Post # 1
I’m about to get my ring insured. Yes a little late, but just had a major scare and could not find it for a few days. So I figured it’d be best to insure it. How does it work, IF something should ever happen to my ring? Obviously pay the deductible for replacement (repairs are already covered), but what happens after that? How can they replace a ring for just the deductible and monthly/annual payment? I haven’ gotten it yet bc i dont understand how it’s possible to ever replace a ring.
Post # 2
You will have to submit an appraisal from the jeweler for the replacement cost. If something were to happen to the ring and depending on your policy, the insurance company will either give you the cash to purchase a new ring or they will find you a replacement ring of similar value (minus deductible).
I think it’s well worth it. I have a personal articles policy on my nicer jewelry (and when I was married on my e-ring and wedding band).
Post # 3
And I understand the sentimental value of not actually being able to replace THE ring, but what’s better? Having nothing or having something?
Post # 4
I’m not sure exactly what you mean. Insurance for insurance rings works the same way car insurance works. You pay a small amount compared to your vehicle’s value and for the other car but the amount will never total the actual cost of your car. It’s sstill profitable for insurance companies because of the many people who never have to use their insurance.