Post # 46
My soon-to-be fiance(!!) and I just bought my engagement ring and are waiting for it to be sent from New York as we speak. I considered insuring it, but don’t think I will end up doing it. It cost $825 (plus tax), which seems to be on the lower side for engagement rings, and it just doesn’t seem to make sense. I’d be curious to know the prices of the rings ladies are insuring versus the prices of the ones that ladies aren’t.
Post # 47
futuremrsjones2019 : Any chance your homeowners/renters insurance would cover it if need be? It seems to be pretty evenly split between ladies relying on their homeowners insurance and those buying an individual policy.
Post # 48
futuremrsjones2019 : I think this makes a huge difference. Even if we pay the insurance for 30 years, we still wouldn’t hit what the ring cost and is appraised for. It would take 72.5 years of paying to hit the appraisal cost. That made it worth it for us. We travel a lot so it gives me piece of mind.
Post # 49
louisea2018 : as long as the replacement value is high enough I guess it makes sense, otherwise I self insure. It would take 100 years for me to pay the full value of my ring in insurance so it makes sense to me to pay the insurance on it since it’s definitely something I would replace if it was damaged or stolen. But if I estimate a 3ct ring at $20k (I’m in U.S. so maybe prices are different) then after 10 years you’ll have paid more in insurance than the ring is worth. I have lots of other pieces that are each in the $3-5k range that I don’t bother insuring because (a) it’s family pieces that can’t really be replaced in my mind (b) if I did want to replace them I can more easily afford to do so on my own than compared to my engagement ring and (c) I don’t wear them every single day so the chances of damage or loss are significantly less.
Post # 50
LilliV : Yes exactly, it would take close to 40 years to pay the full value of my ring in what we pay in insurance and I wouldn’t have the cash to replace it if something happened to it so hence the fact its insured. The insurance is up on mine next month so I will be shopping around to see if I can get a better deal – fiance insured it when he first got it so I never got the chance to shop around as the proposal was a suprise.
Post # 51
We don’t seem to have anything as good as Jewellers Mutual on the UK. Mine is insured under our household and contents insurance, but it is itemised and makes the policy more expensive. I’m also required to have the setting checked annually which the jeweller does for free.
It’s really important to read and comply with all the small print on your policy and ensure you are insured for replacement value. I have hard and scanned copies of all receipts, valuations etc.
Don’t forget to get it revalued every so often too, I’ve just had my heirloom rhr revalued and it’s one up by over £4,000 (replacement value) since my mum gave it to me.
Post # 52
I just added mine to homeowners policy
Post # 53
Yes I just got a policy with Jewelers Mutual for my ering only. It’s just over $300 a year which is steep 🙁
Post # 54
calliekalico2 : Did you check out Lavalier?
Post # 55
Insurance through Jewelers Mutual. We insured it literally the day we got our papers in the mail. I would never not insure my ring!!
Post # 56
Most home/auto insurers can add an additional coverage to the policy to cover the ring. Mine is covered for loss, theft, disaster, etc. and it literally costs pennies a month. Less than $30/year. This is beneficial if you want your ring covered without an expensive insurance plan
Post # 57
Does anyone know if Lavalier lets you choose your own jeweler like Jeweler’s Mutual? I am trying to decide between the two! Premiums are the same from both so I am having trouble deciding which to go with.
Post # 58
1111makeawish : Yes you get to choose your jeweler with Lavalier! I signed my sister up with them after her ring got done and I’ll be doing the same for mine!
Post # 59
Also jewellers mutual. Covered it the day after I got it. I wanted to be sure i could comfortably wear my ring everyday, everywhere without fear of damage or loss.