shape
carat
color
clarity

Let's talk Jewelry Insurance...

Discussion in 'RockyTalky' started by msop04, Jun 18, 2017.

  1. msop04
    Ideal_Rock

    Messages:
    9,292
    Joined:
    Dec 3, 2011
    by msop04 » Jun 18, 2017
    So I've had Jeweler's Mutual since I got engaged, but I'm thinking of switching because their premiums are kinda high, IMO...

    I'd just heard of Gemsafe and Lavalier from another thread, and I was wondering if anyone could give any reasons I shouldn't switch. Quote from Gemsafe (with no deductible) was almost 30% less than my JM premium (with $1000 deductible). I've never filed a claim on my JM insurance...
     
    


    


  2. WillyDiamond
    Brilliant_Rock

    Messages:
    1,178
    Joined:
    Dec 7, 2004
    by WillyDiamond » Jun 18, 2017
    30% seems like a big difference, are you sure you are comparing apples to apples?
    Also, if you have a HO's policy, you might do well with a personal articles policy from that carrier.
    Best of luck.
     
    lulualulu0811 likes this.
  3. diamondseeker2006
    Super_Ideal_Rock

    Messages:
    54,774
    Joined:
    Jan 11, 2006
    by diamondseeker2006 » Jun 18, 2017
    Is Gemsafe through Touchstone?

    My Chubb is less than JM with better benefits, so I do think JM is just high. I'd switch if I could save 30%!!!

    I would not put jewelry on homeowners as a claim could make the whole policy higher.
     
    msop04 likes this.
  4. msop04
    Ideal_Rock

    Messages:
    9,292
    Joined:
    Dec 3, 2011
    by msop04 » Jun 18, 2017
    From what I have read on both company's sites, they offer pretty much the same coverage. My JM policy has a $394 premium with a $1000 deductible and GS quote was $258 with NO deductible. If I did my math correctly, that's a 34.5% difference WITH NO DEDUCTIBLE.

    I'm not considering insurance via HO's policy.

    EDIT:

    I got my numbers wrong...
    With NO Deductible: $304 (22.8% difference)
    With $500 Deductible: $258 (34.5% difference)

    Sorry for the confusion!! :halo:
     
    Last edited: Jun 18, 2017
    


    


  5. msop04
    Ideal_Rock

    Messages:
    9,292
    Joined:
    Dec 3, 2011
    by msop04 » Jun 18, 2017
    I don't think Chubb will take just jewelry... don't you have to have more insured with them? I haven't checked with that company in a long time. I'm really considering switching... and, no, I wouldn't consider insuring with my homeowner's. :-o
     
  6. poshmommy
    Brilliant_Rock

    Messages:
    539
    Joined:
    Jan 28, 2016
    by poshmommy » Jun 18, 2017
    Yes, Diamondseeker, Gemsafe is through touchstone. You suggested them to me for my CER when JM wouldn't touch it. I looked into the company a lot. They are underwritten by SterlingRisk. The company seems pretty legit from what I read. I have not read any reviews about claims though.

    They have replacement policies called Gemsafe and cash value policies called Gemextensive. Both were cheaper than JM.

    Would love to hear if anyone else has had experience with them or recommendations for other insurance companies.
     
    diamondseeker2006 and msop04 like this.
  7. msop04
    Ideal_Rock

    Messages:
    9,292
    Joined:
    Dec 3, 2011
    by msop04 » Jun 18, 2017
    Thanks for the info, DS and poshmommy! I knew JM was higher, but daaaannngggg.... :-o:-o:oops2:

    I am going to call and speak with a GS rep tomorrow to get some more information. I also need to call JM to figure out if I can get a prorated refund if I cancel before the next payment or if I should just wait on switching until closer to the next payment with JM...

    I'd be interested to know if anyone has any experience switching like this. Did you get a prorated refund? Was it easy or a PITA?
     
