The Coverage Quiz: Test Your Knowledge

Written by: Sue Fritz | | Insuring Your Jewelry


Expect the unexpected. It’s the mantra of insurance providers everywhere. You never know what might happen, and jewelry insurance through Lavalier gives you peace of mind that you won’t suddenly be out thousands of dollars to repair or replace your favorite jewelry.

But how well do you know your jewelry insurance policy? We’ve created this little quiz to help you understand what’s covered by jewelry insurance through Lavalier[1]. What’s your score?

1) You’ve lost one earring from a pair you have insured. Which of the following is true?

A. The insurance only kicks in if both earrings are lost or damaged, so you’re not covered. B. Your policy will pay the lesser of the cost to repair/replace the damaged part, the cost to replace the set, or the actual cash value of both earrings. C. Your policy will buy you a brand new pair of earrings, and you get to keep the one you still have from your first set. D. Each earring has its own deductible and premium, so you’re covered.

Answer: B. Your earrings are insured as a set, but you don’t have to lose both to file a claim. Your policy will repair or replace your missing earring (or the set). In return, you agree to turn over any remaining parts of the original.

2) Which of the following can’t be insured through Lavalier?
A. Loose diamonds that will be set in a final piece of jewelry. B. Eyeglasses. C. Watches. D. Jewelry given as a gift to someone else.

Answer: B. Lavalier can help you insure all kinds of jewelry as well as gems and watches, but we don’t insure eyeglasses. If you are giving jewelry as a gift, note the name of the recipient in your application and it can be insured.

3) Your jewelry is covered in all of the following situations, except if it is:
A. Lost in a tsunami. B. Stolen by a bandit. C. Confiscated by Customs. D. Melted in a house fire.

Answer: C. Jewelry insurance through Lavalier covers disasters, but not delay, confiscation, nationalization, or detention by Customs or other government or public authorities.

4) How much does jewelry insurance through Lavalier typically cost?
A. Between 1-2% of the price of your jewelry per year. B. Between 10-20% of the price of your jewelry per year. C. Between 1-2% of the price of your jewelry each month. D. Between 10-20% of the price of your jewelry each month.

Answer: A. Insuring your jewelry through Lavalier typically costs only 1-2% of the jewelry’s value each year. Lavalier offers a variety of payment options if you prefer to pay over time. To learn more, get a quote! 

5) How long does it take to get jewelry insurance with Lavalier?

A. Less than a minute; we approve everyone automatically. B. A few minutes, as long as you have a recent appraisal, and provide payment. C. At least a day; we have to get all the paperwork in order. D. 30 days; we need time to verify your appraisal.

Answer: B. You can get a quote from Lavalier in under a minute, and apply for coverage in just a few more. Once we approve your completed application and receive payment, you’re covered!

6) I’m going to propose to my girlfriend, but she misplaces everything! I want to make sure that any ring I give her will be protected. What’s the best way to do that?
A. After you propose, tell her to go to Lavalier’s website so she can sign up for jewelry insurance. B. Tell her that you’ll be really mad if she ever loses it, so she better keep it safe. C. Buy jewelry insurance for an engagement ring ahead of time, and note in the application that you’re giving it as a gift to your girlfriend (future fiancée!). D. You know she’s going to lose it, so don’t bother buying a ring. Get ring tattoos instead!

Answer: C. A thoughtful gift giver will include jewelry insurance as part of a gift, so the recipient doesn’t have to worry about it. Your future wife will be so impressed that you’re taking such good care of the ring…and her! But if you’ve already popped the question, you can still buy jewelry insurance – the important thing is to make sure that valuable ring is protected! 

7) I was playing basketball and broke my finger! It started swelling, and the paramedics at the hospital had to cut my wedding ring and engagement ring off. Is this covered by my insurance through Lavalier?

A. No; you should have taken your ring off immediately when you injured your finger. B. No; this was a preventable accident. C. Yes; the paramedics should pay the deductible because they shouldn’t have cut the ring off. D. Yes; an accident like this would be covered.

Answer: D. There is nothing more important than your health, and you could have really injured your finger by leaving the rings on. Ideally, you should take your rings off as soon as your finger begins to swell, but if you forget and the paramedics have to cut the rings, it’s covered. You can certainly ask them to pay the deductible (if you have one), but they probably won’t; after all, they may have just saved your finger!

8) I bought a beautiful bracelet while I was on a Caribbean cruise, and it fell in the water as I was boating. I already have several items insured by Lavalier, but I didn’t yet have a chance to add my new bracelet to the policy. What can I do?
A. Look for a new bracelet. It wasn’t on your policy, so it wasn’t insured. B. Tell Lavalier that you lost your bracelet and beg for a reimbursement as a special exception. Don’t forget to cry! C. File a claim; as a policyholder your newly purchased jewelry has limited coverage for up to 30 days. D. Whenever you buy new jewelry, it’s automatically added to your policy, so you can file a claim.

Answer: C. Newly purchased jewelry isn’t automatically added to your policy, but when you have insurance through Lavalier, you do receive limited coverage for up to 30 days or until your policy expires, whichever is earlier. Be sure to add any new purchases to your policy as soon as you get the chance! 

9) My dog ate my wedding ring. I’ve been checking every day, but it’s been a month and I haven’t seen it. The dog seems fine, but I want my ring! Can I file a claim with Lavalier?
A. Yes; after a month, the ring is probably gone. This is called ‘mysterious disappearance’ and is covered by Lavalier. B. Yes; first, you must get a letter from your veterinarian to certify that the dog has been X-rayed and the ring is not still inside. C. No; the ring is probably gone, but mysterious disappearance isn’t covered by Lavalier. D. No; the ring is not lost – it’s inside your dog. You must wait until it comes out the other end.

Answer: A. Mysterious disappearance occurs when your ring is lost and you don’t know where it is. Maybe it’s still inside your dog’s stomach, maybe it’s in the backyard, or maybe he didn’t even eat it in the first place! Either way, mysterious disappearance is covered by insurance through Lavalier.

So, how did you do? If you answered 1-3 questions right, you need to take another look at your insurance policy! (Find a sample policy here.) If you got 4-6 questions right, you’re getting warmer, but you may want to peruse our blog to brush up on the basics. And if you got 7-9 correct, we’re in awe of your insurance intelligence!

[1] Please note, this quiz is for entertainment purposes only, and represents no promise or guarantee by Lavalier or any insurance company. For full terms, conditions, exclusions and other details, please review a sample policy here or contact us.

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Lavalier is pleased to share this material with its customers. Please note, however, that nothing in this blog should be construed as legal advice or the provision of professional consulting services. This material is for general informational purposes only, and while reasonable care has been utilized in compiling this information, no warranty or representation is made as to accuracy or completeness.