Jewelry Insurance (Engagement Ring) Tips

[noscrusir]

Hello & thank you so much for the members of this forum for providing such tremendous support to ring seekers like myself. Just wanted to share my jewelry insurance experience to hopefully help others out who are looking to insure their expensive rings:

- After getting an appraisal on my fiance's ring, I obtained an online quote from Perfect Circle (Jeweler's Mutual) for a zero deductible policy. The annual premium came out to a whopping $715 per year - way more than I expected. Even with a $1000 deductible policy, the premium was still at $586, quite high. After searching this forum, I hopped over to Lavalier and obtained online quotes from them as well, and the annual premium prices were the same.

- So I called Lavalier directly to see if there's any way I qualify for a discount. I answered a few questions for the rep and was able to get my premium quotes down about $100 (a little better). Lastly, I asked to see if I could insure the ring based on the actual price I paid for it and forwarded them a copy of my receipt. They said this was fine as well and I preferred this route since, if I ever need to replace the ring and see that the price of jewelry has gone up, I can simply pay the difference myself or work with my vendor to find a similar stone within my original substantial budget. I preferred this to over-insuring the ring. Plus, I can always update the policy in the future as well if necessary with a new appraisal, although it's not required.

- My fiance loves her ring and I made a deal with her that since I'm paying for the premiums, she can pay the $1000 deductible if anything ever happens to it LOL. We ended up getting a policy based on our purchase price & a $1000 deductible for an annual premium amount of only $355 - IMO, very reasonable and allows us flexibility in case we ever need to use it. I guess you could call Jeweler's Mutual as well to see if they're willing to price-match, but I was so happy with the customer service at Lavalier, I felt very comfortable using them to insure my purchase.

TL;DR - Got a very expensive quote online. Called another reputable company instead and got great insurance for half the cost.

 

[SCARLETTE]

I would be very interested to know if anyone else here has Lavalier insurance. When I was looking to insure my ring, I've only heard of Jewelers Mutual and that was who I decided to go with. I just did a quick quote on Lavalier's website and found out that I could pay comparable rate but with JM the deductible is $2500, whereas with Lavalier, the deductible is $500. If Lavalier is just as good a company, I am considering switching over once my JM is up for renewal. Would appreciate any opinions out there.

 

[LoubieLove]

Interesting. I checked Lavalier out of curiosity and my premium came up about the same. It was $266 at Lavalier and I pay $275 through Jewelers Mutual for the same coverage and deductible.

 

[noscrusir]

Interesting. I checked Lavalier out of curiosity and my premium came up about the same. It was $266 at Lavalier and I pay $275 through Jewelers Mutual for the same coverage and deductible.

Yeah it was the same when I punched in the numbers on both websites. However, I called in directly to Lavalier and they were able to give me a discount based on my employment & my diamond's GIA identity mark. Plus, I had the option to insure based on the purchase price. Add in a $1000 deductible and I saved a bunch of money.

 

[LoubieLove]

Interesting. I checked Lavalier out of curiosity and my premium came up about the same. It was $266 at Lavalier and I pay $275 through Jewelers Mutual for the same coverage and deductible.

Yeah it was the same when I punched in the numbers on both websites. However, I called in directly to Lavalier and they were able to give me a discount based on my employment & my diamond's GIA identity mark. Plus, I had the option to insure based on the purchase price. Add in a $1000 deductible and I saved a bunch of money.

Good to know. My JM policy is up for renewal in a couple of months, so I will check them out. Thanks!

 

[WinkHPD]

Interesting. I checked Lavalier out of curiosity and my premium came up about the same. It was $266 at Lavalier and I pay $275 through Jewelers Mutual for the same coverage and deductible.

Yeah it was the same when I punched in the numbers on both websites. However, I called in directly to Lavalier and they were able to give me a discount based on my employment & my diamond's GIA identity mark. Plus, I had the option to insure based on the purchase price. Add in a $1000 deductible and I saved a bunch of money.

I am curious as to the difference in the purchase price and the appraisal price. I am also curious if the apparently large difference was an "appraisal" by the seller or an independent appraiser. It seems to me that part of the take a way here might be to be sure that the appraisal is a realistic number. Assuming that you can currently buy another diamond for what you paid, why would you accept an appraisal for so much more that it doubled the cost of the insurance?

Wink