Is Chubb the Ideal insurer?

[mintve]

I''ve heard mixed info on whether or not Chubb with cover jewelry. I contacted two local brokers that work w/ Chubb. One said I coul o nly get coverage if I had home owners coverage w/ them. The other office gave me a quote w/o me needing the additional coverage.

My question, if all is OK, would you jump on the Chubb coverage or would you go w/ jewlers mutual (its about $40 less per year)??

Thanks

 

[neatfreak]

It depends on whether you want a cash out policy or not. I think that is the biggest deciding factor for people. We have JM and recently had to make a claim, it was super easy. But they usually will NOT cash you out. For us it was not a big deal because we DID want to replace the ring, so we just called Mark at ERD and the process was super smooth.

If you might rather have the cash then Chubb can be a better choice.

 

[Regular Guy]

Generally, I think there's no down side to Chubb, and though $40 doesn't sound like much of a premium, I think it's 50% of what I pay annually. You didn't mention what your total cost otherwise would be. If the incremental isn't relatively significant, sounds like Chubb may be the way to go. Remember...with JM, even if you get a replacement...the insurance will not be paying what you paid...but some discount to it. Regardless...it's always better to have a choice at the point of a loss. But...you'd prefer not to pay dearly for the benefit. Sounds like you aren't in this case.

 

[mintve]

Date: 5/13/2008 5:17:55 PM
Author: Regular Guy

Generally, I think there''s no down side to Chubb, and though $40 doesn''t sound like much of a premium, I think it''s 50% of what I pay annually. You didn''t mention what your total cost otherwise would be. If the incremental isn''t relatively significant, sounds like Chubb may be the way to go. Remember...with JM, even if you get a replacement...the insurance will not be paying what you paid...but some discount to it. Regardless...it''s always better to have a choice at the point of a loss. But...you''d prefer not to pay dearly for the benefit. Sounds like you aren''t in this case.

its not a substantial difference...$102 at JM and $144 at chubb for $8500 coverage

 

[Regular Guy]

Everything''s relative. Take my cousin for example. Please!

Though you''re paying a 41% premium...that you''ve shopped and asked the question makes a difference. Further, having a local broker to go to in the case of a loss...and further...probably not being required to get a new appraisal however frequently JM requires it (is it 3 years?) is another benefit.

Importantly...sounds like you value the difference. Though the net difference probably approaches zero...I think it would be easy to choose Chubb and feel guilt free for making a wise choice...not that there''s anything wrong with JM for the value differential it brings.

 

[surfgirl]

mintve, there are literally tons of threads on this topic if you do a search. A search will also turn up contacts for Chubb agents who can help you do a stand alone policy.