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Ring Insurance?

AprilH81AprilH81 member
First Anniversary First Comment First Answer 5 Love Its
in Just Engaged and Proposals
I would like to get my ring insured and need some advice.  A new policy (my homeowner's policy would not cover the full amount) is not that expensive but I'm torn about which one to get.  All of these policies would cover the full cost of my ring.

$70 a year for with NO deductible.
$56 a year with a $250 deductible.
$49 a year with a $500 deductible.

Policy covers lost stones, theft, suspicious loss and damage.  I am waiting to see if they can send me a draft policy so I can see everything in writing to make sure I understand what it covers.  

If something happens to the ring they replace it as close as they can to the specs of the ring, not the cost of the ring itself (so I'm protected with the flucuation in gold prices).  We can also increase the policy to cover our wedding bands or any other valuable pieces we acquire over the years.

We both keep emergency funds so I can't imagine a scenario where we wouldn't be able to cover a $500 deductible so that is the most tempting to me because it is the lowest annual cost.

Suggestions?  Advice?
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Re: Ring Insurance?

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    Jessica41381Jessica41381 member
    First Answer 5 Love Its First Comment Name Dropper
    When my fiancé purchased my ring he was offered insurance to protect the stone! We haven't gotten insurance for everything else but for the price he paid we really should.
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    [Deleted User][Deleted User] member
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    Without seeing the terms, I'd do one of the first two options.  Look at it this way, even with the third option, you're only saving $21 a year.  If something happens to it, there's a $500 deductible.  SO.. if something happens, you're paying $500.  You'd have the insurance for 23+ years before you saved $500 on the payments between the two.  Does that make sense?

    Difference between option #1 and Option #3: $21 a year. 

    Time it would take to save $500 on that $21/year savings: Almost 24 years.

    So if something happens to your ring in the first 24 years, you're actually losing money over what you'd be spending paying $70/year.

     

    My math might be completely wrong.  This is why I went to law school. I am not friends with numbers.

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    [Deleted User][Deleted User] member
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    StageManager14 said:

    This.  

    However, I would also make sure the policy covers more than just lost stones or theft.  What if a prong snaps off or there is major damage inflicted on the band that makes it unwearable?  What if YOU lose it?  Any good policy will cover any loss, not just "suspicious" loss.  It's far more likely that you'll lose your ring or drop it down the garbage disposal and damage the band than it is that you'll be mugged, you know?  So you really have to consider what you're paying for, not just how much you're paying.
    And in flies Stage with infinite wisdom, as always. I would have never thought of this. 
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    AprilH81AprilH81 member
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    StageManager14 said:
    LMc0322 said:

    Without seeing the terms, I'd do one of the first two options.  Look at it this way, even with the third option, you're only saving $21 a year.  If something happens to it, there's a $500 deductible.  SO.. if something happens, you're paying $500.  You'd have the insurance for 23+ years before you saved $500 on the payments between the two.  Does that make sense?

    Difference between option #1 and Option #3: $21 a year. 

    Time it would take to save $500 on that $21/year savings: Almost 24 years.

    So if something happens to your ring in the first 24 years, you're actually losing money over what you'd be spending paying $70/year.

     

    My math might be completely wrong.  This is why I went to law school. I am not friends with numbers.

    This.  

    However, I would also make sure the policy covers more than just lost stones or theft.  What if a prong snaps off or there is major damage inflicted on the band that makes it unwearable?  What if YOU lose it?  Any good policy will cover any loss, not just "suspicious" loss.  It's far more likely that you'll lose your ring or drop it down the garbage disposal and damage the band than it is that you'll be mugged, you know?  So you really have to consider what you're paying for, not just how much you're paying.
    It sounded like it covers EVERYTHING but I will double check.  I hadn't considered damage to a prong, I was more worried about loss or theft.
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    AprilH81AprilH81 member
    First Anniversary First Comment First Answer 5 Love Its
    Damage must occur suddenly and accidently to the piece listed in the policy.  So if my ring gets caught on a tree branch and a prong breaks it would be covered but if it just gradually weakens over time it would not be.

    I'm still trying to get a copy of the policy to read over.  The agent can't seem to send me a sample policy.  :/
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    [Deleted User][Deleted User] member
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    I'd keep looking around.  If they're not being responsive when trying to sell you the policy, they're going to be worse when you're asking them for coverage.
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    AprilH81AprilH81 member
    First Anniversary First Comment First Answer 5 Love Its
    LMc0322 said:
    I'd keep looking around.  If they're not being responsive when trying to sell you the policy, they're going to be worse when you're asking them for coverage.
    This is very unusual.  I have my car and homeowner's through them and my entire family has various coverage with them...  I may try to speak to a different agent and see if they can help.  I've never worked with this one before.
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    bobcats67bobcats67 member
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    I was able to take out a separate personal article policy through my auto/renter's insurance company for only $75/year, no deductible. It covers anything and everything that could ever happen. Worth every penny in my opinion - I am breathing much easier now! 
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