Recently made a purchase for an engagement ring; is insurance a necessity?

[Gadabout44]

Hello folks!

Just a simple question here. Not too long ago I made a purchase with JA. It is for a loose diamond and a ring setting. It is still being prepared for shipment; however, I noticed that under my order summary I have the option to purchase insurance from Jewelers Mutual. I do not think this is necessary; however, being a guy who does not own a single piece of expensive jewelry made me question my thoughts.

Is insurance necessary particularly for an engagement ring?

Aside from that, are there any other "coverages" that I should look into that is definitely a must. ie. Ring cleaning, maintenance (if any) etc.

 

[WinkHPD]

It depends.

Can you afford to run back down to the nearest computer and order a new one if "She" takes it off to wash her hands at the movies and goes back to get it less than a minute later only to discover it is gone?

Can you afford to run back down to the nearest compute and order a new one if "She" trips and smashes her brand new diamond on the door handle of your car and it shatters? (This actually happened to one of my clients back in the 80's.)

Or, are you going to be hard pressed to ever replace that one time purchase.

Wink

 

[Lorelei]

Agree with Wink. Also, we had someone lose her 30k diamond by leaving it in her gym bag in her car, the car was broken in and the thief sure got an unexpected pay day.

So take heed of what Wink says, in a nutshell.

 

[Gadabout44]

It depends.

Can you afford to run back down to the nearest computer and order a new one if "She" takes it off to wash her hands at the movies and goes back to get it less than a minute later only to discover it is gone?

Can you afford to run back down to the nearest compute and order a new one if "She" trips and smashes her brand new diamond on the door handle of your car and it shatters? (This actually happened to one of my clients back in the 80's.)

Or, are you going to be hard pressed to ever replace that one time purchase.

Wink

Hi Wink!

Definitely cannot afford all that anytime soon. I see where you are going though, there is a lot of things to factor in. How often will my SO will be wearing the ring, how careless she is, what are her usual activities, and what not.

I guess this is something to discuss with my SO.

With that said, what are the more popular jewelry insurance companies that we should look into should we decide to get insurance?

 

[skypie]

No, it's not necessary. Health insurance, life insurance, home owner's insurance isn't strictly necessary either...BUT that doesn't mean it's not a good idea.

It all depends on the cost of insurance/benefits it provides, including your piece of mind.

I use JewelersMutual. I attempted to use GemSafe but had a very unpleasant time trying to sign up. You can also get a rider through your rental/homeowner's insurance in many cases.

Hello folks!

Just a simple question here. Not too long ago I made a purchase with JA. It is for a loose diamond and a ring setting. It is still being prepared for shipment; however, I noticed that under my order summary I have the option to purchase insurance from Jewelers Mutual. I do not think this is necessary; however, being a guy who does not own a single piece of expensive jewelry made me question my thoughts.

Is insurance necessary particularly for an engagement ring?

Aside from that, are there any other "coverages" that I should look into that is definitely a must. ie. Ring cleaning, maintenance (if any) etc.

 

[Irishgrrrl]

I would get it insured, yes. If you get some quotes, I think you'll find that the annual premium will be relatively low compared to the amount of peace of mind that it gives you. (This has been my experience, anyway.)

As far as cleaning/maintenance, I don't think you need to purchase any coverage for those kinds of things. Most reputable jewelers will clean your rings and check your prongs for free, even if you didn't purchase the item from them. This is because they know you'll probably be browsing while they're cleaning.

 

[SimoneDi]

OP I will tell you that I am one of the the most careful people when it comes to taking care of my jewelery and items in general. My sister once wanted to try my ring on, she had it for a min, went to wash her hands, decided to take it off at a 5 star facility, and 30 seconds later my ring was gone. Things happen, get the insurance, don’t overthink it.

 

[Gadabout44]

OP I will tell you that I am one of the the most careful people when it comes to taking care of my jewelery and items in general. My sister once wanted to try my ring on, she had it for a min, went to wash her hands, decided to take it off at a 5 star facility, and 30 seconds later my ring was gone. Things happen, get the insurance, don’t overthink it.

Wow, so sorry that happened! Definitely will look into it. It is just a matter of finding where to insure the ring with. Can I ask who or which company your jewelries are insured under?

 

[SimoneDi]

Wow, so sorry that happened! Definitely will look into it. It is just a matter of finding where to insure the ring with. Can I ask who or which company your jewelries are insured under?

I use Jewelers Mutual and I am very happy with them.

 

[doberman]

Why are some people so scared to get soap and water on a ring?

OP what if your wife was taking your future child to lunch after swimming lessons looks at her watch to check the time and discovers, to her horror, that the stone has fallen out of the setting?

Get the insurance. Better to have and not need than to need and not have.

 

[SimoneDi]

Why are some people so scared to get soap and water on a ring?

OP what if your wife was taking your future child to lunch after swimming lessons looks at her watch to check the time and discovers, to her horror, that the stone has fallen out of the setting?

Get the insurance. Better to have and not need than to need and not have.

No idea!! It is even better to keep the ring on when washing your hands, you are cleaning the ring as well.. le sigh

 

[DAF]

Insure it for what you paid for it, not an inflated appraisal. Send in your receipt with the cert.

 

[Gadabout44]

It seems to me that Jewelers Mutual is a decent company. Current I paid a total of $10,400 for my engagement ring. Jewelers Mutual has it quoted to be worth over $13,000 which equals to $200 annual premium.

This seems fair to me. I might just pull the trgger on this

 

[SimoneDi]

It seems to me that Jewelers Mutual is a decent company. Current I paid a total of $10,400 for my engagement ring. Jewelers Mutual has it quoted to be worth over $13,000 which equals to $200 annual premium.

This seems fair to me. I might just pull the trgger on this

James Allen has it quoted probably? Just use your receipts and the GIA certificate.

 

[Maggiemeans]

I definitely think it's worth it for the peace of mind alone... I don't have much experience with insurance but I did go with Jewelers Mutual. It was pretty easy.. and they were quick to respond.

 

[Gadabout44]

James Allen has it quoted probably? Just use your receipts and the GIA certificate.

Its actually showing this estimate on JA's website under my order history. I will just give them a call for a proper estimate.

 

[newjourney]

I can't imagine having to deal with the emotional pain of loosing a sentimental item while shelling out over $10K again for a replacement.
To echo other posts, you can set an insured value with JM so long as it is at least what's shown on your receipt.

 

[KKJohnson]

We use USAA but only because we added it to our homeowners policy, we also insured several other pieces under a blanket coverage. We pay just over $600/yr, this is for both the blanket and my wedding set so it can be costly but going with USAA was cheaper for us since we have everything with them.

 

[sledge]

Had a buddy go through this. Him and his wife went swimming at another friends house. She didn't take off her ring (2ct princess) although he suggested it before they got in the pool. Half way through, she screams as she realizes the ring is gone.

It was never found. He ended up buying the ring a second time after a year or two later. From what I understand there was some anger & emotional issues, depending which one you talked to.

I have State Farm home insurance, and know that you can quickly and inexpensively add additional coverage for guns & jewelry. I have an extraordinarily large collection of weapons which I insure.

So yes, I think it's worth the small premium.