100,000
premium when its worth MUCH less than that.

Any intake on this? What do you all do?!

ugh...

If you need immediate cover then insure it for close to what you paid for it then update when you have the appraisal, often these included appraisals are inflated, so an independant appraisal should give you a suitable sum to insure it for.

 

[denverappraiser]

This is one of the reasons to talk to a real appraiser about it. You need someone who is working for you and not the seller (and not the insurance company). Your interests are not the same as theirs. Let us know how your appraisal on Monday goes.

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

 

[oldminer]

Jewlers Mutual is a great company. They would advise you themselves that a diamond which you just paid 50K for need not normally be insured for far more than that amount except if the diamond was a very unusual and non-repeatable deal. You have been shopping hard and I am sure you could make another similar purchase given enough time and another big handful of money. You might consider a high deductible to save money, or if you don''t wear such a big rock daily, you can save a ton on premiums utilizing "valut" insurance where you only pay a high rate per day when the ring is out of the bank vault. It is a bit of a pain in the you know what, but, people with large jewelry often use valut type coverage. It is a fraction of full coverage cost.

 

[Amethyste]

No way this baby goes into the Vault! I am wearing it daily!

Yes, I made an apt with an independant appraiser on Monday. I will bring my bill of sale.
And the GIA Cert. I will talk to her and see what she says...
Thank you so much for the input. i Never questionned Jewelers Mutual's reputation. I was
only voicing my worry in the fact that if my ring WOULD appraise in the $100,000, i'd crap a big load!
And it wouldn't be money...

 

[lowphat]

I''m assuming you don''t live in NYC. The quote for my $45k ring was $1200 from Jewler''s Mutual.

 

[Amethyste]

Lowphat,
nah... I live in NH. i have more chance to get run over by a flock of squirrels and porcupines than a car.

What do you do for your ring at the moment for insurance?