Question about eRing insurance and filing a claim

[The Stig]

I'm still a newbie to this world about to take delivery of my lady's eRing. I am also a very simple guy. So quick question in the form of a hypothetical question.

Say I purchase a 1.8 carat, G color, VS2 clarity, Excellent symmetry, excellent polish, cushion cut center stone for $13k with a GIA report (no cut grade). Then I get a PS quality setting for $2k. That's 15k in total that I paid. Then I get an appraisal for Insurance, and that comes out as $18k in total for everything, and that's the insured value. Lets then say my fiancé/wife loses the ring. In terms of Insurance, can I then go to Whiteflash or Brian Gavin for a replacement and get say a 1.8 carat, F color, S1 clarity from their top hearts and arrows collection for $16k and then the same vendor for the setting at $2k. Total is $18k. Even though I have stepped down in color and clarity, the value is still the same as the insured. Will the Insurance pay for this?

 

[BlingDreams]

It depends on your insurance and policy. Most are written to replace with “like kind”, so exactly match the stats you originally had. That’s why it’s SUPER IMPORTANT to list report numbers and/or diamond measurements so you can use those as demands for replacing. Alternatively, some policies allow a cash-out option where they allow you to choose what you want for the appraised price or even just cut you a check and then step out of the process. Those policies tend to be more expensive due to the history of shady claims.

 

[AprilBaby]

JM let me choose what I wanted. I lost a blue Nile diamond bracelet. I replaced with an ACA wF bracelet and paid the difference for the extra ct weight.

 

[crbl999]

My wife's ring was insured with State Farm under a Personal Articles Policy. Her ring was appraised by Neil Beaty and his appraisals are very detailed for insurance replacement purposes. Her ring was recently lost in the ocean (my wife was devastated, still doesn't want to talk about it) and the adjuster gave us two options. Work with one of their jewelers to find a 'like kind' replacement or cash for policy limits/appraised value. For the cash out option we received policy limits as the appraisal was considered reasonable and not over-inflated. I did not entertain the 'like kind' replacement option since the cash option was presented up front.

 

[foxinsox]

Her ring was recently lost in the ocean (my wife was devastated, still doesn't want to talk about it)

Oh I can totally see she would be devastated, just thinking about it made me feel a little sick. I hope she will be able to find a replacement eventually that will make her happy again.