noscrusir
Shiny_Rock
- Joined
- Aug 28, 2014
- Messages
- 124
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.
- 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.