What Should My Jewelry Insurance Deductible Be?

Written by: Sue Fritz | | Insuring Your Jewelry

Lavalier Jewelry Insurance Quote There are two numbers to think about when you buy jewelry insurance: your deductible and your premium. The deductible is the amount of money that you’re responsible for paying if you have to file a claim. You can have a different deductible for each item of jewelry on your insurance policy when you buy jewelry insurance through Lavalier. The premium is the set figure that you pay each year for your jewelry insurance, whether or not you file a claim. It’s a lot like car insurance. Every month or year, you pay for car insurance, even if you don’t have any accidents. That recurring amount is your premium. If you do get into an accident, you may be required to cover some of the repair costs. That’s your deductible. Once you’ve paid your deductible, your insurance will cover the rest (up to your policy limit, of course). Unlike many other insurance companies, Lavalier allows you to choose how much you want your deductible to be! You can even select different deductibles for different jewelry items. But how do you know what the best jewelry insurance deductible is for you? At first glance, you might think, “I want a $0 deductible, so I don’t have to pay any money if my jewelry is lost or stolen.” Seems obvious, right? But the lower your deductible is, the higher your premium is likely to be. For example, say you live in El Paso, Texas and your zip code is 79936 (your location influences the cost of your jewelry insurance as well). If you want to insure a $10,000 engagement ring with no deductible, Lavalier might give you this quote [1]:

Lavalier Quick Quote $0 Deductible

You’d pay $155 a year (which comes out to just $12.92 a month!), and if your engagement ring is lost, stolen, or damaged, jewelry insurance through Lavalier would cover all of the repair or replacement costs up to your policy limit. You can lower your premiums by choosing to pay a higher deductible. For example, if you were willing to select a $2,500 deductible, you might see this quote:

Lavalier Quick Quote

You’d only have to pay $121 per year (or $10.08 per month), but if you had to file a claim, you’d be responsible for paying up to $2,500 of the costs to repair or replace your ring. Choose an appropriate deductible by considering how much you’d be willing to spend if you did have to file a claim. If your budget is tight, you might not have the extra cash to cover a large deductible if your jewelry is unexpectedly lost or stolen. In this case, a $0 deductible might be preferable, as you can incorporate the premium into your budget. The best way to determine the right deductible for you is to use Lavalier’s quick quote tool. Just enter your zip code and the estimated value of your items, and select your potential deductibles. Our website will calculate your premium instantly, so you can try a few deductibles and see what your premium would be with each. Don’t forget that our quick quote tool doesn’t take into account any discounts you may be eligible for, so your premiums might be even lower when you apply. Try it today, and see what you could save!

[1] This is just an example. Actual rates and terms may vary.

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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.