Post # 62
I had lost my ring at one time and then found it 36 hours later. After that I knew I wanted to insure my ring. Almost a year and half later, we finally did (just added it to our renters insurance). We insured his because I know too many men who have lost their rings.
I know Jewelers Mutual is popular and has decent rates.
Post # 63
@LilRhodyGem: +1 lol
“My parents as well as a few friends have told us it is a ridiculous idea. They say it is a waste of money because insurances prey off people’s fear. They made the point that we will most likely never loose/have stolen/have anything else happen to our rings and will just be pouring our money away instead of putting that extra money into savings every month. They said that even if something did happen it would be better to just have been saving all our money and to deal with the cost then.”
Are they taking crazy pills?! As PPs have said, insurance is a risk-based business – it’s not there to ‘prey on people’s fears’. Why would they assume that you will never have your ring stolen/lost/damaged?It’s the same as any other insurance – would they recommend you don’t get house/contents/car insurance? The cost to insure is a tiny fraction of the cost of the ring – it will differ depending on where you live, but it will often be less than 1/100th of the value – so if you lose it only once in 100 years of coverage, the insurance is worth it.
I insured my ring, even though we could afford to buy another one, because I don’t want to take the risk of losing or damaging it. My insurance covers me for if I lose or damage it outside the home as well (e.g. if I go shopping and when I get home I realise one of my diamonds has fallen out). I also take it off and store it in my purse when I play sport, so there is another risk there.
A girl I work with recently lost both her wedding and engagement rings. She was driving, and took them off and put them in her lap while she applied hand lotion at a stop sign. She forgot to put them back on, so when she got out of the car they fell off her lap and into the car park – she didn’t notice they were missing until later that afternoon, and they were nowhere to be found around her car. They would have cost her $8000 to replace, but she was insured (and had paid a grand total of $200 for insurance since her marriage) so she got new ones straight away.
Not insuring = not worth the risk!
Post # 64
We have ours insured. We could replace the loss of one, but if we were both mugged/held up while out together or our home was broken into and they were stolen, it would be hard to replace them all – we could do it over a period of several years but not at once. The insurance payments are small… putting an extra $200 in savings every year isn’t going to make any sort of difference in our long-term financial stability. Yes, we will hopefully never have to use the insurance, but it’s much better to have it there in case than to not have it.
Post # 65
Definitely insure. Even if you put that extra $150 a year (Jeweler’s Mutual quote) away in savings, in 10 years you’d only have $1,500…you can’t go really far with that…but if something happened to your rings…you’d be out $13k. Simple math, not worth the risk imo.