mrsctobe
Shiny_Rock
- Joined
- Sep 20, 2021
- Messages
- 242
Hi all, was hoping you could help me understand how I should insure my new diamond, which is currently being set into a ring? I want to keep my monthly premium down, so I plan to have a $500 deductible. My questions are:
1. Should I insure the diamond at the price I paid (say, $20K) which was discounted, OR the original price of the diamond itself (say $23K)? I got a discount for paying wire and for being a new customer. I'm assuming I insure it at the discounted price i actually paid?
2. Does it make sense to keep the premium down by insuring the cost of the stone only, and not taking into account the setting? The setting itself will only cost me about $900 and I dont expect to lose it - only fear is losing or chipping the diamond. So I'd rather just have the appraiser create the appraisal for the diamond itself and insure that. Is that okay, or does it have to be the whole ring?
ANY insight here is helpful!
Thank you!
1. Should I insure the diamond at the price I paid (say, $20K) which was discounted, OR the original price of the diamond itself (say $23K)? I got a discount for paying wire and for being a new customer. I'm assuming I insure it at the discounted price i actually paid?
2. Does it make sense to keep the premium down by insuring the cost of the stone only, and not taking into account the setting? The setting itself will only cost me about $900 and I dont expect to lose it - only fear is losing or chipping the diamond. So I'd rather just have the appraiser create the appraisal for the diamond itself and insure that. Is that okay, or does it have to be the whole ring?
ANY insight here is helpful!
Thank you!