PCMusicGuy
Rough_Rock
- Joined
- Mar 29, 2011
- Messages
- 26
My ring has finally arrived from GOG! (Before you ask, pictures will be posted later this week. )
I'm looking around at insurance options but there does not seem to be any detailed information comparing the options. I've used Jeweler's Mutual (JM) in the past and never had to make any claims. I'm also considering a stand alone policy through my State Farm agent, and I've also heard about Chubbs but don't know much about them. I have a few questions but I'll keep it as short and simple as possible.
1. Yes, I know this is a stupid question and I already know the answer, but do any insurance companies insure based upon something other than money, say intrinsic value or quality? They always say the replacement stone will be of at least equal value. I think most here would agree that "equal value" cannot be determined by the 4 C's alone. An important factor is a certain quality of light performance of which there is no standard metric to gauge value, at least not in fancy cuts.
I spent months searching for the right princess stone and it saw at least $1800 of price increases to the stone I eventually picked. So if the stone I buy today at $15,000 gets lost 6 to 7 years down the road, an equivalent stone (on all merits) may cost $30,000. Insurance would not cover everything since appraised values are usually 1.5x purchase price. This is just one example of a completely realistic scenario in which you'd be SOL. I don't want equal value, I want an equal stone! I guess looking on the bright side with this example, you would only have to pay the same price for the same stone years later instead of double the price.
As a side note, the personal article policy with State Farm has the insured value increase with economic inflation. It would be great if it grew with diamond prices as well, but its a start at least.
2. When I spoke to JM, they said I would have full control and final say in all jewelry decisions and that only I would work directly with the jeweler during the replacement process. They would stay out of it and basically just pay the ending bill up to the insured value. I've heard contradicting stories on this forum about experiences with JM. If their written policy is somewhat vague on the details, is there any way I can get them to agree to their verbal confirmation in writing? Would an email chain be good enough for written proof?
3. Is it possible to appraise a ring and stone without removing it from the box? (i.e. not touching it). The reason I ask, is State Farm is asking for a separate appraisal than the one provided by GOG. They will only insure 125% of the purchase price (which is unacceptable) and to ensure on appraised value, they would need to consider it an heirloom and have two appraisals taking the lower of the two. The ring is brand new, just came in, and frankly, I want the first time it is removed from the box to be by me when I take a knee.
Thanks in advance.
I'm looking around at insurance options but there does not seem to be any detailed information comparing the options. I've used Jeweler's Mutual (JM) in the past and never had to make any claims. I'm also considering a stand alone policy through my State Farm agent, and I've also heard about Chubbs but don't know much about them. I have a few questions but I'll keep it as short and simple as possible.
1. Yes, I know this is a stupid question and I already know the answer, but do any insurance companies insure based upon something other than money, say intrinsic value or quality? They always say the replacement stone will be of at least equal value. I think most here would agree that "equal value" cannot be determined by the 4 C's alone. An important factor is a certain quality of light performance of which there is no standard metric to gauge value, at least not in fancy cuts.
I spent months searching for the right princess stone and it saw at least $1800 of price increases to the stone I eventually picked. So if the stone I buy today at $15,000 gets lost 6 to 7 years down the road, an equivalent stone (on all merits) may cost $30,000. Insurance would not cover everything since appraised values are usually 1.5x purchase price. This is just one example of a completely realistic scenario in which you'd be SOL. I don't want equal value, I want an equal stone! I guess looking on the bright side with this example, you would only have to pay the same price for the same stone years later instead of double the price.
As a side note, the personal article policy with State Farm has the insured value increase with economic inflation. It would be great if it grew with diamond prices as well, but its a start at least.
2. When I spoke to JM, they said I would have full control and final say in all jewelry decisions and that only I would work directly with the jeweler during the replacement process. They would stay out of it and basically just pay the ending bill up to the insured value. I've heard contradicting stories on this forum about experiences with JM. If their written policy is somewhat vague on the details, is there any way I can get them to agree to their verbal confirmation in writing? Would an email chain be good enough for written proof?
3. Is it possible to appraise a ring and stone without removing it from the box? (i.e. not touching it). The reason I ask, is State Farm is asking for a separate appraisal than the one provided by GOG. They will only insure 125% of the purchase price (which is unacceptable) and to ensure on appraised value, they would need to consider it an heirloom and have two appraisals taking the lower of the two. The ring is brand new, just came in, and frankly, I want the first time it is removed from the box to be by me when I take a knee.
Thanks in advance.