Jewelry Insurance – Jewelers Mutual

posted 5 years ago in Rings
Post # 3
12247 posts
Sugar Beekeeper
  • Wedding: May 2013

That’s awful!

Maybe you can get earrings or something?

Post # 4
973 posts
Busy bee
  • Wedding: October 2012

Well, it does say on their website:

“We replace with “same kind and quality.” This is especially important when you have name-brand jewelry, such as Tiffany, Cartier, or Harry Winston. Our goal is to make repaired or replaced jewelry virtually indistinguishable from the original.”

And the next paragraph specifies that you can use any jeweler you want.

This is the insurance I have and I was fine with it.  Since it’s for a ring I would want to replace with something the as close to the original as possible, I didn’t see it as an issue.  It’s not like I’m going to make the ring myself!

Also, it’s not uncommon for insurance to work this way.  Insurance for anything is usually replacement or payout insurance, even some car insurance policies are where they pay who you have fix the car.

Always know your policy details, preferably before you get it.

Post # 5
344 posts
Helper bee
  • Wedding: November 2014

Oooh, I’m sorry for your loses.  I have Jewelrers Mutual Insurance and I’m not surprised that they do that. I would prefer it personally, that way I would be forced to get another ring instead of buying a new car or taking a sweet vacation. Would it be possible to get something different, like a watch or some amazing earrings? Does it have to be a ring?

Post # 6
11747 posts
Sugar Beekeeper
  • Wedding: November 1999

Did you read your policy? Its very clear that’s what they do.

Post # 7
3053 posts
Sugar bee
  • Wedding: February 2015

Are there any insurance policies that WILL do a pay out instead of paying a jeweler? To be honest, I don’t like that we paid as much as we did on my ring and if something happened to it in the future, I would definitely NOT want to spend that much again. I’d rather get something more modest & use a little bit of the money for something less frivilous to me.

I didn’t know that about jeweler’s mutual but I haven’t insured my ring yet.

Post # 8
384 posts
Helper bee
  • Wedding: July 2013

I’m so sorry for your loss!!

As for the insurance, insurance companies are in the business of indemnity, or to make whole. They replace what is lost, broken, or destroyed. If you insure an item and that item has a claim, then the insurance will pay to replace that item. Unfortunately most people think that if they file a claim for an item they’ll get the money to replace, when in fact thats not the case =[


I’m sorry it worked this way for you, maybe yu can talk to the jeweler and purchase something else??

Post # 9
263 posts
Helper bee

I think it might be different under a home policy. My mom lost her diamond ring that was insured under her home policy, and she was given a payout for it. She used the money for a new deck on her home! If you go with jeweler’s mutual, it seems like they would want to replace the jewelry with the same piece of jewelry.

im just starting to look at insurance on my soon to be diamond ring. I’ve already talked to my home insurance guy. I’m gonna look in to jeweler’s mutual too.

Post # 10
2433 posts
Buzzing bee
  • Wedding: June 2009

So sorry about your loss. We’ve had a Jeweler’s Mutual policy for 4 years now, and have no complaints — however, we’ve never lost a piece of jewelry since starting the policy. It seems like them paying the jeweler is pretty standard policy, however. 

Post # 11
1460 posts
Bumble bee

Oh wow, I’m so sorry for your losses. Both your husband and your ring 🙁 I can totally understand not wanting another ring, is there a son or a daughterto whom you can give the new ring?

Post # 11
515 posts
Busy bee

I heard you pay into JM and as soon as you file a claim they drop you as a customer. 

Post # 12
756 posts
Busy bee
  • Wedding: September 2014

mrs110 :  I’m not totally sure. I lost my ring.. they have paied the claim to the jewler I picked and I’m now waiting on my new ring. Once I have it I will send in the new paperwork to get a new policy. (as I chose a different shape diamond this time). So, no I dont know if they will “take me back” or not but they didn’t give me any problems making my claim. 

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