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Ring Insurance Advice, Please

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Haven

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I''m thinking of switching from Chubb to Jeweler''s Mutual for insurance coverage on my engagement ring.

The cost difference is $114 per year.
Chubb: $373
JM: $259

Should I switch? My only hesitation is that I have had great experiences filing actual claims with Chubb, and I don''t know anyone who has actually had to file a claim with JM, so if heaven forbid something happens to my engagement ring, I certainly want to be able to replace it.

Anyone have any experience with Jeweler''s Mutual in which you actually filed a claim with them? How did it go?

Thank you!
 

D&T

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was the one with Chubbs a replacement or cash out policy?
 

Haven

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Cash out--they will pay up to 150% of the covered amount in the event of a loss or damage.

That''s cash out, right?
 

D&T

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that might be why your premiums are a bit higher, whereas the others like JM and Gemshield does a replacement policy. Check into those as well. I would like the cash out policy versus the replacement, but alas I have the replacement policy and haven't had to use it yet. So I'm not much help to you Haven
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ETA: also was there a deductible on JM vs Chubbs? if so, then it might be less in premiums as well.
 

deegee

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I filed a claim with JM. I had only had my ring for about 6 months when I chipped the center stone. The original stone was an ACA from Whiteflash, and I contacted them for a replacement stone. The replacement ended up being a little bigger and a little better in clarity than the original, so I''m happy. I have wondered if I could have replaced it with a stone that was closer in cost to the amount my stone was insured for. I was trying to keep the replacement as close to the original as I could while working from Whiteflash''s inventory. Everything went very smoothly, and there was no increase in my premium.

I was really kind of scared to file a claim after having the policy for only 6 months, but the lady at JM was wonderful to work with. She kept reassuring me that I wasn''t in trouble for filing a claim so soon.
 

gemgirl

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I have Chubb and no matter what I''m paying for it, I''m not giving it up for two reasons. One, I absolutely want a cash payment if God forbid, anything ever happens to my wedding set. I would never want any insurance company choosing "a suitable substitute" for me. Second, if you leave Chubb, they won''t take you back unless you''re also insuring your house with them. I have Chubb just for my valuables (it''s an old policy). They won''t insure my house because their homeowners insurance in NY only covers houses with an appraised value of $600K or more, but they are honoring their policies for only valuables for their old customers. Haven, if you give up Chubb, they''re not likely to take you back if you change your mind.
 

Haven

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Thank you for sharing your experience, deegee!

gemgirl--You''re absolutely correct, Chubb is no longer accepting new stand-alone policies for rings. That''s according to Mr. William Castro from Totaldollar.com. They used to write them, but now they''re not. (I know in the past agents have told PSers that Chubb doesn''t write stand-alone policies when they, in fact, did, however since then Chubb has changed and you can no longer get an insurance policy from them for valuables alone.)
SO, yes, my big concern is that if I leave Chubb there is no going back. You would choose to stay with them, then, gemgirl?
 

Regular Guy

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Haven, how would you explain the current advertisement, clickable through from the WF site, through Gemshield, to a Chubb application, here? (Note...you have to scroll to the bottom and select the link to see the Chubb option...but there it is, as it has been for as long as Touchstone has been presented here...).
 

Haven

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Regular Guy--Thank you for that information. I filled out the Touchstone form, so hopefully I'll get word that Chubb does, in fact, still offer this policy.

I wonder why Mr. Castro would suddenly tell me it is no longer available. My sister called him to insure her ring with Chubb, and she was told that they are no longer writing new policies. I called him myself when she told me this to make sure that she was correct.

ETA: I have nothing to explain. I came here for advice.
 

D&T

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In my state, Chubbs does not offer a stand alone policy through any agents I get instate unless my valuables are in excess of 100k that was just a couple of months ago. The only way to get a chubb insurance for me was to go through Touchstone, but since the min was 10k I did not and just went with gemshield. So I probably would have gone through Chubbs in that case.
 

neatfreak

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I filed a claim through JM last year. The process was VERY easy and quick and I had no problems at all. Very nice to work with.
 

sba771

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I have never had to file a claim with JM (thank goodness) but their customer service has been amazing! Technically they do not do international insurance and they had offered to reduce our payment not knowing we were about to make an international move. When we told them, they were really accommodating and rewrote the policy to include coverage abroad and honored the lower price they had previously quoted and I feel very comfortable wearing my ring while we travel. That is just my personal experience and I feel like should there be an issue, it would be easy to resolve with them.
 

