Ring Insurance

[Eva17]

OMG - I can''t believe it is going to cost me so much money to insure my ring.

I have no choice, because I won''t be able to replace it. But it is almost as much as a homeowners policy!!

 

[Sundial]

Just reread some of the stories on pricescope about people who have chipped their diamonds, bent their settings. or lost their rings and it will make you feel better. You are really paying for peace of mind (even if it is a little painful).

 

[diamondseeker2006]

Price shop, Eva. Is this quote from your homeowners insurance?

 

[jaz464]

Yes, look around. I don''t pay very much at all.

 

[ChargerGrrl]

Yes, definitely price-shop and compare. But, you won''t be sorry that you have the coverage!

 

[Eva17]

I got a quote of S1700.00 because I am a long time homeowner policy holder with no claims. It was 2K through one of the places I found on here.

I know if something happens I would never get over it. So I have to insure it. I wonder how many years I will feel like that payment is worth it. In ten years I will have paid enough for another diamond. A Small one compared to this one,but still...

 

[jaz464]

I pay about $250-$300 for one year for a $25,000 ring.

 

[Eva17]

Even if I was to pay the 300.00 number on a ring that would require four times that to be replaced that should still only bring me to a 1200. premium. Who do you have your policy with?

 

[jaz464]

State Farm

 

[diamondseeker2006]

Yikes, is your ring worth $100,000?

ETA: If so, we NEED to see it!!!

 

[ChargerGrrl]

Date: 7/31/2006 5:42:04 PM
Author: diamondseeker2006
Yikes, is your ring worth $100,000?

ETA: If so, we NEED to see it!!!

DS- you took the words right out of my mouth!

 

[Eva17]

pretty much.. I know you are thinking the insurance should be no problem.....

but we waited many many years to upgrade and not i MUST insure this one.

That is alot of money every year.

 

[jaz464]

Her ring is a 5 carat so it is probably in that ballpark.

Now I see why you are paying so much

 

[Eva17]

My ins. is state farm too. that was the best quote so far.

There is a thread for it. I don''t know how to link you to it.

It is a 5 ct radiant.

 

[Regular Guy]

I think here''s the thread.

BTW, when I was insurance shopping, a state farm stand alone policy, as replacement insurance, was the best deal I found. It was close to Jeweler''s Mutual pricing. But, I went with Nationwide, which I just added to my homeowners.

 

[jetmal]

My ring is insured for $30k....cost me about $250 thru CHUBB.

 

[denverappraiser]

Annual insurance premiums will range from about 1-3% of the declared value depending on the sytle and coverage of insurance you get, your zip code, your claims history and a few other simiilar variables. The companies sometimes offer discounts for agreeing to a higher deductible and also for installing security measures in your home. Talk to your agent or call the staff at the company's 800 number. Many agents aren't all that familiar with the options on high value personal property policies.

This is still quite a range but if you're serious that you will have spent enough in 10 years of premiums to pay for the ring, you should reconsider your coverage, and possibly your company.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[Eva17]

Thanks Neil!

No I meant with the money i will have spent in ten years i could buy another small diamond.

Perhaps I should call the State Farm 800 number to see if anyone can give me a better price. With the home security measures and the hightest deductable, It still feels pretty steep..

 

[diamondseeker2006]

My goodness, Eva! I somehow missed your thread! You need to start a new one in the Show Me the Ring Forum. That''s where most people post rings once they are finished.

What a beautiful ring! And I loved the story about your husband with the box of dollar bills buying your first ring! Boy, when you do an upgrade, you REALLY do an upgrade!

 

[atroop711]

I pay $240 a yr for a 14K ring with Chubb and I live in NYC.