Find your diamond
Find your jewelry
shape
carat
color
clarity

Jewelers Mutual

breanne

Shiny_Rock
Joined
Jun 7, 2016
Messages
188
Forgive my lack of understanding here, I was hoping someone could help. Here are some questions:

1) My ring's total cost was around $10,600.00 - if it's appraised for more, do I use that number instead?

2) I don't really understand deductibles and premiums, there are a tonne of different options. What I'm interested in is FULL coverage, I don't mind paying more, but I want to be sure that if anything should happen, it's completely insured. There are some options that say for example, "$160 a year, no deductible," while some say "$130 a year, 10k deductible," I'm confused what this all means.

3) Because value fluctuates, and inflation, if the value of my stone goes up, should I then get a reappraisal, and reinsured? I don't anticipate this to happen anything soon, but for my knowledge, I want to be sure it's always covered for what it needs to be replaced for.

Thank you so much, :wavey:
 

flyingpig

Ideal_Rock
Premium
Joined
Nov 7, 2015
Messages
2,250
1) My ring's total cost was around $10,600.00 - if it's appraised for more, do I use that number instead?

I use the appraised value as long as it is not overly inflated (40% or under)

2) I don't really understand deductibles and premiums, there are a tonne of different options. What I'm interested in is FULL coverage, I don't mind paying more, but I want to be sure that if anything should happen, it's completely insured. There are some options that say for example, "$160 a year, no deductible," while some say "$130 a year, 10k deductible," I'm confused what this all means.

With 10k deductible policy, you pay the first 10k, and the insurance company pays the rest. In your case, if a new stone costs $10,600, you pay 10k, the company pays $600. Not worth it. Go for no deductible policy

3) Because value fluctuates, and inflation, if the value of my stone goes up, should I then get a reappraisal, and reinsured? I don't anticipate this to happen anything soon, but for my knowledge, I want to be sure it's always covered for what it needs to be replaced for.

This is one of the reason why the appraisal value is greater than the purchase cost. so that you don't have to deal with having it reappraised just in case.

$160 annual premium sounds reasonable and consistent with the quotes I got from them (~1.5%)
 

breanne

Shiny_Rock
Joined
Jun 7, 2016
Messages
188
Thank you, you've been very helpful over the past month or two! What is the benefit for people having a deductible, just curious why anyone would out themselves a large sum when you can opt otherwise.

Also, have you added another piece to your insurance (eventually my WB) did you also get that appraised, then added to the policy?
 

RaiKai

Brilliant_Rock
Joined
Mar 8, 2010
Messages
1,255
breanne|1469472063|4059147 said:
Thank you, you've been very helpful over the past month or two! What is the benefit for people having a deductible, just curious why anyone would out themselves a large sum when you can opt otherwise.
Some people like lower premiums, and think it is worth a few dollars less a year on an ongoing basis even if it is a little more if there is a loss. I use a $0 deductible because the premium cost savings is minor between that and say a $100 or $200 deductible. A $10,000 deductible would make no sense in the case of my own jewelry, but I suppose if you had a $100,000+ ring it might? I don't know as I don't have that problem..ha ha :loopy:

I insure my items for as close to actual replacement value as I can (often very near purchase price with a little for inflation and in my case exchange rates), and request appraisals on that basis as well. Insuring on an over-inflated appraisal just means a lot of wasted premiums.

To me it is worth getting a new appraisal every three years or so (and my insurer requires it anyways to renew the policy, IIRC) for around $50-60 to not pay an extra $100 a year in premiums I would never benefit from in a loss. Then I can just increase the coverage if I need if the new appraisal (again, for actual replacement value) is remarkably higher than what it is currently insured for.

Yes, if you want to add your wedding band you will need to either use the purchase price or an appraisal to add it to your coverage.
 

breanne

Shiny_Rock
Joined
Jun 7, 2016
Messages
188
I don't have that problem either! haha! I gathered that's when it would make more sense, but even then, the premium isn't that much different, so who knows! I'm sure it applies to someone!
 

flyingpig

Ideal_Rock
Premium
Joined
Nov 7, 2015
Messages
2,250
breanne|1469472063|4059147 said:
Thank you, you've been very helpful over the past month or two! What is the benefit for people having a deductible, just curious why anyone would out themselves a large sum when you can opt otherwise.

Also, have you added another piece to your insurance (eventually my WB) did you also get that appraised, then added to the policy?
Having a deductible may benefit you if you are insuring really expensive and exotic pieces, although I don't know the exact premium and policy for exotic pieces.

