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just bought a 2 carat ring, now need to worry the insurance

Discussion in 'RockyTalky' started by Frank_chicago, Aug 8, 2017.

  1. Frank_chicago
    Rough_Rock

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    by Frank_chicago » Aug 8, 2017
    Just bought a a 2 carat ring from a local store, and plus the store offer a appraiser. I contacted my insurance agent, got a quote for $391 a year with no deductible with the value around 35k. Does insurance require appraiser other then the person sale you the diamond? I understand the importance of insurance, but pay that every year, I still not sure. Can someone give me a piece of advice?

    Thanks

    Frank
     
    


    


  2. Snowdrop13
    Brilliant_Rock

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    by Snowdrop13 » Aug 8, 2017
    Did the ring cost $35k or is that the appraisal value?
     
  3. ILikeShiny
    Ideal_Rock

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    by ILikeShiny » Aug 8, 2017
    NEVER get an appraisal from the person who sold you a diamond! They're likely to inflate it to make you feel like you got a great deal. Get one from and independent appraiser. There are plenty of threads on here telling you how to find one.

    As for insurance, if you don't mind having to pay for a whole new ring if you lose it then, no, insurance isn't necessary. However, if your stone costs even half of what it was "appraised" at then I'd say it's in your best interest.

    You'll want to insure it for what it costs to replace it, which may be less than appraisal value. Do your research to find what similar stones sell for and go from there. You'll also want to chose a plan that allows you to decide which vendor you use; ideally it will also give a cash option.
     
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  4. msop04
    Ideal_Rock

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    by msop04 » Aug 8, 2017
    Unless you paid $35K for that 2 ct ring, I would get it reappraised from an independent source. The insurance company is only going to pay what it would cost to replace the ring with like specs. They aren't going to let you spend $35K to replace it. You're wasting your money unnecessarily if you insure on an inflated appraisal.
     
    


    


  5. whitewave
    Ideal_Rock

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    by whitewave » Aug 8, 2017
    Call Gem Safe and ask for an appraiser in your area. I use their insurance and they were very helpful. You want the appraisal for the actual price, so that you don't Pay insurance on overprices that you will never get reimbursed for.

    ETA: or go back to the jeweler and ask for an actual or near actual appraisal.
     
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  6. msop04
    Ideal_Rock

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    by msop04 » Aug 8, 2017
    I use GemSafe as well... you can also turn in your receipt or documentation of the price you paid, if that is what it would cost to replace it. :)
     
  7. Frank_chicago
    Rough_Rock

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    by Frank_chicago » Aug 8, 2017
    the diamond i paid 26500 in 2 carat,vs1/F 4 C with HCA score .8, the ring is platinum i bought in jared in 2005, was $3000. so total is about 30K.

    Thanks

    Frank
     
  8. msop04
    Ideal_Rock

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    by msop04 » Aug 8, 2017
    Then I'd insure for no more than $30K.
     
  9. Dancing Fire
    Super_Ideal_Rock

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    by Dancing Fire » Aug 8, 2017
    Is your stone GIA or AGS graded?
     
  10. Frank_chicago
    Rough_Rock

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    by Frank_chicago » Aug 9, 2017
    yes it is GIA Certificaion, also has gia # on the diamond.

    Thanks
     
    


    


  11. ILikeShiny
    Ideal_Rock

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    by ILikeShiny » Aug 9, 2017
    Reprice the setting you bought in 2005 to assess how much a similar one would cost now and then add it to your 26,500 and insure for that much.
     
  12. Frank_chicago
    Rough_Rock

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    by Frank_chicago » Aug 9, 2017
    that make perfect sense , thanks a lot everyone.
     

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