Do I Need Jewelry Insurance If I Have A Warranty From the Jeweler?

Written by: Sue Fritz | | Insuring Your Jewelry

Jewelry Insurance

It’s a common misconception that a warranty from your jeweler is the same thing as jewelry insurance. They are actually two very different policies that provide dramatically different levels of protection for your jewelry. If you want peace of mind and confidence that you can replace or repair your jewelry after almost any kind of loss, theft, or damage, then a warranty is simply not enough. For that, you need jewelry insurance.

First, let’s take a look at what most warranties do and don’t cover. There are essentially two kinds of warranties: the free manufacturer’s warranty, and an extended warranty or service plan, which many major jewelry chains offer for a fee. Your jewelry should come with a basic manufacturer’s warranty, which covers manufacturer’s defects. (If it doesn’t, consider finding a new jeweler!) This is just like the warranty you’d get on a major appliance. If you bought a new television and it broke down a month later, you’d expect it to be repaired or replaced. Well, if your jeweler sells you a defective product and you discover it within a certain time frame (generally a year), you’d want it repaired or replaced as well. That’s the manufacturer’s warranty.

Some jewelers include a guarantee that they will replace any stone that chips, breaks, or comes loose from the setting for a certain time period. Many offer a ‘lifetime guarantee’ for this kind of stone replacement. There are two caveats here. The first is that this only covers ‘normal wear,’ a purposefully vague term that isn’t easily defined. If a stone comes loose from its setting, how do you know if that’s because the setting was loosened when you fell on an icy driveway, or because of normal wear? The second caveat is that you must have a documented inspection of your jewelry every six months by a certified representative. Miss one inspection, and that ‘lifetime’ guarantee is null and void.

Say you decide that (for obvious reasons) the free warranty simply isn’t enough. What do you get if you purchase a typical extended service plan? It’s right there in the name – service. It’s not insurance. Extended service plans generally cover things like ring resizing, prong tightening, polishing, clasp replacement, pearl restringing, chain soldering, and other basic repairs.

A warranty is a lifesaver if you’ve bought a defective product, but what about if you simply lose your jewelry? What if you look down one day and a stone is missing? What if your house or car is robbed, and your jewelry gets stolen? Maybe you didn’t take advantage of that clasp replacement, and your necklace fell off somewhere, or you look in the mirror and notice you’re missing an earring. Your warranty isn’t going to be any use to you in these situations.

Jewelry insurance through Lavalier would protect you in any one of these circumstances, as well as thousands of others. Unlike jewelry stores, we’re not looking to sell you more jewelry by getting you back into the store every six months. We simply want to make sure that the beautiful heirlooms and accessories you own are protected. You don’t have to go out of your way to get it inspected at a certain location, and we won’t demand to see written records of cleanings and polishings.

In fact, you don’t even have to know where your jewelry went. Jewelry insurance through Lavalier covers mysterious disappearance, because (obviously) if you knew where you had lost it, it wouldn’t be lost! In the unfortunate instance that your jewelry goes missing, just contact us to let us know that you’ve lost your ring.  At Lavalier, we know that sometimes things just happen.

With a warranty, the company you purchased your jewelry from is your only option for any repairs that might be covered. But do you really want the same people who messed up the first time around, in the case of a manufacturer’s defect, to then be responsible for repairing it? With jewelry insurance through Lavalier, the choice is yours: if you want to work with your original jeweler you’re welcome to, but we can also help you find an alternative to ensure that the person repairing or replacing your jewelry is up to the high standards you deserve. Our policy provides you with a “like kind and quality” repair or replacement, meaning that the materials and craftsmanship will be just as high quality as the original.

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