Did I pay too much for insurance?

cutie4420 · February 2010

I just got my ring insured, I did it online through Jewelers Mutual and paid $190 for the year. I saw a few ports that people only paid liike $30 for the year? thats a big difference??

I <3 Seabass · February 2010

The cost of the insurance is going to depending on how much it appraised for, the deductible, etc. So it's hard to do a comparison against what someone else paid. I would check around with other insurance companies and just see how much they would have charged you to insure your ring. If you're paying too much then you can try and cancel your policy or wait until next year to get a cheaper rate.

jonchrissy · February 2010

I'm paying $12/$1000 for my insurance. This is a yearly rate.

Invol · February 2010

For my 2K ring, I pay 35 a year with no deductible. It depends on the cost of the jewelry, your location, and your deductible.

megk8oz · February 2010

I don't know how much cheaper this would make it, but if you homeowners insurance, you could look into scheduling the ring onto that policy instead of having just a policy for the ring. I've heard of people doing this, and it usually is only a few extra dollars a year ... unless you've got a ring that's worth like $40,000.

Another suggestion, depending what type of other insurances you have (Auto, home, etc), you could see if the company that insures those things writes a "personal articles floater" (People somtimes use these for valauble items like pieces of art and furs as well as jewelry). Going through an agency that writes multiple types of policies (And not just specifically jewlery) might be able to provide a more competitive price.

But most prices will be based on what the ring is appraised for (And what state your in will affect the rates as well). So if it's an exceptionally valuable ring, it really might cost that much to have it insured anywhere.

Hope this was of some use!

squirrelly29 · February 2010

depends on your ring appraisal...we pay 380 a year and my ring was appraised at 24K

janedoe1113a · February 2010

I get mine insured through my renters insurance and it's only like $20 a year. My ring is around $1000.

Did I pay too much for insurance?

Re: Did I pay too much for insurance?

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