Lying to enhance a claim is also fraud, and therefore a criminal offence. They can spot a lie – even a small one – a mile off and, if they do, you could see your claim being rejected. Insurance companies have seen it all before a million times. Tell The Truth – It can be tempting to embellish on the details of how your ring got lost or stolen, in order to remove any potential vagueness from the claim, but don’t. Your insurance company has a thousand different ways of trying reduce the level of payouts on claims, so you have to be one step ahead of them all the time. The original box or other specifically-related items will also be useful. Have photos and other evidence of ownership ready to produce when asked, and you will be asked. If you don’t have one, you may be at risk of the insurance company putting their own valuation on it which will likely be somewhat lower than the value you or your local appraiser might apply. You will also need a recent appraisal for the ring. You’ll also need the date the ring was stolen or that you discovered the loss, the circumstances pertaining to how the loss or theft occurred, and any crime reference number supplied by the police if appropriate.
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As well as your name and address, they will need the insurance policy number, and any references relating to add-on clauses for jewelry you have, if your insurance company works that way. Knowing the policy or not won’t change the outcome, but it will stop any potentially nasty surprises when the payout is made.īe Prepared – You should have all the information your insurer will require, available to you. Make sure that you buy from a reputable seller because the insurance company will not look into the quality of the replacement, but rather the price. Many insurers may let you search for a replacement engagement ring.
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Good insurers don’t object to paying out, they just object to paying out a lot of dollars on a single claim, so they will use any trick they can to reduce it. You can argue this and you probably have more chance of being successful than you might think. Insurers usually get big discounts from suppliers, especially if they use them all the time, and so their valuation will be based on what they pay, not what you pay. A replacement cost policy takes all the guesswork out, and the insurer will simply pay for an identical ring to be purchased.ĭon’t be afraid to negotiate. A cash value policy will take into account depreciation from the cost at the time of purchase, and you can be sure your insurance company won’t be assuming the ring has gone up in value. They may seem like the same thing, but they’re not. Generally, the two types of jewelry (or any) insurance are “Cash Value” and “Replacement Cost”. Not the ring itself, but how the policy is set up to pay out. Know Your Policy – This may seem obvious, but you must know what exactly you are claiming for.
My story isn t over yet ring how to#
So what do you need to do to make the whole claim process a little easier?Ĭlick here to read our definitive guide on how to ensure your ring, and to use our engagement ring insurance calculator. Most insurers will have their own slightly varied procedure for making a claim, but many aspects will be similar across all companies. 140 Unique Marriage Proposal Ideas for 2022Īfter the initial horror at realizing your ring is no longer where it should be, your thoughts will undoubtedly switch to what your options are, and this is where you feel some relief at being properly insured against theft or loss.Read our Best-Selling Book – Written by Khordipour and Shaddaie.Edwardian Era Rings – Circa 1901 – 1910.Victorian Era Rings – Circa 1837 – 1901.Antique & Vintage Engagement Rings – Curated Collection of Fine Estate Engagement Rings.
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Cocktail Rings – Rare Collection of Dinner Rings.