gemgirl

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Date: 8/11/2009 6:35:54 PM
Author: Haven
Thank you for sharing your experience, deegee!

gemgirl--You''re absolutely correct, Chubb is no longer accepting new stand-alone policies for rings. That''s according to Mr. William Castro from Totaldollar.com. They used to write them, but now they''re not. (I know in the past agents have told PSers that Chubb doesn''t write stand-alone policies when they, in fact, did, however since then Chubb has changed and you can no longer get an insurance policy from them for valuables alone.)
SO, yes, my big concern is that if I leave Chubb there is no going back. You would choose to stay with them, then, gemgirl?
I can tell you for sure that in New York state, Chubb has NOT been writing stand alone policies for valuables for at least the last three years. So I don''t have a choice. I''m staying with Chubb. I spoke with the good people from Chubb myself last year, and they told me very plainly, that if I gave up my policy, there would be no going back. I know I''m paying a little more for my policy but that''s OK with me. I know I''m covered no matter what. In fact I chose to increase the value of my insurance by 5% every year to keep up with inflation.
For years I was indeed paying too much, but then the recession happened and the price of precious metals, diamonds and labor went way up. Now I''m happy I have the coverage I have.

For me it''s a pretty simple decision. I do try to save money on everything I possibly can. Every year I review all of our insurances, and the monies we spend on everything from home phone service, to cell phones, to cable, credit card rates, etc. But the one place I won''t cut corners is on my valuables. Would it really make a difference to me to save $100.- a year on my valuables insurance? No. I watch my husband spend $500.- in a week on plastic worms that are going to get caught in trees during tournaments and think for myself.... save $100.-? stretched out over a year? He spends tens of thousands a year on fishing junk. Cut corners on me and the protection of my precious things? Absolutely
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There are other ways to cut corners.

Haven, your ring and your eternity band are gorgeous. Would you want someone else choosing a "suitable substitute" for you to replace your wedding set? When I heard those words come out of the mouth of my Master Gemologist Appraiser friend who was trying to convince me to go with JM? I just laughed! Suitable substitute? In whose mind? Not going to happen!
 

Regular Guy

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Anyone might read in my who's who that my principle pet peeve is people assuming responsibility for that which it is not theirs to accept. So, Haven, I appreciate your coming here for advice, but my language was to encourage we Pricescopers to minimize duplicating effectively the deceptive practices that which not only individual agents willfully (I would say) choose to engage in, but also, which apparently Chubb corporate offices both condone, and perpetuate themselves. You've said:



Date: 8/11/2009 6:35:54 PM
Author: Haven
Thank you for sharing your experience, deegee!

gemgirl--You're absolutely correct, Chubb is no longer accepting new stand-alone policies for rings. That's according to Mr. William Castro from Totaldollar.com. They used to write them, but now they're not. (I know in the past agents have told PSers that Chubb doesn't write stand-alone policies when they, in fact, did, however since then Chubb has changed and you can no longer get an insurance policy from them for valuables alone.)
SO, yes, my big concern is that if I leave Chubb there is no going back. You would choose to stay with them, then, gemgirl?
...and gemgirl, you are convinced as well by Chubb's statement when you phone them up...and why wouldn't you be?

Someone who works as both an attorney, and who is knowledgeable about how insurers work must really step forward and explain how these organization...and possibly...as Haven very reasonably questions...why these organizations are behaving they way they do.

I have to believe that Chubb is providing cover for it's agents, allowing them to take care of "other fish to fry" that is more lucrative, in furthering misinformation about what they clearly do allow agents to do, as evidenced by Touchstones in fact doing it. This...in the same way that GIA provides organizational cover to it's appraisers who use inferior equipment to measure data, and therefore their practices are to report rounded information, since their practitioners can do no better, so best to institutionalize a downgraded practice.

It is only reasonable that people hearing this info, either straight from agents (who should not do this) and from Chubb itself (which is only ridiculous) would seek to perpetuate it. But...and only because it's wrong information...we should not do it.

Very simply, it removes from others who might benefit from their own relationship with Chubb, that opportunity to do so, and the benefit they could have to acquire a cash out policy, which, to all evidence, seems to be readily available, at least to those spending in excess of $10 K.
 

neatfreak

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Date: 8/12/2009 8:23:07 AM
Author: gemgirl

[/i]

Just FYI I was allowed to choose whomever I wanted to help me find a suitable replacement. JM does have recommended people if you want to go through them-but you can also just say "nope, I'd rather go through my jeweler" and do it that way too. JM's policy is to allow you to choose your own jeweler.

