(Closed) Insurance: Deductible or no?

posted 5 years ago in Rings
Post # 3
Member
5408 posts
Bee Keeper

That seems really high. I’ve always heard $1-2 for every $100 of value. I’ve heard jewelers mutual is good and I think there are some threads on it if you search. 

Post # 4
Member
355 posts
Helper bee
  • Wedding: May 2013

My ring is insured with Jewelers Mutual. $9k (appraisal from purchase) for $130 a year.  The deductible barely made a difference in the price so I think we went with no deductible. I would get another quote. I did not quote the rider on my renters insurance, but I’ve heard the coverage with renters vs Jewelers Mutual is very different. Does your insurance cover mysterious disappearance, etc?

Post # 5
Member
1093 posts
Bumble bee
  • Wedding: October 2012

Yeah that price sounds very high- I’d get some more quotes if I were you.  My set appraises for about $17k, and I only pay $130 or $140 a year with no deductible through Jeweler’s Mutual.  $1000 a year seems insane, even for a ring that expensive.  Seems to me like something closer to $300 a year is fair, $500 for top-of-the-line coverage.

That said, if you’re bent on sticking with that policy, whether you get the deductible (or a deductible on any policy, for that matter) depends on whether you have an extra $1000 sitting around at any given time.  If you had to replace your ring tomorrow with a $1k deductible, could you do it comfortably? Then take the deductible. If not, pay the extra, just in case.  That’s how I look at insurance deductibles in general, and it’s served me well.

Post # 6
Member
68 posts
Worker bee
  • Wedding: September 2013

My engagement ring is appraised at 22k and the insurance on it – full coverage no questions asked – is only $250 a year. Your quote seems WAY high.

Post # 8
Member
11760 posts
Sugar Beekeeper
  • Wedding: November 1999

I echo PPs who say check into Jewelry insurance – renters insurance rider’s don’t cover all that much when it comes to if you ever need to replace your ring. Plus, jewelry insurance will be cheaper.  $1000 a year is a lot!

Post # 9
Member
5983 posts
Bee Keeper
  • Wedding: April 2018

Watch out, actual cash value is BAD!  Actual Cash Value is calculated by taking the cost new minus depreciation, which means you’ll get less than you paid for it.  Get replacement cost, schedule the ring per your appraisal and select a e deductible you can live with, if something happens to your ring you’ll want it replaced!

Post # 10
Member
5408 posts
Bee Keeper

You can go to jewelers mutual’s website and get a quote. I typed in 30k and it said 375/year with no deductible but that is based on where I live and it varies. 

Post # 12
Member
3618 posts
Sugar bee
  • Wedding: November 2011

That’s why we did not insure my ring. I know it seems crazy, but we are not willing to pay 1k a year on the (hopefully) unlikely event that something happens to my ring. It is just covered under our general home owner’s insurance so theft, fire, etc. Not if I lose it outside of the home.

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