Jewelers Mutual: Setting A Loose Diamond

[Sparkle524]

So I received my quote from JM. With a $1000 deductible the premium comes to $1298. I really only need coverage for about 1 month until VC sets the diamond. According to the approval letter, I can do a 5 payment plan so that would come out to $259.60. So I'm assuming this is what I will need to pay to get insurance for approximately 1 month correct? Too bad it's not $1298 divided by 12 months. Then it would only be $108.17.

 

[diamondseeker2006]

My hope is that they will refund the excess to you based on the time you had the policy and not 1/5 of the total for a year. If that was the case, I might wait an extra month to get the other policy.

 

[denverappraiser]

If you are unhappy with their services I think they will refund you any unused portion of your premium. They've got an 800#, ask 'em.

 

[Sparkle524]

Thanks Diamondseeker. I was hoping to not have to pay so much for just 1 month. They also quoted me vault rate which is $400 but I'm not sure if I can choose vault rate for the setting process. I will have to ask.

 

[Sparkle524]

If you are unhappy with their services I think they will refund you any unused portion of your premium. They've got an 800#, ask 'em.

Thanks Denverappraiser!

 

[denverappraiser]

VC surely DOES store it in a vault when he's not actually working on it but this seems like stretching a point that you're already stretching.

 

[Sparkle524]

VC surely DOES store it in a vault when he's not actually working on it but this seems like stretching a point that you're already stretching.

I will try asking JM if they will consider it but I highly doubt it

 

[Chuckenator]

I'm an actuary, so hopefully that helps lend a bit of credibility.

Almost ALL property related insurance will refund the pro-rata portion of premium paid for unused coverage (this doesn't necessarily apply to warranty contracts, which aren't pure insurance).

In other words, it doesn't matter if you pay the entire premium upfront or if you make monthly installment plans, if you cancel your insurance you will get the unused portion back. If you were to pay the annual premium now, and cancel in one month, you would receive 11/12 of the premium back.

 

[diamondseeker2006]

Very helpful, Chuckenator!

 

[Sparkle524]

I'm an actuary, so hopefully that helps lend a bit of credibility.

Almost ALL property related insurance will refund the pro-rata portion of premium paid for unused coverage (this doesn't necessarily apply to warranty contracts, which aren't pure insurance).

In other words, it doesn't matter if you pay the entire premium upfront or if you make monthly installment plans, if you cancel your insurance you will get the unused portion back. If you were to pay the annual premium now, and cancel in one month, you would receive 11/12 of the premium back.

Thank you Chuckenator! That's fantastic news!

 

[TxnBluDvl]

The sample policy on the JM site also says this:

If “you” cancel this policy during the first 30 days, the premium will be fully refunded. If “you” cancel this policy after 30 days, the
unearned premium will be calculated on a pro rata basis and refunded.

So that's in agreement too.

 

[Sparkle524]

The sample policy on the JM site also says this:

If “you” cancel this policy during the first 30 days, the premium will be fully refunded. If “you” cancel this policy after 30 days, the
unearned premium will be calculated on a pro rata basis and refunded.

So that's in agreement too.

Great thanks! I didn't see that little bit of info.

 

[Sparkle524]

VC surely DOES store it in a vault when he's not actually working on it but this seems like stretching a point that you're already stretching.

Just got off the phone with the agent preparing my quote. Vault rate does NOT apply to Victor's vault!!