  8. diamondseeker2006
    Super_Ideal_Rock

    Messages:
    54,774
    Joined:
    Jan 11, 2006
    by diamondseeker2006 » Jun 18, 2017
    Thanks, poshmommy! I was in the car and it was too much trouble to look it up! That's what I would use if I were changing. I need to remember to check their prices before my renewal date with Chubb.

    Right, msop...Chubb no longer writes jewelry only policies. I got mine long ago. But people used to say it was expensive...however, I got a higher quote from JM! The guy from Touchstone used to write Chubb policies, but they changed to GemSafe since the premiums are less and they will do jewelry only policies. I feel quite confident about them because Touchstone has been around for a long time, and they used to carry Chubb which insures high end homes and valuables.

    Let us know what you find out from both. My daughter has JM and she might like to change, too.
     
    msop04 likes this.
  9. kenny
    Super_Ideal_Rock

    Messages:
    26,658
    Joined:
    Apr 30, 2005
    by kenny » Jun 18, 2017
    I don't buy insurance not required by law for the same reason I don't own a gun.
    For some reason fear doesn't work on me.

    Insurance is gambling.
    You are betting there will be a claim; The company is betting there won't be.
    The problem is (as with all gambling) the odds favor the house.

    Odd are nearly 100% that nothing will happen.
    But odds are fully 100% that I get to keep all that insurance premium money and the money I would have spent on guns.

    A long lifetime of being wise and careful (no claims or need to shoot anyone) means I have the peace of mind that comes from all that unspent gun and insurance premium money still sitting in my bank account.
    It's all about peace of mind, isn't it?

    As always, YMMV.
    Do whatever makes you happier.
     
    Last edited: Jun 18, 2017
  10. msop04
    Ideal_Rock

    Messages:
    9,292
    Joined:
    Dec 3, 2011
    by msop04 » Jun 18, 2017
    Thanks DS! I will keep you posted!!
     
    diamondseeker2006 likes this.
    


    


  11. msop04
    Ideal_Rock

    Messages:
    9,292
    Joined:
    Dec 3, 2011
    by msop04 » Jun 18, 2017
    I agree... it's all about peace of mind. But I don't have that kind of cash hanging around, nor do I have the discipline to just save "what would be my premiums", I have peace of mind via insurance.

    ...and a gun. ;-)
     
    Last edited: Jun 18, 2017
  12. totallyfree
    Shiny_Rock

    Messages:
    198
    Joined:
    Aug 18, 2013
    by totallyfree » Jun 18, 2017
    Any recommendations for Australia? Currently insured via our contents insurance (similar to homeowners), but I like to shop around each renewal period.
     
  13. StephanieLynn
    Ideal_Rock

    Messages:
    4,058
    Joined:
    Feb 2, 2016
    by StephanieLynn » Jun 18, 2017
    If what Kenny is saying is true then I was really unlucky when my jewelry was stolen during a home burglary 14 years ago. I also lost a diamond out of a setting (lucky here because I found it on the floor of a warehouse I used to clean). Did I mention I never play lotto or gamble? :lol-2:

    I previously had my jewelry on my homeowners but I when my husband lost (and found) his wedding ring I found out that putting a claim in would raise my rates and jeopardize a renewal.

    I am getting a policy with Gemsafe. I actually had to call them to ask them what we needed for my husband's ring to insure it and they were super nice. Note, appraisal dated within last three years is what I was told to get a policy with them.
     
    msop04 likes this.
  14. msop04
    Ideal_Rock

    Messages:
    9,292
    Joined:
    Dec 3, 2011
    by msop04 » Jun 18, 2017
    Oh no, StephanieLynn! I'm so sorry that happened to you! An NP at my clinic lost her diamond out of her ring just last week -- thank God it was insured!!

