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Advice On Insurance Replacement


Fourjeepin
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My wife's round cut diamond (1.25, F, VS1) broke. I had no idea this could occur, but thankfully do have insurance. Policy is with state farm, but with a $1000 deductible because I really didn't expect to ever need it. Question for you experts - will a jeweler help me cover this? I want to get at least as good a stone as was damaged, but was hoping not to have to pay the full deductible right at Christmas.

 

Thanks!

Chad

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Hi Chad,

 

Lots of jewelers, most actually, are happy to work with the insurance companies for replacement. Start with the place where you bought it in the first place unless you've got some reason to avoid them. Some of the companies are a bit picky about who they let do replacements but State Farm is pretty reasonable, at least around here. Your claims adjuster should have a list of jewelers in your area that participate in their replacement program and if you want to work with a particular jeweler somewhere else, just ask. The replacement will be based on the description from appraisal that you submitted at the time you bound the policy and without seeing it there's no way to tell if there's sufficient information to make you whole again with one that's at least as good.

 

The deductible is basically tough luck. That's the t&c of the contract. I suppose it's possible that you can make financing arrangements with the jeweler to pay it later but I can't imagine it'll be a good deal and you'll be better off just paying the deductible with a credit card and then making payments to that on whatever schedule you like.

Edited by denverappraiser
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They won't simply because of the way in which they are paid: they will be paid by the insurance company whatever price they negotiate with them less the deductible, so it would come straight off their tab. The days when margins were so high that a jeweller could "afford" a 7-10% discount off an already aggressively negotiated price are long gone (if they were ever there).

 

Make the most of it, and ask the jeweller to help you pick a good stone!

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