Post # 1
Okay, I am a little distressed about this! I have a beautiful engagement ring which I love with all of my heart! I recently had my ring inspected and found that I have six loose diamonds. The good news is that I have a service plan which will cover the cost completely. The bad news is that in order to get the service covered I need to mail my ring to the company. The company my FI bought if from has since gone out of business. I have two questions:
1. Would I be completely insane? Have any of you had loose diamonds reset and at what cost?
2. If something terrible happened to my ring the company would reimburse the purchase cost, but my ring appraised for almost double. God forbid if something were to happen would my ring insurance pay out to cover the difference?
Post # 3
Did the entire company go out of business or just the store? I think if it is the company, then the service plan is basically non-existant.
What your insurance plan will cover depends on what kind of insurance plan you have. My ring is insured based on the purchase price, and that is what I would get if my ring was lost or stolen.
Post # 4
I would call your insurance provider and ask if they would cover loss or damage to your ring if you send it in the mail. You can insure mail, so that might be an option too. Send it through Fed-ex or similar just to be safe!
Post # 5
FI had my ring shipped out of town to a friend who then sent it back to avoid sales tax. To be honest, I don’t even think his friend shipped it back insured…
Your insurance will cover whatever price you are paying a premium on (typically based on the appraisal since that’s the reason you got one). Rings are appraised for more than they’re actually worth so they can be replaced with a comprable stone further down the road, taking inflation and appreciation into account. My ring was appraised for about 1/3 more than it’s currently worth, it’s totally normal but not nesessarliy the dollar value you’ll receive.