Ring Insurance in Oz - Valuation or Cost??

[bugaboo]

Hi,

After chipping my 2ct princess diamond ER earlier this year I now have a replacement.

My ER was insured as a specified item on my H&C cover for the valuation amount. However GIO only paid out the lowest quote they obtained from their preferred jeweller - luckily this was abit more than what we paid.

My question is - what do I insure me new ER for?? I refuse to pay premiums on retail price, to only be paid out wholesale price in the event that this happened again (PLEASE NOT!!!)

Does anyone in Australia have any recommendations or advice?

Thankyou in advance!

 

[arjunajane]

Hi Bugaboo,
I''m in Aus so will try...

I guess this is a case of what you can negotiate with your Ins. Co. What you have described with GIO is the usual practice - but certainly not the best for you or I. It is lucky you still got abit more.

Seeing as I bought my ering specially from GOG and WF, I insisted on a *written* clause on my valuables ins. saying I had the right to repair with my choice of vendor. And in the case of total loss, I would receive a cheque of the insured amount so I could buy again from the US (and not end up with some crud from zamels, lol).
As to what it was insured for - you''re ins. co. will only accept an Aust. appraisal, not a US one, to bind the policy. I had it insured for the appraisal amount, which was what I paid plus a cushion to allow for currency fluctuations etc.

Could you pls tell me some more info on your ring (where its from, have you had it appraised in Aust. etc), so I can advise further?

 

[bugaboo]

Hi there Arunajane!

Thanks for the advice - much appreciated!

I had my new ER handmade in Melbourne. It cost $18K, and its valuation for insurance purposes if $35K which was independently done. Obviously, on the insurance valuation I am paying very high preimums to only get alot less back.......as long as I cover what I paid I am happy, but then I may not be able to replace my ER for that in the future years.....what are your thoughts??

Thanks again!