(Closed) I got my ring appraised today… it’s almost laughable

posted 7 years ago in Rings
Post # 3
Member
5494 posts
Bee Keeper
  • Wedding: August 2011

Yeah we had the same experience.  My ring appraised for over 4 times what Darling Husband actually paid for it.  Completely absurd!

Post # 5
Member
1346 posts
Bumble bee
  • Wedding: November 2012

Isn’t it good for it to be appraised at that level for insurance purposes?

Post # 7
Member
893 posts
Busy bee
  • Wedding: May 2013

@mandigrl04:   Depending on who you got your appraisal from.  Chances are, it will be over-appraised from the jeweler.  Try an independent jewelry appraiser instead to get something more accurate.

Post # 9
Member
1145 posts
Bumble bee
  • Wedding: September 2011

So I work in insurance and I have to say that I have said for years that it’s a racket between insurance companies and jewelers.  When you insure your ring, you use the appraisal value and if something happens to the ring, the insurance company will repair or replace the ring – they hardly ever give you money because really who doesn’t want to replace their ring?  So jewelers get big money for these replacement rings when in reality, you could buy the same thing for much less and you pay higher premiums because the appraised value is so high.  It makes no sense to me.  My rings appraised at double as well.

Post # 10
Member
5494 posts
Bee Keeper
  • Wedding: August 2011

@mandigrl04:  I don’t know how that’s possible.  And it was an independent appraiser. The appraisal made the insurance premiums absolutely ridiculous so we decided not to insure it, (only have it insured through our homeowner’s insurance)

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