Post # 1
We’re just going through getting my e ring insured and I came across this info on a diamond info site.
Insurance – Do not over insure you engagement ring. I see customers on a regular basis comment that they had their engagement ring valued at 3/4 times more than they paid. If your engagement ring is lost or stolen, most insurance companies now replace the ring or write a cheque for the replacement value, they generally do not write a cheque for the insurance value unless the item was under insured! Over insuring results in you paying much higher premiums which most insurance companies will gladly accept.
Just checking because our insurance company have quoted us over when he paid for it too! Has anyone had to claim off their ring insurance yet?
Post # 3
@Smiley Bride: I got my ring appraised for its replacement value. Replacement value = what it would cost to have a jeweler custom make your ring from scratch.
Post # 4
Thanks! That makes sense. That’s what we’re going for too.
Post # 5
I think you can have it appraised either way, depending on what you want. Each way just has different fees and deductibles. I got mine insured for the appraisal value.
Post # 6
Yeah I think I a lot of people are confused by this. I’ve heard people talking about high appraisal value like it means they got a great deal on a purchase.
You should always insure at the replacement value–the insurance company is never going to write you a check for the appraisal value. Pretty much all contracts stipulate that you will get a value-equivalent replacement or a check for the replacement value. In general high appraisal values are used as either marketing techniques, or as a way to get you to pay higher premiums.