- Joined
- Mar 10, 2018
- Messages
- 82
Hi all. I'm relatively new to posting here (not to lurking though!). So please forgive me if this isn't the right spot to post this. I tried searching around but didn't see an exact answer to my question, so here we go.
Jewelers Mutual confuses me. I am anxiously awaiting a diamond ring from James Allen, and they make it super easy to click a button to apply for JM coverage. I clicked the link, and JM values my ring at about 3k more than I paid for it. Fine, I get it, insurance appraisals are inflated. And JM seems to be popular around here. This is what I don't understand:
1) Will I need to get an independent appraisal also, or is this agreement between James Allen and JM sufficient that JM knows the value of the ring?
2) JM makes a big deal about how you can work with your jeweler to create an equivalent replacement in the event that it is lost. I'd be okay with paying monthly rates based an inflated insurance if I got that actual dollar value in the event the ring was lost or stolen. But it does not make sense to me to pay based on an inflated value if JM is going to pay the actual market value (3k less than the inflated value) to pay for an exact replacement, e.g. I pay based on a value of 15k but then JM gets to pay 12k to replace the ring. Why don't they pay 15k, if that is what my premiums are based on? Honestly, if I'm understanding this correctly, it seems like JM is just another shady merchant in the diamond business taking advantage of the fact that a lot of non-experts buy diamond engagement rings.
3) If I'm going to pay on an inflated rate, it makes sense to me to just add the ring to my homeowner's policy. Then I get the dollar amount that I paid on right?
In sum, how does JM get away with basing your payments on an inflated appraisal value, but then only pay for an exact replacement which is likely much less than that value, if a claim is actually filed? What are my alternatives here? Can I get an independent (lower) appraisal that is closer to the market cost of my ring, so at least I'm paying a lower rate to JM? I downloaded JM's guide and they just make a big deal out of allowing you to work with your jeweler and how great that is, and how with them you don't have to worry about finding an equivalent ring at the same price since they'll just pay for it regardless, but it seems like a big scam to me to blow up the value that much and then not actually pay it. Am I missing something here? Is this how other jewelry insurers work?
For the record, while I love my ring, it is fairly simple in design and relatively moderately priced, for a diamond ring. I really don't give two hoots who replaces it if it is lost, as long as the replacement is similar quality. I would not mind at all just having my insurance cut me a check for the value I've been paying on so I can replace it myself.
Any additional info. is greatly appreciated!
Jewelers Mutual confuses me. I am anxiously awaiting a diamond ring from James Allen, and they make it super easy to click a button to apply for JM coverage. I clicked the link, and JM values my ring at about 3k more than I paid for it. Fine, I get it, insurance appraisals are inflated. And JM seems to be popular around here. This is what I don't understand:
1) Will I need to get an independent appraisal also, or is this agreement between James Allen and JM sufficient that JM knows the value of the ring?
2) JM makes a big deal about how you can work with your jeweler to create an equivalent replacement in the event that it is lost. I'd be okay with paying monthly rates based an inflated insurance if I got that actual dollar value in the event the ring was lost or stolen. But it does not make sense to me to pay based on an inflated value if JM is going to pay the actual market value (3k less than the inflated value) to pay for an exact replacement, e.g. I pay based on a value of 15k but then JM gets to pay 12k to replace the ring. Why don't they pay 15k, if that is what my premiums are based on? Honestly, if I'm understanding this correctly, it seems like JM is just another shady merchant in the diamond business taking advantage of the fact that a lot of non-experts buy diamond engagement rings.
3) If I'm going to pay on an inflated rate, it makes sense to me to just add the ring to my homeowner's policy. Then I get the dollar amount that I paid on right?
In sum, how does JM get away with basing your payments on an inflated appraisal value, but then only pay for an exact replacement which is likely much less than that value, if a claim is actually filed? What are my alternatives here? Can I get an independent (lower) appraisal that is closer to the market cost of my ring, so at least I'm paying a lower rate to JM? I downloaded JM's guide and they just make a big deal out of allowing you to work with your jeweler and how great that is, and how with them you don't have to worry about finding an equivalent ring at the same price since they'll just pay for it regardless, but it seems like a big scam to me to blow up the value that much and then not actually pay it. Am I missing something here? Is this how other jewelry insurers work?
For the record, while I love my ring, it is fairly simple in design and relatively moderately priced, for a diamond ring. I really don't give two hoots who replaces it if it is lost, as long as the replacement is similar quality. I would not mind at all just having my insurance cut me a check for the value I've been paying on so I can replace it myself.
Any additional info. is greatly appreciated!