Will Jewelers Mutual increase premium if you make a claim?

[silencer]

I know with most of the traditional insurance companies (home, auto), if you make a claim, they will increase your premium or even drop you. Is this the case with Jewelers Mutual? Reason I ask is, I want to know if I encounter minor damages to the ring, whether I should make a claim or I should save the claim for only major things.

Also, I will probably not go with my home insurance company, but I'm just curious. If I have a separate jewelry rider on my home policy with my usual home insurance company, if I make a claim against the rider, will the insurance company increase the premium for the rider, or even increase the premium for the main policy, or even drop my main home policy?

 

[diamondseeker2006]

Re: Will Jewelers Mutual increase premium if you make a clai

I do not know the answer but I always assume that making a claim will be a negative. So under no circumstances would I ever make a claim for something like damage to a setting or maintenance type things. I would only make a claim if the ring was lost or stolen or if the stone cracked or chipped badly and had to be replaced.

 

[silencer]

Re: Will Jewelers Mutual increase premium if you make a clai

Up.

 

[BenDannie]

Re: Will Jewelers Mutual increase premium if you make a clai

I have had jewelry lost through Fed-Ex, I made a claim and my rates were raised. So yes they can be.

 

[Circe]

Re: Will Jewelers Mutual increase premium if you make a clai

Huh, good to know. I have a setting I might need to claim in the near future, and this adds an additional perspective. It'd be a shame to pay that much money throughout the years and then have the rates jacked when an actual accident occurred ....

 

[diamondseeker2006]

Re: Will Jewelers Mutual increase premium if you make a clai

Huh, good to know. I have a setting I might need to claim in the near future, and this adds an additional perspective. It'd be a shame to pay that much money throughout the years and then have the rates jacked when an actual accident occurred ....

Circe, I honestly would not claim a setting unless maybe it was a $5000 Leon Mege or Victor Canera, etc. that had to be completely replaced. The long term cost of claiming a lower value setting could make it not worth it.

 

[oldminer]

Re: Will Jewelers Mutual increase premium if you make a clai

Insurance companies make very good returns on selling insurance on jewelry. If they did not do well, they would drop offering coverage or raise their fees. If you have frequent claims they will drop you for sure and if they feel you pose an increased risk for some reason, they can raise your cost of coverage.

The reason for jewelry insurance is for catastrophic loss, not for the expected and usual wear and tear over time, or the 0.01ct diamond that fell out of the side of a ring. Truthfully, you would be far better off financially taking the risk over 20+ years that you will not have any loss and you will have saved so much in premiums for insurance that you will be almost ahead. I know that scares people who have just bought their first or second expensive jewelry item, but when folks have large collections of jewelry they often keep things locked in a bank vault or a hidden, alarmed and secure in a home safe, etc. They really don't need insurance costs to own and wear their jewelry and they take the risk on themselves to keep in safe. A home, central station monitored, security system is likely a better investment over the long term than jewelry insurance.

My own suggestion is for people who have just gotten their first or second expensive item is to insure it for a year or two to be sure they are not the kind of people who lose things. If they are not among those who have issues about keeping things safe, then the insurance is optional....

 

[diamondseeker2006]

Re: Will Jewelers Mutual increase premium if you make a clai

I will agree with David that I only insure 3-4 of my most valuable diamond items that I would hate to have to replace. But in regard to the other valuable things, I just hope I make wise decisions about how I store them.

 

[silencer]

Re: Will Jewelers Mutual increase premium if you make a clai

Appreciate the responses guys.

I had a call with JM today, and was told that they won't increase your premium if you make a claim. I couldn't believe my ears and I further confirmed whether it is true that "premium determination has nothing to do with claim history" and they said yes(?!). They said the only possibility is that if your claim history suggests you possess too much risk then they will force you to take on a deductible, but no premium increase.

Really?

 

[silencer]

Re: Will Jewelers Mutual increase premium if you make a clai

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