With JM, you can insure small pieces under $1,000 without appraisal. Please see below. I don't know about other insurance companies.
I did not insure our wedding bands, because ours are relatively cheap and simple pave rings. We will never take them off. Even if we happen to lose them, I will never file a claim for insignificant loss, otherwise the premium may increase. So there is no point IN MY CASE.

PS. I like helping fellow Canadians :angel:

What is unscheduled jewelry coverage?
An unscheduled jewelry option is available to anyone with at least one jewelry item scheduled on their policy. It provides limited coverage for jewelry valued at $1,000 or less without an appraisal. Many choose this option becuase it offers coverage and peace of mind for spontaneous jewelry purchases. Call us for details at 888-884-2424.
 

breanne

Shiny_Rock
Joined
Jun 7, 2016
Messages
188
Have you had your jewelry mailed within Canada? My ring will be mailed from Toronto to Ottawa, only a few hours away. My jeweller is on vacation right now so I can't get a reply, but I was wondering if the item would be insured during shipping, or if I should go through JM? The issue then is, I won't have it appraised before it's insured... what is the usual process here?
 

flyingpig

Ideal_Rock
Premium
Joined
Nov 7, 2015
Messages
2,250
breanne|1469483753|4059235 said:
Have you had your jewelry mailed within Canada? My ring will be mailed from Toronto to Ottawa, only a few hours away. My jeweller is on vacation right now so I can't get a reply, but I was wondering if the item would be insured during shipping, or if I should go through JM? The issue then is, I won't have it appraised before it's insured... what is the usual process here?
I expect your jeweler has shipped (or will ship) your item fully insured, hopefully NOT by Canada Post as they only insure upto $5000. Maybe Purolator? Fedex? Check with the jeweler.
Unfortunately, I have not shipped any valuable good within Canada; no experience in this regard.

This is another reason why one stop shopping is recommended in general to eliminate small headaches like this.
 

breanne

Shiny_Rock
Joined
Jun 7, 2016
Messages
188
It's not shipped yet, it'll be mailed once he's back in town by the end of this week, just thought to ask!
 

flyingpig

Ideal_Rock
Premium
Joined
Nov 7, 2015
Messages
2,250
breanne|1469488757|4059264 said:
It's not shipped yet, it'll be mailed once he's back in town by the end of this week, just thought to ask!
If I were you, I would have the loose stone appraised first, insured, and then sent to the jewelry for mounting, so that the stone is insured during mounting/shipping back and forth, regardless of the shipping insurance offered by the courier, for the maximum protection
 

rubybeth

Ideal_Rock
Joined
Nov 12, 2007
Messages
2,567
flyingpig|1469489196|4059266 said:
breanne|1469488757|4059264 said:
It's not shipped yet, it'll be mailed once he's back in town by the end of this week, just thought to ask!
If I were you, I would have the loose stone appraised first, insured, and then sent to the jewelry for mounting, so that the stone is insured during mounting/shipping back and forth, regardless of the shipping insurance offered by the courier, for the maximum protection
She said the ring is being shipped, so I assume this is a completed ring.
 

breanne

Shiny_Rock
Joined
Jun 7, 2016
Messages
188
The diamond is already set, I had the ring made through the person I purchased the diamond from, so shipment will be of the completed ring.
 

breanne

Shiny_Rock
Joined
Jun 7, 2016
Messages
188
I actually just heard back from the jeweller, guess he was able to get the email while out of town, he said it'll be through fedex, and it'll be insured.
 

flyingpig

Ideal_Rock
Premium
Joined
Nov 7, 2015
Messages
2,250
breanne|1469491175|4059272 said:
I actually just heard back from the jeweller, guess he was able to get the email while out of town, he said it'll be through fedex, and it'll be insured.
As expected. Great to hear assurance from the jeweler.
 
Be a part of the community It's free, join today!
    Princess Diana: Timeless Jewelry Every Woman Should Own
    Princess Diana: Timeless Jewelry Every Woman Should Own
    Diamond Jewelry For 4th Of July Quarantine Celebrations
    Diamond Jewelry For 4th Of July Quarantine Celebrations
    Fancy Greyish Yellowish Green Diamond
    Fancy Greyish Yellowish Green Diamond

Need Something Special?

Get a quote from multiple trusted and vetted jewelers.

Holloway Cut Advisor



Diamond Eye Candy

Click to view full-size image.
Top