Lavalier vs. Perfect Circle

[madelise]

My fiancé found Lavalier jewelry insurance and was quoted a very nominal fee when compared the The Perfect Circle (Jeweler's Mutual). To the point where I wonder how legitimate it is. He read up on their policies and it seems like the only difference is that Lavalier doesn't cover routine care like prong tightening.

Can anyone help me confirm this? Is Lavalier all it seems to be?

 

[noscrusir]

I've had Lavalier, on my 2nd year of coverage. No problems so far and the customer service was quick & responsive. Haven't had to file a claim yet though. Can't complain with the price, as I've saved a lot over the quote Perfect Circle (Jewelers Mutual) gave me.

 

[denverappraiser]

JM has been around forever. I’ve personally been a client since the mid 70’s. That’s a lot of water under the bridge, and there are a lot of happy clients. Lavalier is relatively new. I think it’s only a couple of years so far. That makes them aggressive in their pricing and eager to be pleasant in their underwriting. There’s something to be said for both sides of this. Insurance is a HIGHLY regulated industry and although I can’t say much about experience with Lavalier's underwriting or claims processes, I am quite confident they aren’t frauds. Give them a decade or two and they might just take over the industry. In the meantime, you get to decide if you want to go with the underdog or pay a little extra and go with a tried and true performer. It’s good to have such choices.

 

[madelise]

JM has been around forever. I’ve personally been a client since the mid 70’s. That’s a lot of water under the bridge, and there are a lot of happy clients. Lavalier is relatively new. I think it’s only a couple of years so far. That makes them aggressive in their pricing and eager to be pleasant in their underwriting. There’s something to be said for both sides of this. Insurance is a HIGHLY regulated industry and although I can’t say much about experience with Lavalier's underwriting or claims processes, I am quite confident they aren’t frauds. Give them a decade or two and they might just take over the industry. In the meantime, you get to decide if you want to go with the underdog or pay a little extra and go with a tried and true performer. It’s good to have such choices.

Thanks Niel. It is SO much less that it feels like something to be skeptical of. It's comforting to hear you say they're legitimate.

 

[madelise]

$300 something vs. $900 something.

 

[diamondseeker2006]

Whoa!!! That is quite a price difference! It covers accidental loss, cracked stone, theft....any kind of loss? I would never, EVER use jewelry insurance for prong tightening or even replacing a damaged setting. It can mess you up later making little claims. I want to be covered if the diamond needs to be replaced.

I am lucky to have Chubb (from when they did standalone policies) and live where the cost is reasonable. But my daughter may want to check out Lavalier because I felt her JM premiums were on the high side (higher per hundred of coverage than mine).

Let us know what you decide! I want to look into that.

 

[diamondseeker2006]

Just wanted to report back that Lavalier is higher than my Chubb policy! Pays to compare rates for sure!

 

[Resonance.Of.Life]

Hmm http://new.chubb.com/en/us/ I wonder if Chubb is doing standalone policies again ?

 

[diamondseeker2006]

Hmm http://new.chubb.com/en/us/ I wonder if Chubb is doing standalone policies again ?

I noticed Chubb had been bought by another company but is keeping the Chubb name. So things certainly could change in multiple ways.

 

[jerichosmom]

Madeline, I just priced out Lavalier today. For my oec, the costs were identical to my JM policy. It really depends on your zip code. Your ER is worth more than mine but your quote was less than half of the Lavalier quote I got so it's definitely due to my location. The reason why I didn't go with them a few years ago is that they don't cover unexplained losses I think (other known as "I don't remember where I put it so now it's gone"). I believe they only cover theft but I could be wrong. I remember speaking to a rep on the phone and comparing it with my JM quote 3 yrs ago and decided against it as the cost was so similar.

 

[jerichosmom]

Ok I have to correct myself. I guess they are now covering unexplained losses. I don't remember that being covered a few years ago. But, after a price comparison with my current JM and find the exact numbers, I'm not going to switch. You're very lucky that it's only going to cost you $300 for your ER coverage! Mine is almost $800 with a $2500 deductible for 32k of coverage.

 

[diamondseeker2006]

Ok I have to correct myself. I guess they are now covering unexplained losses. I don't remember that being covered a few years ago. But, after a price comparison with my current JM and find the exact numbers, I'm not going to switch. You're very lucky that it's only going to cost you $300 for your ER coverage! Mine is almost $800 with a $2500 deductible for 32k of coverage.

Wow, listen to this. I have my e-ring and studs insured by Chubb. You are right that it is by zip code. My e-ring is also covered for $32k and that portion of the premium is about $350 with no deductible!

Makes me wonder how Lavalier only says $300 for her, because Lavalier was over $500 just for my e-ring, and I assume her e-ring was several thousand more than mine. I think I am in a very low cost area for this type of insurance.

 

[jerichosmom]

Both Madelise and I live in LA too! But I guess the crime rate in my zip code trumps hers!

 

[madelise]

Ahh PS ate my long lost. FI has set up the ins even before I knew the ring existed. Perfect Circle didn't even get back to him in time for our trip that he proposed on, so he went with Lavalier. I think he figured he'd change things later. But PC came with a much higher quote one week later. It is strange that there's that wide of discrepancy.

Re: amount, the ring is currently under insured. Patrick Davis did the appraisal and didn't include all the info, then undervalued it. Lavalier called us and suggested we get it reappraised for a higher amount. Grace agrees. Haven't gotten around to doing that yet though.

 

[madelise]

Update:

So my quote came up higher than their actual cost because they gave us a lot of credit and discounts for our building's 24 hour security, our in-home safe, and our bank safe. I've had JM before and reported my previous bank safe & alarm system on the house, but they never confirmed details or gave an actual discount. Lavalier did. My FI had to provide all the safe information to them, and they discounted quite a bit. They asked him for % estimated time Id be wearing the ring vs putting it in the safe. Which is pretty much 100%\0% since it's always on my body. And yes, my zip code has very low crime rates. We're up in a hill area near the beach that's a pain in the butt to drive to. Criminals would rather target the homes ON the beach than our dinky condo building with 24 hour security and giant gates, a bunch of old retirees living next door that enjoy watching everyone and asking questions hahaha!

 

[madelise]

He just forwarded the policy to me. $277 for one year coverage, $50k insured with $1k deductible.

 

[diamondseeker2006]

That is incredible!!!

 

[madelise]

That is incredible!!!

I think so too, hence my skepticism.