    I am not insuring based on appraisal (since they tend to be somewhat to extremely inflated)... only bill of sale. I hope I never have to file a claim, but if that ever happens, I only want replacement value. Since diamonds fluctuate a bit, I will eventually have to have it appraised for replacement value to make sure a very similar stone would be covered.
     
    jim bones and diamondseeker2006 like this.
  15. StephanieLynn
    Ideal_Rock

    Messages:
    4,058
    Joined:
    Feb 2, 2016
    by StephanieLynn » Jun 18, 2017
    It really is the pits losing jewelry, that's one thing about insurance is it lessens the sting a little.

    In our case we didn't have the original bill of sale for his ring after 11 years and my upgrade for our 10th anniversary was pre-loved otherwise I would have gone with the bill of sale too.
     
    msop04 likes this.
    


    


  16. kenny
    Super_Ideal_Rock

    Messages:
    26,658
    Joined:
    Apr 30, 2005
    by kenny » Jun 18, 2017
    "Luck" isn't real.
    It's an afterthought, an invented idea to fill the void created by a need for meaning when, actually, there is none.

    For people who "do" luck, it's a fact that for every person who has the 'bad luck' of a jewelry loss there are many many many more with 'good luck' who don't experience a loss.
    But the insurance company sets premiums to cover ALL losses, pay their employees, the lease on their buildings, pay massive salaries and golden parachues for their execs, 401Ks, social security, disability, taxes, insurance etc. etc. etc.
    Me, I keep money that would have gone to premiums in my bank account ... for the peace of mind it gives me.

    Instead of luck, magic, or some higher power calling the shots, good and bad stuff just happens.
    But I will say, the harder I work, more careful I am, and smarter I behave the "luckier" I get. ;-)

    IMO paying premiums for decades only for nothing bad to happen (a claim for a loss) is the ultimate "bad luck".
    All that money ... gone forever ... and you hope that you never get anything for the premiums you pay.

    And, as I've already stated, YMMV.
    If you like insurance, buy it.
    People vary.
    Zillions do like insurance.
     
    Last edited: Jun 18, 2017
  17. Wewechew
    Brilliant_Rock

    Messages:
    1,220
    Joined:
    Apr 8, 2017
    by Wewechew » Jun 18, 2017
    I've been considering switching too.
     
  18. Dancing Fire
    Super_Ideal_Rock

    Messages:
    29,997
    Joined:
    Apr 3, 2004
    by Dancing Fire » Jun 19, 2017
    I'd agree with Kenny. The money I save on insurance after all these years I can buy a very nice stone. Even if I decided to insure my jewelry where should I draw the line? our diamond rings? my watches?. There is no way I can afford the high premiums.
     
  19. madelise
    Ideal_Rock

    Messages:
    5,200
    Joined:
    Sep 23, 2011
    by madelise » Jun 19, 2017
    Whoaaa never heard of GemSafe. Gotta check it out. I'm with Lavalier. They have us discounts for having precautions (alarms, safety deposit box, safe) whereas JM couldn't pick up a god damn phone.
     
  20. msop04
    Ideal_Rock

    Messages:
    9,292
    Joined:
    Dec 3, 2011
    by msop04 » Jun 19, 2017
    I just did the online quote for Lavalier, and it was about $40 less (per year) than JM. I've never really had an issue with JM; I'm just tired of paying such a high premium. ::)
     
  21. madelise
    Ideal_Rock

    Messages:
    5,200
    Joined:
    Sep 23, 2011
    by madelise » Jun 19, 2017
    Call and speak to them. Our insurance was way less than their online quote.
     
