No discussion of diamond jewelry is complete without the obligatory analysis of the 4 Cs. Walk into any jewelry store, and the overexcited sales clerk will spend hours telling you all about cut, color, clarity, and carat. You’re probably tired of hearing about it (on the bright side, it’s a great time to take advantage of the free champagne or beer many of the jewelry stores will ply you with!). But there’s another group of 4Cs you should know about: the 4Cs of diamond insurance. Read on (we promise not to bore you!).
There are two components to cost. The first is your premium. This is the amount you pay per month or year to maintain your insurance coverage. It’s usually between 1% and 2% of the appraised value of your jewelry each year.
The second component of cost is the deductible. This is the amount that you are responsible for if you need to have your jewelry repaired or replaced. At Lavalier, you can choose your own deductible. We offer deductibles as low as $0 and as high as $25,000. If you choose a higher deductible, you’ll have a lower monthly premium.
How else can you save money on your premium? Some diamond ring insurance companies will offer discounts to reduce your costs even further. At Lavalier, you can get a discount if you have a home alarm system, a home safe, gem identification like Forevermark or Gemprint, or if you store your jewelry in a bank vault or safety deposit box.
This is one of the most critical aspects of diamond ring insurance. Look over your policy carefully to see what it covers. What happens if your ring is damaged? The majority of people who file claims have simply lost or misplaced their rings. This is called ‘mysterious disappearance.’ Through Lavalier, you’re covered for theft, damage, mysterious disappearance, and pretty much every other scenario you could think of, from avalanches to zebra stampedes.
In addition to the circumstances that are and aren’t covered, make sure that your diamond ring insurance policy maintains coverage if you give the ring to someone else as a gift (a certain prospective fiancée, for example). And what about that new jewelry you’re buying her for Valentine’s Day? Through Lavalier you’ll have automatic limited coverage for up to 30 days, until you have a chance to add it to your policy!
Buying diamond ring insurance shouldn’t be a hassle. Some companies want you to print out paperwork, mail it to them, get fingerprinted, give them your social security number and the name of your first-grade teacher as a reference…well, maybe that’s an exaggeration. But you don’t have to jump through hoops when you purchase insurance through Lavalier. Get a free quote online [LINK] in under a minute using just your zip code. Buy insurance online in less than five minutes. You don’t even have to get out of your chair or put on pants. No appraisal or receipt? No problem! Just send us your appraisal within ten days of purchasing your policy, and once we’ve approved it, you’re all set. And if you’re insuring jewelry that’s valued at less than $5,000, you don’t need an appraisal at all; just send us a sales receipt with a detailed description of the jewelry (and no, you don’t have to use snail mail; e-mail is fine). Any questions? Our expert agents are just a call or e-mail away – even on Saturdays.
In the unfortunate event that your jewelry is lost, stolen, or damaged, how will your claim be handled? Will your jewelry be repaired or replaced without hassle? Or will you have to get multiple estimates, then pay for the repair yourself and get reimbursed? Will you be allowed to work with your jeweler, or forced to use your insurance company’s? You’ll want to know the answers to these questions ahead of time, so you don’t have any nasty surprises.
Many insurance companies will only work with certain jewelers, and the quality of the repairs or of your replacement ring may not be satisfactory. You don’t want to replace a gorgeous heirloom with something that looks like it came out of a box of Cracker Jacks. At Lavalier, we allow you to work with the original jeweler who created your ring. If that’s not possible or you’d prefer not to, we’ll find an expert jeweler who can repair or recreate your jewelry to the exacting standards you deserve.
At Lavalier, we offer extensive coverage at a great value. We understand the 4 Cs of diamond ring insurance, and our customer service experts are happy to explain any details of our policy to you at any time. Our goal is to make jewelry insurance easy and convenient to purchase, so you can rest easy knowing that you have protection. Remember, every diamond ring insurance policy is different, so don’t just assume that you’re getting the same coverage everywhere. Do your homework: ask to take a look at a sample insurance policy to get the nitty gritty details.
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