Who, what, and where of e-ring insurance

[phillystudent]

I''m in the process of purchasing an e-ring. I know very little about insurance for this thing other than I need it. I''m going with GoodOldGold for the diamond and setting, and they recommended Jewelersmutual for insurance. From what I gather they will allow me to select a replacement(diamond and setting) for the amount I insure the ring for should something happen. I assume they need to see proof of the appraised value. A quick quote for insuring this ring looks like it''ll cost $120 a year. I also happen to have USAA and they have some jewelry insurance policy too which ends up being very similar in terms of cost. I''ll need to call them to find the details, but I''d like to know if the quoted costs seem reasonable, and if I should consider some other companies for this.

Even more importantly, when do I purchase the insurance? Do I do this once I receive the ring, start the process now, or is it fine to relax about this and get to it within the first few weeks after getting the ring?

Thanks for the help

 

[ringabling]

have you tried doing a search yet?
I think maybe no one has responded because this is asked almsot daily here and lots of info is easily found w/ a quick search.

This reminds me I stil need to insure mine!

 

[Sparkalicious]

Phillystudent - Insurance is crazy expensive, isn''t it?!

Unfortunately I don''t know much about insurance, however, my jeweler has suggested Jeweler''s Mutual and that is who we will be going with ... Here is a link to the website if you would like to know more about what Jeweler''s Mutual offers etc.

To address your other questions, my understanding as well is that JM will allow you to select a replacement, based on the value and specs detailed on your appraisal ... for this reason, they do require an appraisal. Here is another link to their FAQ''s.

As to when you purchase the insurance, I would suggest before you pick it up from the jeweler but after the appraisal is complete?? The reason for this is because you wouldn''t want something to happen to it right after you pick it up and not be covered b/c it wasn''t yet insured, right?

I hope this helps. I''m not an expert but am going through this myself right now so I thought I would share what I have come across.

Good luck!

 

[Regular Guy]

Philly,

As to when...I''d try to have it as soon as practical, once in your possession. Since it could attain damage or loss any time (though this may never happen, too)...why not?

As to which...consider those two, plus Chubb...or another variant of a cash out policy to cover the waterfront.

Chubb, etc...because they would give you cash. But...it will cost more, and may not be available..a) because they''re just like that, and b) because a minimum threshold is usually needed, almost regardless. Two sources...Total Dollar and through Touchstone, found at White Flash.

USAA...because they''re quality..are replacement vs cash out, so will probably cost you less...but they may not let you get your replacement through GOG...so would you ever be able to have confidence your replacement was of the same caliber. A problem

JM...also replacement...and ostensibly, allows you to go back to your same vendor...though they may have more rigorous demands for maintenance..i.e., new appraisal at least every 3 years..possible checking for maintenance more frequently than that.

Some ideas to kick around.

 

[denverappraiser]

Jewelers Mutual is pretty cooperative about allowing you to replace a lost item at the jeweler of your choice. There are some limits on this but they’re not unreasonable and they are especially cooperative with replacement at the original selling jeweler or if the jeweler is a JM commercial client (they are the largest insurer of jewelry stores in the US by a huge margin. The personal jewelry division is something of a sideline for them).

USAA offers a replacement policy that’s pretty good as well and that’s generally priced better but they do replacement a little differently. They own a jewelry store and they will replace through their own supplies and using their own staff whenever possible. This works ok for many items and it’s a good enough store but for people who are terribly specific about what they want and who want something that’s a bit out of the ordinary (like super-ideal cutting or designer brands), it can be a source of conflict at replacement time.

Chubb offers a cash payment policy that’s popular with people here. It gets the company completely out of the selection process at replacement time. It’s a different sort of coverage. Cost and availability are the zingers here. Some folks find it difficult to buy and often it’s significantly more expensive. Check with one of the Chubb agents mentioned above for a quote.

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