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diamond ring insurance
- Thread starter zoo
- Start date
I agree wholeheartedly with DIWC...get the appraisal and pictures copied and put somewhere safe (like a safety deposit box) too.
MoFo, I don't know if you were being sarcastic or not about the deductible, but it's the amount you pay yourself to replace an insured item before the insurance kicks in.
As an example, if your deductible is $1,000 and your item is worth only $700, you wouldn't bother claiming it at all. If it was worth $5,000, you would eat the first $1,000 of the replacement costs and the insurance co. would pay you $4,000 to replace it.
The higher your deductible is, the lower your premium costs are.
MoFo, I don't know if you were being sarcastic or not about the deductible, but it's the amount you pay yourself to replace an insured item before the insurance kicks in.
As an example, if your deductible is $1,000 and your item is worth only $700, you wouldn't bother claiming it at all. If it was worth $5,000, you would eat the first $1,000 of the replacement costs and the insurance co. would pay you $4,000 to replace it.
The higher your deductible is, the lower your premium costs are.
Klubmasta Will
TRIBE Member
zoo said:
just FYI: (i) i have been a customer of TD MELOCHE MONNEX for over 15 years and (ii) i bundle my home insurance with my auto insurance.
you may get a better offer if you've built up a good history with an insurance company.
good luck! (and please post what they offer you, as inquiring minds want to know.)
tommysmalls
TRIBE Member
ps. CONGRATS!!!!
I just went through this process for 3 rings and am with TD Meloche Monnex. They said the default home policy covers only up to $6,000, so I had to get a separate policy for each of the 3 rings. Did they just recently increase it to $12,000?Klubmasta Will said:
And as others have said, I had to submit the original copy of the appraisal for each of them. Then they mail it back to you.
Puma
TRIBE Member
I always wondered about this ring insurance thing. You can easily claim that you lost it or the ring got stolen. You get the money and keep the ring.. there must be some catch to prevent people from doing this because it would be way to easy to scam the insurance company. Not to mention that they usually appraise the ring to a higher value what you actually payed for. So you can go back and sell the ring for what you payed for it and get more money from the insurance company?
daddyiwantchocolate
TRIBE Member
Police report.
Klubmasta Will
TRIBE Member
^ insurance fraud, like tax fraud and many other types of fraud, is not hard to commit. the main deterrants are (i) it's stealing and (ii) if you get caught, you're fucked.
if you want to claim that your jewelery was stolen, for example, you would have to report the theft to the police and you may be questioned by an insurance investigator.
if you want to claim that your jewelery was stolen, for example, you would have to report the theft to the police and you may be questioned by an insurance investigator.
salad said:
Perhaps its different for each province - I'm with TD and they also told me $6000 for jewelry. I had an independent appraisal done (you probably should do this anyways to make sure you got what you paid for) and was able to submit it by scanning and email. About $10,000 no-deductible coverage for about $75 a year.
screamy said:
Me? Sarcasm? No....Never.
Ya, I really don't know how insurance works to be honest. I have a general vague idea. I just pay it and that's it.
And that makes sense: the premium affecting the deductible. Thanks.
I just can't wrap my head around a deductible because I figure, I'm paying something to get something covered if it gets stolen so why do I have to eat up any amount? I guess it's my own naivete. And why do they call it a deductible? Just a word to make it sound like they're not covering all of the costs?
Do insurance companies cover percentages of items or only amounts minus the deductible?
My prescription deductible makes sense. Because I'm getting something in return for the first $50. But it's weird to me to have to pay up to get money back.
Anyway, thanks for making it so clear! Yay.