For example I worked with Mark at ERD when my ring got damaged and everything was VERY smooth.
 

Haven

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Regular Guy--Thank you again for all of that information, it is so helpful.

I suppose I should no longer be shocked by this type of thing, but I have to admit that I am, indeed shocked. Especially since an agent who once sold me this insurance is now telling me that it is no longer available. That''s not to say that I don''t believe you, RG, I certainly do. It just saddens me that I cannot trust people whom I once thought I could.

I wonder if I will be able to cancel my current Chubb policy and reopen a new policy with Gemshield. I will ask them when they contact me. I would rather do business with a more honest outfit.

Is it possible that agents honestly believe they can no longer write Chubb policies? Or, is it that they know they can, but they wish to focus on other things and choose to lie to customers?
 

Haven

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Date: 8/12/2009 10:49:55 AM
Author: neatfreak
Date: 8/12/2009 8:23:07 AM

Author: gemgirl

[/i]

Just FYI I was allowed to choose whomever I wanted to help me find a suitable replacement. JM does have recommended people if you want to go through them-but you can also just say ''nope, I''d rather go through my jeweler'' and do it that way too. JM''s policy is to allow you to choose your own jeweler.

For example I worked with Mark at ERD when my ring got damaged and everything was VERY smooth.

Great to know, Neat. Thank you!
 

Haven

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RG--Just to clarify, I stated that the information I posted was "according to Mr. William Castro from Totaldollar.com." I was actually hesitant to post anything about Chubb no longer offering the policy because of all the controversy that has surrounded the issue in the past.

I certainly am not interested in taking responsibility for any information about insurance policies, as I am an English teacher, not an insurance agent. (Although, apparently some agents don't really take much responsibility for giving out truthful information, themselves, do they?)
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Amethyste

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When I got my Lemony - I was looking for insurance to cover it. My homeowners refused to insure my ring, so.... that was a shock.
Chubb - not doing standalone jewelry policy...
Jewelers Mutual - in my opinion, their rates are pretty high.

I ended up with Gemshield. they don''t offer cash out option unfortunately, only Chubb did. But even if my inflated appraisal says $100,000, I can decide how much insurance I want to purchase. I went with $60,000 which I feel is well suited for the ring I have. That was a nice option in my opinion.
 

Haven

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Thank you, Amethyste.

That Lemony of yours . . . to die for. It''s gorgeous. May you never have to use that insurance policy!
 

Regular Guy

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Date: 8/12/2009 10:52:25 AM
Author: Haven
Regular Guy--Thank you again for all of that information, it is so helpful.

I suppose I should no longer be shocked by this type of thing, but I have to admit that I am, indeed shocked. Especially since an agent who once sold me this insurance is now telling me that it is no longer available. That''s not to say that I don''t believe you, RG, I certainly do. It just saddens me that I cannot trust people whom I once thought I could.

I wonder if I will be able to cancel my current Chubb policy and reopen a new policy with Gemshield. I will ask them when they contact me. I would rather do business with a more honest outfit.

Is it possible that agents honestly believe they can no longer write Chubb policies? Or, is it that they know they can, but they wish to focus on other things and choose to lie to customers?
Hi, Haven, sorry, I''m just a consumer like you, working in publishing, and reading here. If it were me, I really would, I think, in my own enlightened self interest, and not wanting to get myself in trouble, etc., just leave your policy in place with your existing insurer, if it IS your intention to keep Chubb.

But, I think you closing questions are good and reasonable, and don''t personally know any of the answers...but...again...from just reading here, I find it very natural to raise the questions, and come up with what seem at least like likely answers. from where I''m sitting.

Warm regards,
 

Amethyste

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Date: 8/12/2009 11:12:35 AM
Author: Haven
Thank you, Amethyste.

That Lemony of yours . . . to die for. It's gorgeous. May you never have to use that insurance policy!
Thank you for your kind words about my Lemony.... To think about loosing it makes me
39.gif
 

Dancing Fire

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it would cost us $220 per $10k for insuring our jewlery and since my wife don''t wear her 3 ct E-ring
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we don''t even insure it. why insure something that''s sitting in the bank safety box?
 

