Insuring a vintage ring, which appraisal?

posted 3 years ago in Rings
Post # 3
Member
434 posts
Helper bee
  • Wedding: August 2014

@memmielee:  I would contact both appraisers and ask them to review your appraisals because you feel their are some discrepancies. Once you have both adjusted to accurately reflect the ring, then choose the one with the lower appraisal value. Insurance companies do not just cut you a check if the ring is lost or stolen. They simply replace it with an equivalent piece. Your insurance premiums will be higher with the higher appraisal value but will be replaced with a comparable ring as the lesser appraisal if they are equal.

Hope this helps!

Post # 4
Member
1779 posts
Buzzing bee
  • Wedding: August 1997

@memmielee:  circa 2014 is totally false/inaccurate, would not accept that appraisal at all.  Falsification of an appraisal would be an excellent reason for an insurance company to refuse to pay a claim. Tiffany & co pieces being iconic, are well documented and would be relatively easy to research by an astute adjuster. Thus I would go back to your personal appraiser and have him correct that and submit that appraisal  I would not use the original appraisal by the vendor due to the significant inaccuracy about the diamond cut. Honestly would wonder if it is actually a real Tiffany at all. Would take the ring into a Tiffany store and ask them to clean it/polish it for you. They look up the serial number when they do that. They won’t want to touch it if it isn’t truely one of theirs.

Best wishes.

@GretaMae316Insurance companies do not just cut you a check if the ring is lost or stolen.  They simply replace it with an equivalent piece.”

Yes, true however there is an ability to negotiate with them. Diamonds and stats being what they are are not all inclusive (no pun intended LOL!) . A .75 E SI1 valued at $3000 replcmt value may show rather differentlly than a .75 E SI1 valued at $5000. Thus there is ammunition to  negotiate with the insurance company if the appraisal says one is valued at a higher amt…especially as some appraisals are done with the diamond in the setting and all the measurements/cut are estimated…

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