Engagement Ring Insurance Opinions/ Suggestions/ Experience with claims

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  SaberX on 11/01/2018 - 02:33

  What's the priec of the ring circa? I put it on my aami hom eand contents, albeit with the added cover option that beyond the house it was covered outside the house (personal belongings add on). Once she got the ring she took out her own cover and i saved on my house insurance haha.

  I believe she is using Q report. Used by some of her girlfriends. Seems ok. I trust she's done research on the benefits, costs etc. I don't know what they use but they definitely need the GIA certificate. YOu should have gotten the GIA certificate, invoice for the cost, and the appraisal/valuation when you bought it. At least that's good practice. my jeweller's valuation had it higher than the cost, as this costs more to replace given valuations movements and also jeweller tends to add in a buffer for your safety.

  i'd get it: it's sentimental, and unless your ring was cheap (under 5k) it's decent moolah. Not only that robbery is one thing, but if you ever break it or drop it or take it off and somehow misplace it (which is rare but does happen to some) you'll be covered generally on most coverage. Some may even have replacements if you accidentally break or misplace them, as my aami did i.e. if i dropped the ring down the mountain as I went to propose.

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    original15 on 11/01/2018 - 08:28

    You will only get a GIA certificate if it has been graded by the GIA. There are other associations who classify diamonds but believe the GIA are meant to be the most respected. OP should have some form of details about the diamond but might not necessarily be GIA

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      SaberX on 12/01/2018 - 00:37

      true that. most diamonds tend to be GIA if not the other association. If not, then the diamond is likely to be less mainstream and (generalising here) not that expensive, in which case why bother with insuring it?

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  original15 on 11/01/2018 - 08:31

  Looked into it, esp when we travelled but couldn’t s excite any easily. Found there were jewelerry limits for things like Home and contents and travel insurance (something like $5k limit, one item maximum values etc)
  Following to see what others have done as would consider it.
  Have a family member and her ring cost ridiculous $$$ and know they’ve explored it and given the price of the ring the yearly cover was significant and they decided not to go with it

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  djsweet on 11/01/2018 - 08:58

  I'm using Q Report for our rings. Total value is more than double what our car is worth - and the car is insured, so why not the rings!
  I know they are hard to lose or be stolen since they're semi permanently attached to your finger, but the thing I'm afraid of is the diamonds falling off.
  For Q Report we had to submit the jewellery receipt, valuation, and diamond grading certificate. I have thankfully never had to claim.

  If it become effective to insure under a home and contents policy I will consider that, however, since we rent I am keeping the ring insurance independent for the time being.

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    cuteseal on 11/01/2018 - 09:32

    You're right to be afraid - my wife's rock fell off in the backyard while doing laundry. One of the claws holding the diamond must have been weakened and caught on something. We never ended up finding it amongst all the grass, rocks and possibly through the gaps in the deck.

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      dcep on 11/01/2018 - 11:47

      is it gold or platinum or titanium ?

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        cuteseal on 11/01/2018 - 11:50

        The ring was 18k yellow gold but I think the claws were white gold

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      Slippery Fish on 12/01/2018 - 00:48

      Get a cubic version made up, keep the real in a box the cubic on the finger… Less than insurance.

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    SaberX on 12/01/2018 - 00:38

    that's a good point i didn't raise before in my reply - diamonds may not be stolen or misplaced, but it isn't 'uncommon' to have claws go broke or loose due to trauma. if the diamond falls out this would be one case where it is replaced.

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  tsunamisurfer on 11/01/2018 - 12:31

  +1

  Insuring a ring was a nightmare for me.

  We bought the rock from Blue Nile about $11k, got the ring designed and set about $2k. Got it valued….came to almost 3x that total amount.

  Now I understand to buy that ring here would be almost double but 3x?

  Whilst it was nice to have something valued so high, the realisation of the drawback of it hit me when I looked at insurance.

  Of course the missus insisted on the full cover (in and out of house domestic and international etc)

  The cost of the insurance was about $800 for 1 year, yes that was more than my home insurance or car insurance!

  After 1 year I had enough and refused to buy that insurance due to cost and elected to put it under the Contents insurance. Nightmare 2 began. It was hard to find a insuance provider who was willing to cover the ring because man providers will not cover a specified item more than 25% of the total coverage.

  So in the end I had to buy $120k contents coverage just to cover this one item and my other contents.

  Engagement rings should all be $100.

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    SaberX on 12/01/2018 - 00:38

    Did someone value it locally here? Independently? Or did Blue Nile give you that valuation?