Amethyste

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Date: 8/12/2009 12:05:00 PM
Author: Dancing Fire
it would cost us $220 per $10k for insuring our jewlery and since my wife don''t wear her 3 ct E-ring
20.gif
we don''t even insure it. why insure something that''s sitting in the bank safety box?

Why not DF
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how sad to leave such beauty in a safe!!!! I couldn''t do that!
 

geckodani

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Date: 8/12/2009 10:49:55 AM
Author: neatfreak

Just FYI I was allowed to choose whomever I wanted to help me find a suitable replacement. JM does have recommended people if you want to go through them-but you can also just say ''nope, I''d rather go through my jeweler'' and do it that way too. JM''s policy is to allow you to choose your own jeweler.

For example I worked with Mark at ERD when my ring got damaged and everything was VERY smooth.
Neatfreak - I''m glad you posted that! I''ve always wondered what would happen if god forbid, I ever had to replace my stone. I''d want some serious say in who was helping me choose it! Good to know I''d have that option.

I wonder though - what if you want to change to something completely different? Hmmm..

Haven - I''d stick with Chubb, honestly. I think the cash out policy would be fabulous to have, and leave you with a lot more options! (I tried to get a Chubb policy, but at the time I inquired I was told it had to be worth 10K or more to be insured through them.)
 

neatfreak

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Date: 8/12/2009 12:27:52 PM
Author: geckodani
Date: 8/12/2009 10:49:55 AM

Author: neatfreak


Just FYI I was allowed to choose whomever I wanted to help me find a suitable replacement. JM does have recommended people if you want to go through them-but you can also just say ''nope, I''d rather go through my jeweler'' and do it that way too. JM''s policy is to allow you to choose your own jeweler.


For example I worked with Mark at ERD when my ring got damaged and everything was VERY smooth.

Neatfreak - I''m glad you posted that! I''ve always wondered what would happen if god forbid, I ever had to replace my stone. I''d want some serious say in who was helping me choose it! Good to know I''d have that option.


I wonder though - what if you want to change to something completely different? Hmmm..


Haven - I''d stick with Chubb, honestly. I think the cash out policy would be fabulous to have, and leave you with a lot more options! (I tried to get a Chubb policy, but at the time I inquired I was told it had to be worth 10K or more to be insured through them.)

I don''t think it''s a problem. I only had to replace my setting but I asked Mark and he said I could choose whatever I wanted. So I took the option to run with it and designed my custom bezel setting which replaced a Ritani endless love setting. JM didn''t have a problem with it during the process nor when they received an appraisal for a new ring once it was done.
 

Haven

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The Chubb policy is still available!
Touchstone just responded to my inquiry, and sure enough, Regular Guy was correct. I''m a bit shocked that my sister was given false information, but I''m glad to know the truth, now.

I''m going to have my sister call them when her current policy is up.

As for me, I''m not sure what we''ll do. On the one hand, it''s only $100 a year. On the other--it''s $100 a year!
 

butterfly 17

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I switched from Chubb to JM this past February.

My premium was high with Chubb, around $1320 or so (live in NY) and with JM it was only $920.

So, for me the savings was quite significant.

If I do lose my ring, I only plan to get another one anyway, so I figured I could live without the cash out value.
 

gemgirl

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Date: 8/12/2009 10:52:25 AM
Author: Haven
Regular Guy--Thank you again for all of that information, it is so helpful.

I suppose I should no longer be shocked by this type of thing, but I have to admit that I am, indeed shocked. Especially since an agent who once sold me this insurance is now telling me that it is no longer available. That''s not to say that I don''t believe you, RG, I certainly do. It just saddens me that I cannot trust people whom I once thought I could.

I wonder if I will be able to cancel my current Chubb policy and reopen a new policy with Gemshield. I will ask them when they contact me. I would rather do business with a more honest outfit.

Is it possible that agents honestly believe they can no longer write Chubb policies? Or, is it that they know they can, but they wish to focus on other things and choose to lie to customers?
I just wanted to check to see if this was true. I called four insurance agencies where I live on Long Island and none of them would write a Masterpiece policy without me already having my homeowners through Chubb. In New York state, right now, I know for sure that Chubb will not write a valuables policy for anyone as a stand alone policy. It may vary from state to state, so I would call Chubb directly.
 

Haven

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gemgirl--You may want to follow RG''s link and contact Gemshield. They just offered me a Chubb policy today. I have no idea where they are located, but it sounds like this is the best place for you to really check to see if these other agents are telling you the truth.

I purchased my original Chubb policy from an agent in NY, I live in IL.
 
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