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8 Jewellery Insurance Gotchas That Could Ruin Your Day
It’s up to you to ensure that, for example, the claws holding your diamond are not loose.
If you do make a claim with your insurance company, they will have it examined by a jeweller who may say that there’s proof of wear and tear. This will allow them to reject your claim.
Click here to read more about wear and tear.
Your ring may be listed under your home insurance policy, but you’re not actually covered outside the home unless you specify it on a personal valuables add-on policy. So if something should happen to your ring while you’re out and about, chances are you're not going to be covered.
Check the fine print - are you covered at all the second you step outside the country? Even investing in travel insurance might not be of any help if the per-item limit is $350 and your ring is worth more like $35,000 for example.
Most insurers have special deals with their own jewellers, and could make you play by their rules. The sad part is the consumer is often scared to speak up - they don’t know their rights and just follow the insurer’s instructions. Let’s remember home insurance’s number one aim is to save money. The original jeweller will probably never see their customer again, as no one contacted them.
On the rare occasion when the original jeweller is asked to do a replacement quote, they either never get the claim or the settlement figure is dictated to them by the insurer at a ridiculous price. Clearly the home insurer’s preferred supplier has under-quoted because a) they are estimating on a much lower quality item than what was originally purchased, or b) they are expecting to sell the customer something else, so the settlement figure doesn't really matter, it’s just a retail spend.
A yearly revaluation can be costly, but it's vitally important... especially in the current volatile economy where the Aussie dollar is fluctuating. Unbeknownst to many, all diamonds are traded universally in US dollars; if you've been keeping an eye on exchange rates, you might already be aware of just how much prices can change from one year to the next.
If the insured value of your item is not adjusted accordingly, you might find yourself under-insured at the time of a claim.
Warranty is intended to cover consumers for manufacturing defects for a limited time. It’s a guarantee that a product has been made correctly and that you are getting what you paid for. Insurance will cover you for things like accidental damage, malicious damage, and loss and theft.
Unless you make a note of your jewellery on your policy, you have minimal coverage. So if, for example, you had a $20,000 diamond ring, you might get as little as $500 if it was stolen!
Again, using the example of a $20,000 ring - your policy says you're insured up to $20,000. If they can actually replace it with a similar ring for $3000, they are legally correct to do so, as it's not an agreed value.
Apart from wear and tear (which absolutely no insurance will cover as we mentioned), Q Report Jewellery Insurance was specifically designed to address all of the above problems.
Try our Quote Calculator, give us a call on 1300 882 018 or Click Here to contact us via email.
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This has not taken cut, colour, clarity or carat, your financial situation or your partners taste into account. There are many factors that can reduce or increase the value of an engagement ring.
Speak with one of our Q Certified Jewellers to find out what you can afford, what your partner is looking for and what will financially work best for you.
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