Ring appraisals and insurance…need opinions please :)

posted 3 years ago in Rings
  • poll: How much did your ring appraise for compared to what you paid for it?
    It appraised for less than what we paid : (0 votes)
    It appraised very close to what we paid : (19 votes)
    31 %
    It appraised closer to double what we paid : (28 votes)
    45 %
    It appraised closer to triple what we paid : (7 votes)
    11 %
    My ring was an heirloom so there was no cost : (5 votes)
    8 %
    I'm not interested in insuring my ring : (3 votes)
    5 %
  • Post # 3
    Member
    1252 posts
    Bumble bee
    • Wedding: October 2014

    My almost 10k ring appraised for 2k more. so not double but a good amount more. I still need to insure my ring though, I’ve only been engaged for a week.

    Post # 4
    Member
    13010 posts
    Honey Beekeeper
    • Wedding: June 2011

    I’ve always wondered the same thing.  I think appraisal values are kinda bullshit.  But most people probably dont really have it appraised and have their insurnace adjusted every year.  Mine appraised for about 35% more than what was paid for it and I think even that’s silly.

    Post # 5
    Member
    1838 posts
    Buzzing bee
    • Wedding: May 2013

    we bought mine online from an antique jewelery seller, so it didnt come with a certificate or appraisal or anything & didn’t care enough really to go get it appraised.  My husband got it insured through state farm and they didnt need an appraisal, so i assume it was just insured for what we paid for it.

     

    Post # 6
    Member
    3941 posts
    Honey bee
    • Wedding: June 2014

    @cuppeeecakes:   The jeweler appraised my heirloom ring, then we had a proper appraisal done and that amount was three times what the jeweler thought.

    It is insured, but probably could not be replaced.  I’ve looked all over the internet for months, and cannot find a center stone even close in size or color yet.  

    Post # 7
    Member
    3222 posts
    Sugar bee
    • Wedding: April 2015

    @li612:  same, no appraisal needed for insurance. 

    Post # 8
    Member
    38 posts
    Newbee
    • Wedding: April 2014

    We bought my ring from an independant jeweller who made it themselves. They’d actually made the ring several years before we bought it, so it’s value has increased as the cost of materials has gone up exponentially, but because they could see how in love with it we were they sold it to us for it’s original (uninflated) price. They gave us an appraisal for insurance purposes, and it’s worth over £1000 what we paid. 

    Post # 9
    Member
    117 posts
    Blushing bee
    • Wedding: November 1999

    My ring was appraised at the place it was bought and I think the amount was rounded up to an even number. (about 2-3K more)

    We are currently switching insurance companies and they accepted the appraisal May 2012.

    I don’t know how long ago your ring was purchased, but it should not triple in price.  If you get such a big difference I would get a second appraisal.

    Post # 10
    Member
    105 posts
    Blushing bee
    • Wedding: June 2014

    @cuppeeecakes:  

    We got our appraisal last night.. About 2k more than we  paid.. I think that’s just about right. I were getting engaged tonight and you best believe when we get home we are insuring this bad boy!!

    Post # 11
    Member
    474 posts
    Helper bee
    • Wedding: October 1993

    DH works in high net worth insurance.  We used a very reputable jeweler in the industry that his company has worked with for many years for our upgrade.  The prevailing opinion within the industry is that some people overstate the appraisal to make the buyer feel better about “getting a deal.”  Insurance values do go by replacement value.  I would suggest a second appraisal and then compare the two.  Even insurance companies are known to question appraisals that are ridiculously over the amount paid.  And yes, our appraisal came in at more than what we paid but not ridiculous.

    Post # 12
    Member
    647 posts
    Busy bee
    • Wedding: May 2015

    Mine definitely wasn’t appraised at double and I’m not sure what you consider “close to” but it was appraised for a little less than $3000 more than what he paid. But I agree with you. I was happy with the appraisal because it was high enough that my ring is more than covered but not so high that I’m paying premiums for a ring I don’t even own. If he had gone to double for the appraisal I would have asked him to lower it.

    Post # 13
    Member
    2155 posts
    Buzzing bee
    • Wedding: November 2012

    My wedding ring was appraised for a couple hundred more than we paid.

    Post # 14
    Member
    45 posts
    Newbee
    • Wedding: May 2014

    My center stone is an heirloom from FI’s grandma (who is still around, mind you–she just felt strongly that I should have it). He also had a family friend set the stone, so he paid cost, maybe less. My ring was appraised at more than 5x the cost to FI. Granted, diamonds were different 60 years ago and it’s a very nice stone, so I’m really not sure that this post is helping shed any light one way or another.

    Post # 15
    Member
    1157 posts
    Bumble bee
    • Wedding: June 2014

    My ring was appraised for about $2k more than he paid for it (I don’t know either figure, though). He got it from JA though so I’m not surprised- the appraisal probably would be accurate for what we would have paid from a brick & mortar store. 

    Post # 16
    Member
    348 posts
    Helper bee
    • Wedding: May 2014

    We bought an antique with an appraisal of almost 3x the price we paid. We’ve insured it at the appraisal price. The price we paid was fantastic – it would probably cost the appraisal price for a similar piece. 

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