Engagement ring appraisal + Insurance: Is it worth it?

October 24, 2018


Should you get a ring appraisal and insurance? Yes, yes and for the 3rd time with bold letters, YES.
I didn't even know this was a thing to do when I got engaged but upon researching, it was actually a necessity.

In the time I have had my ring, I've never lost it (*knocks on wood*) but I sure have had 2 diamonds fall off on my halo (luckily I found 1 of them) and had my prongs severely bent that my stone fallen off (again, luckily I found that too). I paid for the repairs, which lead to about $500. Remind you, that I already purchased my Insurance, I just didn't want to file a claim because of pure laziness, impatience and I was scared that my fee will go high.

Do I regret not filing a claim? YES. Will I file a claim in the future for a repair? MAYBE.
If the repair cost more than $100, I think I'll file a claim. If it's less, I see no point. When I lost 2 of my diamonds, it only cost me $100 to set it vs $140. This is because I found one of the diamonds (saving me $40) and lost the 2nd one, so I had to pay for a new diamond and the cost to set both as well.

When my prongs bent and my stone got loose, I was stupid to not file a claim because of fear my annual fee was going to be high when I renewed. This cost me a whomp as it intervened financially. But I was impatient and didn't want to wait for my claim to get approved and then longer to repair. Do I regret not filing? YES. I thought the insurance only covers the loss of your ring, I had no idea they also covered damages/repairs. This is what happens when you don't read everything.

Choosing insurance gives you peace of mind, you know you'll always be taken care of no matter what the drama. In order to apply for Insurance it will either ask you for the receipt of your ring or the appraisal in order to find out how much you'll be covered for. Which brings me to the next topic...

I didn't get my ring appraised until a year later of being engaged and by then, my ring was worth 2x more the amount we got it for! I'm actually glad we waited too because we got more of the value for our buck. Let's say the ring values at $3k, you can look at paying $30-$40 for a year of Insurance, depending on your deductible. If the ring cost was $1.5k without an appraisal, you could pay lesser than $30. However, the insurance will only cover the amount of the ring's value. So I highly suggest getting your ring appraised. Sure it could be less than what you paid for which is scary to think of but it could also be way more.

Do your research and lots of it.

There was a time that I almost lost my ring and I freaked out. I took it off to wash my hands and left it by the sink at a restaurant btw, when I realized it wasn't on my finger, I ran back to the restroom. There it was, where I have left it. Could you imagine? Needless to say, I never take it off when I'm in a public place. But lets say I did lose it, since my ring is valued 2x more now than what we paid for then, I'm able to replace my ring with maybe now a couple of updates from a bigger stone to a clearer cut to a total different design if I wanted to. 

Hope this convinces anyone to get insurance! And In case you're wondering, I'm with Jeweler's Mutal!

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