When Should You Put In An Insurance Claim?

[alpha238]

I just found out that the sapphire in my sapphire and diamond ring has dings in it. Several of the diamonds in the halo surrounding the sapphire are loose as well as one of the side trillions. All the prongs in the halo need to be re-tipped. The ring is made of platinum and I have it a little over a year. Do these repairs warrant putting in an insurance claim? What do you suggest I do about the dings in the sapphire?

 

[vanderaf]

Do you have a photo of the damage to the ring? My e-ring has sapphires on the sides (6.4mm each) and they were both chipped, abraded and scratched from wearing them everyday. I took the ring to a jeweler and they sent my sapphires to a gem cutter and they repolished the stones to look brand new. Both stones cost me 350 for the entire repair including unmounting and remounting. I would take it to a jeweler and see what they say first as it might not be worth an insurance claim. I am over the moon with my repair!

 

[alpha238]

Thanks Vanderaf, I appreciate the info. Is insurance for when the ring is lost or stolen, or can you put in a claim for repair if the repair will be let's say over $100?

 

[denverappraiser]

Most insurance policies will cover damage but most won't cover 'ordinary wear and tear'. The prongs will probably in the later category and the scratches/nicks may as well. It may not be as big a claim as you think. A thing that's worth remembering about insurance if we're talking about a homeowners policy is that this makes claims activity on your home. Too much of that and you get cancelled, which can be very bad news.

 

[SB621]

I'm not entirely sure how it works but you should also be careful because when you file a claim your rates will go. If your repair is only a few hundred dollars- it might not be worth it.

 

[alpha238]

Thanks Denverappraiser and Sarahbear621. That's pretty much what I thought.