(Closed) Bees with Moissanite engagement rings – did you get yours insured?

posted 4 years ago in Rings
Post # 2
Member
1181 posts
Bumble bee
  • Wedding: July 2017

My moissanite ring was about $1300 and we were really on the fence about insuring it or not.  In the end we decided it wouldn’t be worth it because the appraised value would probably be under $1000.  Take your ring to get appraised and if it’s valued over about $1500 it would probably be worth it to insure.

Post # 3
Member
4534 posts
Honey bee
  • Wedding: September 2012

Yes, we got a rider on our rental insurance that covers it. 

Post # 4
Member
49 posts
Newbee

We didn’t, for reasons stated above. It just wasn’t worth it value-wise. Now sentimental value is another story. 

Post # 5
Member
216 posts
Helper bee

Absolutely! It’d cost about 3000-3500 to remake mine. my policy doesn’t cost me a dime because the company I have my home owners and car insurance through offers a zero deductible insurance policy. Having that policy discounted my other two polices, making my ring’s policy free and saving me $5.00 a month on the others! 🙂 win, win!

Post # 6
Member
1455 posts
Bumble bee

Yes. Mine was appraised for about $1000 more than it costs so yeah I did 

Post # 7
Member
1373 posts
Bumble bee
  • Wedding: August 2012

CaptainDandy:  Yes absolutely. You don’t need an appraisal, though. You can simply insure for the cost you paid, using receipts as proof. Be sure your policy shows what type of moissy you have.

My first two moissanite rings I insured through Perfect Circle (Jeweller’s Mutual) without an appraisal. They each cost only about $25 per year, so even if the ring is inexpensive it’ll still take years & years of $25 payments to add up to the replacement cost. For example, if you paid $900 for your ring, it would still take thirty six years for insurance costs to equal self-insurance!

I like to wear my rings constantly. So I like peace of mind knowing that they’re taken care of and would be replaced for “free” by the insurance company should anything happen to them. Without insurance I could not enjoy wearing them as much — even though we could easily replace them, I just like the psychological comfort of insurance. Although my sub-$600 rings, that I don’t wear every day, are not insured.

The last ring I insured was an Amora Gem, and I did get an appraisal for that but the appraisal was very close to what I actually paid (and I only got an appraisal for complicated reasons, normally it wouldn’t be needed). It’s stupid to get insurance on an inflated appraisal — you should only insure for replacement cost. 

Post # 8
Member
14976 posts
Honey Beekeeper
  • Wedding: June 2011

If you have a home, that insurance typically covers 1500 on its own,  so if that’s the only pricy piece you have, it’s not necessary to insure it separately.   Unless the rider doesn’t increase your policy cost due to a claim. 

Post # 9
Member
2000 posts
Buzzing bee
  • Wedding: April 2016

Yes absolutely. I want it protected. it is no different than insuring any other piece of jewlery. Moissanite is a gemstone. So its like insuring a diamond, a sapphire or a ruby ring.

Post # 10
Member
2001 posts
Buzzing bee
  • Wedding: October 2017

CaptainDandy:  we haven’t, the gold setting is worth a few hundred but the moissanite itself isn’t worth much, we got it on Ebay for a few bucks.Even if we paid several hundred for a C&C moissanite, the whole ring wouldn’t add up to that much, so we’re not going to bother with insurance. Once we replace the moissy with a real diamond, we will insure it for sure.

Post # 11
Member
148 posts
Blushing bee
  • Wedding: May 2014 - Tennessee

Our rings (and my Pandora Bracelet) are covered under our home insurance. It covers up to a certain amount, and they fall under that amount, so we’re good. And we used the receipts from when we bought them to insure, no appraisal. I say, definitely get it insured. My set cost less than a grand, all together, but it’s nice to know, that if anything happens (heaven forbid), the heartache won’t be compounded by the wallet-ache.

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