Is this Chubb quote in the right ballpark?

[esguy27]

I started researching insurance options for the engagement ring I recently purchased and the first call I made was to the Chubb main number (877-972-8282). My experience ended up being the opposite of a few people who posted on PriceScope. Basically, the main office told me that they had an exclusive agreement with BlueNile and Robbins Bros (I bought from Whiteflash) and that they only did free standing policies if you purchased from those vendors. But the lady told me to call a few individual agents and I might be able to get coverage that way. From what I had read here, many PSers have called multiple agents for free standing Chubb insurance without much success. It must have been my lucky day because the first agent I called emailed me back this morning saying they would do it.

The quote they gave me was $341/year for a ring appraised at $11K in Los Angeles. Does that sound about right?

I''m going to call State Farm today and I''m waiting to hear back from Mercury, whom I have renter''s insurance with.

But the general consensus on PS seems to be that Chubb has the most pain free, favorable terms should a loss actually occur.

 

[AlyceC]

Hi esguy27,

It is my understanding from a conversation I had with State Farm a little while ago that the jewelry coverage, which they sell as a rider, is only available to customers who have State Farm renter''s or homeowner''s insurance. I have home, auto, and jewelry with State Farm and have been able to save because of multiple policies. Maybe Mercury will be able to offer a similar deal.

Depending on where you live, the insurance is considerably more expensive. Unfortunately, LA is one of the more expensive areas. I used to live there, so I remember how expensive it is. Based on LA prices, the quote doesn''t sound insanely high. One benefit to Chubb that I''ve heard is the option to cash out easier. State Farm, based on what I was told when I pressed for details, tends to replace the jewelry with a "comparable" item. With diamonds, particularly proprietary cuts (i.e. my Lucida), comparable isn''t worth a whole lot. I haven''t had to make a claim yet (knocking on wood right now), so I can''t say how easy or hard it is to argue for what you would consider comparable.

I hope this helps.

 

[bettyboop]

I live in SF and have a free standing policy w/Chubb and I paid a little over $250 for a wedding set appraised at a little over $12k. I would expect SF and LA to come in fairly close in yearly cost but that does seem high. I got my Chubb policy earlier this year through PLIB Insurance and although it was about $100 more/year compared to my jewelry rider coverage on my renters policy through Safeco, I couldn''t pass on what Chubb offers. Have you checked out Jewelers Mutual? When I used their online estimator they actually came out less than Chubb as well.

 

[dani13]

Hi ES guy!

You are lucky- it took my fiance and I a few days to find an agent that would give us a stand alone Chubb policy on my engagement ring. Anyway, yes, that sounds about right. I paid about that number for my premium, and I lie 1/2 hr outside NYC. Alot depends on where you live, and unfortunately, if you live near a big city, you are considered to be more of a risk. From what I have heard, Chubb''s policies for jewelry are the cream of the crop, so we decided to just go for it...

 

[cutes814]

esguy,

That doesn''t sound right to me. It sounds a little high. I have Chubb insurance for my e-ring as well and it is a stand alone policy. My insurance agent told me Chubb rates vary from state to state. I believe for California, it is 2.2% of the insured amount. I am located in northern California and pay $330 for a 15K ring.

For your ring, at 11K, it should be around $240. Do you want to give my guy a call? I have his contact info at home. I''ll get it to you tonight. He is located in Seattle, and in his state the insurance is only 1.6%!! I wish I live there....hee.

 

[jaz464]

I have a State Farm policy and it is a stand alone policy. I did not have to have home or renter''s insurance to get the policy.

 

[ChargerGrrl]

Date: 11/18/2005 2:46:11 PM
Author: Milly
esguy,

That doesn''t sound right to me. It sounds a little high. I have Chubb insurance for my e-ring as well and it is a stand alone policy. My insurance agent told me Chubb rates vary from state to state. I believe for California, it is 2.2% of the insured amount. I am located in northern California and pay $330 for a 15K ring.

For your ring, at 11K, it should be around $240. Do you want to give my guy a call? I have his contact info at home. I''ll get it to you tonight. He is located in Seattle, and in his state the insurance is only 1.6%!! I wish I live there....hee.

Sorry for hijacking the thread, but I''m particularly interested in this topic! My SO will soon be proposing (I hope), and I''m really leaning towards insuring thru Chubb (he wants to go w/ a rider on his homeowners). I too live in L.A , and was wondering what kind of premium we''d pay.

Milly- can you PM me your guy''s info? THANKS much!
esguy- I''ll let you know my quoted premium (will be a bit tricky, as I''m not 100% sure what kind of ring my SO has purchased- I''ll have to guesstimate!)

 

[tareyton]

Stand alone on first call to an agent in MD. Although the Agent said she didn''t think she could do a policy unless I had homeowners thru Chubb. I came back with I know plenty of people that do this just for jewlery because Chubb''s policys have the cash out option. She said well I will check and get back to you. She called me back in one day saying that it was no problem. Maybe most agents just are not properly informed on Chubbs policys???

Anyway I pay $220 for $18500 10 miles south of Baltimore

 

[esguy27]

ChargerGrr, I was able to get two Chubb quotes...one by calling their main number and one by calling local agents in LA.

When I called the main number, the lady I spoke with (Agnes) told me they could only do a freestanding "Masterpiece" policy if I bought the ring from either BlueNile or Robbins Bros. Now in my case, I bought the stone from Whiteflash and the setting from Robbins Bros. She had to check with her mgr and when she called me back, she said they''d be able to insure it for me only because I had bought the setting from Robbins Bros and because they were also setting it for me. But I have to show them proof that I did indeed buy from RB.

Now, if you do not end up buying from either RB or BlueNile, there is still hope. Agnes also advised me to start calling individual agents because some of them will do freestanding policies and your ring can be from any jeweler. So while I was waiting for her to call me back, I printed out a list of local Chubb agents in my area and I was lucky in that the first one I called said they would do it. They are located in Santa Monica and here is their number (310) 450-9184. I spoke with Tammy.

In both cases, I was quoted the same exact amount...$341/year for a ring appraised at $11K, living in Los Angeles. Apparently, quotes will vary depending on where exactly you live.

I hope this info will make the process a bit easier for you.

 

[cutes814]

Charger,

I''ll PM you when I get home tonight. I have his business card at home.

 

[slimcutta]

I have a stand-alone chubb policy in Portland, OR and I pay $160/yr for a $10000 ring