  22. diamondseeker2006
    Super_Ideal_Rock

    Messages:
    54,774
    Joined:
    Jan 11, 2006
    by diamondseeker2006 » Jun 19, 2017
    I take the risk on most of my jewelry, but I like insuring the most valuable item because it would be painful to replace. I would never insure something I could easily replace. But some of my items I wear rarely and wouldn't bother replacing anyway. I have had my studs insured because earrings might be more easily lost, but I am really at the point of thinking that's unlikely and I could afford to replace a lost one if I did lose it.
     
    jim bones and msop04 like this.
  23. msop04
    Ideal_Rock

    Messages:
    9,292
    Joined:
    Dec 3, 2011
    by msop04 » Jun 19, 2017
    METROLOGICA305913797307
    I'm the same way... I used to have my 1 ct bezel pendant insured with State Farm (rider on HO's), but I cancelled it last month -- just too expensive. I decided to take my chances with that one. :shifty:

    Now, it's just my engagement ring (really just the stone)... and only for what I paid for it.
     
  24. msop04
    Ideal_Rock

    Messages:
    9,292
    Joined:
    Dec 3, 2011
    by msop04 » Jun 19, 2017
    Really? Hmmmm... I may just do that -- good to know! Thanks, madelise! :wavey:
     
  25. msop04
    Ideal_Rock

    Messages:
    9,292
    Joined:
    Dec 3, 2011
    by msop04 » Jun 19, 2017
    @madelise ...okay, so I just called Lavalier -- the rep immediately told me that my premium "would be the exact same as the online calculator"... I don't know if that's a new policy or if maybe I spoke to the wrong person. Who knows.

    I just reentered my info on Lavalier and it turned out to be MORE than JM! I realized that I had previously entered the information with a larger deductible than I actually had with JM, so I corrected it to help compare "apples to apples". Yep, $29 more annually. Damn. :blackeye:
     
  26. msop04
    Ideal_Rock

    Messages:
    9,292
    Joined:
    Dec 3, 2011
    by msop04 » Jun 19, 2017
    JM said there were two options for cancelling...

    1) cancel immediately and be refunded a prorated amount (back to my card) for any coverage time left that I had paid for -- coverage would cease immediately upon cancellation.

    2) wait until my coverage is up for renewal, remove my card prior to it being automatically renewed, and simply not pay/renew. She said it is better to call and let them know if I am not renewing, but that I wouldn't be turned into collections or anything like that -- coverage would just cease due to lack of payment/non-renewal.

    Upon approval and a few more answered questions from Gemsafe, I've decided to go with option 2, since I only have 6 weeks left in my contract with JM.
     
  27. msop04
    Ideal_Rock

    Messages:
    9,292
    Joined:
    Dec 3, 2011
    by msop04 » Jun 19, 2017
    The only real difference in coverage is that JM will allow you to choose whatever vendor/jeweler you wish, whereas GemSafe has you select a specific jeweler. This isn't a big deal to me, because I have a great upgrade policy with Diamonds Direct... I will be with them regardless.

    GemSafe also has a plan where they will give you cash if you file a claim. Of course, those premiums are higher.
     
    bluebonnet04 likes this.
  28. madelise
    Ideal_Rock

    Messages:
    5,200
    Joined:
    Sep 23, 2011
    by madelise » Jun 19, 2017
    Weird. They charged us less bc of my safety deposited box, my bank safe, and our alarm system....... They even called my bank to verify and asked for technical details!
     
  29. whitewave
    Ideal_Rock

    Messages:
    7,792
    Joined:
    Feb 29, 2012
    by whitewave » Jun 19, 2017
    All jewelry is insured for what you paid, regardless of the amount you are paying for coverage!!! (As ling as replacement value is the same)

    I'm getting all of mine re appraised because I'm paying too much on inflated value appraisals when insurance only covers amount of replacement anyway!!!

    This is important information!

    For instance: say I paid $14,000 for a ring that appraised for 30k. If I use that appraisal, I have to pay for a 30k premium. If my ring is lost or stolen, insurance pays replacement value only, which give or take these days is around $14,000. You lost all that extra premium money!
     
    bluebonnet04, jim bones and msop04 like this.
  30. msop04
    Ideal_Rock

    Messages:
    9,292
    Joined:
    Dec 3, 2011
    by msop04 » Jun 19, 2017
    Who knows... I could've spoken with a new employee or something.
     

Share This Page