(Closed) Insurance on e-ring seems outrageous…HELP!

posted 8 years ago in Rings
Post # 32
Member
3694 posts
Sugar bee
  • Wedding: May 2012

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@TO_Cali:  I totally agree.  Even what we pays seems high, but we went with it based on the appraised value, which was a LOT higher than what he paid for it/replacement value.  We figured we won’t have to worry about getting it re-appraised every year or two and will be covered for up to that much if anything happens to it for quite a few years, during which its replacement value will go up. 

Post # 33
Member
8031 posts
Bumble Beekeeper
  • Wedding: December 2013

@TO_Cali:  I live in Canada too. Have you checked out Jewler’s Mutual / Perfect Circle? It insures it for many things including loss (anywhere in the world). It’s suited for jewlery specifically.. better than adding it to a home policy.

I was playing around with it a while back (you can do online quotes) and I think it was under $300/year to insure a $20,000 ring. Not bad IMO. I would rather pay that for peace of mind than have to fork out another 20K if something happened.

Post # 34
Member
336 posts
Helper bee
  • Wedding: November 2014

Thats crazy! My ring was appraised at $13k and my FY pays about $180 p/ year on insurance. 

Post # 35
Member
345 posts
Helper bee
  • Wedding: May 2014

The rate I pay is pretty similar to what others have posted. I have a specific Jewelry Rider on my renters insurance with USAA and pay 1.1% yearly after discounts (multiple policies, no previous claims).

At first we weren’t sure that we wanted to insure it at the full appraisal value (because it’s 2.5 times what we paid for it), but we decided to go for it because the appraisal value is what we would have to pay to get an identical one to replace it!

Post # 36
Member
8414 posts
Bumble Beekeeper
  • Wedding: October 2012

@TO_Cali:  Yikes that is a lot. My ring is appraised at 33K and my insurance is 330 per year for full coverage. Try State Farm…..I found the best deal with them!

Post # 37
Member
499 posts
Helper bee
  • Wedding: July 2013

I’m in Ontario, my ring was appraised at $23,000 and am paying about $45 a month to insure it, which is a bit expensive.

Post # 38
Member
3194 posts
Sugar bee
  • Wedding: October 2013

@TO_Cali:  I checked with Fiance, our insurance is $144 a year and my ring is appraised at $13k

Post # 40
Member
8414 posts
Bumble Beekeeper
  • Wedding: October 2012

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@TO_Cali:  No I’m not I’m in Florida. Sorry I didn’t realize you were in Toronto. Hopefully you can find a good deal!

Post # 41
Member
492 posts
Helper bee
  • Wedding: September 2014

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@TO_Cali:  I’m in Ontario, we haven’t insured my ring yet but my sister has had her’s insured through RBC actually.  She ran into the same problem because her ring was appraised at over $28,000 but they only paid a fraction of that for the ring (my brother in law is a jeweller).  They actually had a gemologist do another appraisal and brought the value of the ring down to $14,000 so half the original appraisal.  It made a huge difference because RBC wanted $115 a month to insure it at $28,000 and now they pay about $26 a month, about $310 a year which is still high but they feel it’s well worth it.

Post # 43
Hostess
11161 posts
Sugar Beekeeper

@TO_Cali:  That is ridiculous!

My e-ring and wedding bands are worth a considerable amount and we pay about $300 or so a year for full coverage as a seperate item with Progressive (through renter’s insurance). I am in California.

Post # 44
Member
4095 posts
Honey bee

@TO_Cali:  That is insane. I pay less than $200 a year for $9000 of coverage. Try doing it through a jewelery insurance place and not adding it on to your homeowner’s. Coverage is usually better that way anyway.

Post # 45
Member
492 posts
Helper bee
  • Wedding: September 2014

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@TO_Cali:  Thanks for the tip about TD.  We have our home insurance through TD so I should just call and see if I need to modify our policy at all for the ring itself.  If you’re in Toronto I can speak to my brother-in-law and get some more details on the gemologist he uses and see if they can re-do the appraisal for you, there is usually a charge for it but it will save you quite a bit in the long run on the insurance policy itself.

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