Just bought the ring. questions about insurance

[akim1220]

I just recently proposed and now engaged. Going to insure the ring but had a quick question. I know it is ultimately up to me but should I set a deductible and if so what? Planning on going with Jewelers Mutual.

 

[outatouch0]

I believe your quote will have the options for deductables vs. no deductible. It would really come down to actual numbers to decide what is best for your situation. If I remember correctly though I think the price differences for me were microscopic at best. In that case why not go without the deductable?

 

[akim1220]

That''s what I was thinking. Just wanted to see if anyone had some pointers. Thanks

 

[oldminer]

If you go for 30 years without any insurance, and without a loss, you will have saved the price of the jewelry. If you take the premium and save it you would be totally self insured, but you have to have 30 years, or so, with few to no losses and good luck. If you are making better than a minimal living already, I''d suggest take every advantage of deductibles on insurance. Do the same with auto collision, too. While the savings are incremenetal, in the long run, it is way better to not spend more than necessary on insurance. If you are no more than an average risk, you will end up financially ahead by such a strategy. The insurance companies do make a lot of money on covering jewelry, so the odds are in your favor to end up ahead. If you are currently financially struggling and/or in debt for the ring, full coverage is smart because you just can''t afford to replace it right now.

If you feel that you or your fiance'' are a higher risk type, or just plain unlucky, then insurance covreage will be more worthwhile for you. If your fiance'' is the kind person who loses things and is not careful with things, some coverage is smart. Maybe until you are sure about how meticulous this person is, you should buy some coverage. Once you know the level of risk, then you should consider adjusting some.