Ring Appraisal??

[riokayak]

I totally still take my ring off and leave it places... I probably need to remember to get it on my homeowners... :-)

[courtney_b00]

Quote:

Originally Posted by *Lo* I agree with having the ring insured for what it is worth. I obviously wouldn't want to pay premiums double what I would need to. However my policy states that they will write me a cheque for the full appraised value (which was twice what was paid) if something should happen to the ring. So I figure I will pay the higher premiums for a few years then likely just cancel it and self insure. Just makes me feel safer if I left it somewhere when travelling or dropped it or something idiotic that I've been known to do.

I also agree with having the ring insured for what it's worth. I would never pay double either...that doesn't make sense. I mean why would you think your ring was worth double...but I also don't understand how the appraisal can be that much less than what he paid. My ring is on my homeowner's insurance so it doesn't costs that much to insure it. I just want to make sure I have it insured for what it would costs to replace it.

[courtney_b00]

Quote:

Originally Posted by riokayak I totally still take my ring off and leave it places... I probably need to remember to get it on my homeowners... :-)

Lol I hear ya on taking it off & leaving it in places. I take mine off to put on lotion, etc. I used to take it off int he bathroom and leave it on top of the toilet, but then I left it there one day & learned my lesson! I guess this is why I'm so concerned about making sure it's insured for the correct amount.

[riokayak]

I totally agree, but after that article I'm feeling a little defeated! I'm getting a second appraisal on mine just to see how much the 2 vary. Good luck!

[courtney_b00]

Thanks! You too. Does it costs to have someone else appraise it?

[riokayak]

I think my first appraisal was around $50. If it makes up the $1000 for you its definitely worth it. The link to the article I posted said you may be able to just use the sales receipt as proof, so that might work for you too.

[Princess402]

The appraisal should be for what the ring is actually worth, not necessarily what was paid. And I agree that you should insure your ring for what it is appraised at. However, as others have mentioned, usually the ring appraises higher than what was paid which means you got a good deal! Mine was bought at Costco and they guarantee it will be appraised at higher than what you pay. If the jeweller is saying that the ring is worth $1000 less than what he charged you, then he's got some explaining to do!

[courtney_b00]

Quote:

Originally Posted by Princess402 The appraisal should be for what the ring is actually worth, not necessarily what was paid. And I agree that you should insure your ring for what it is appraised at. However, as others have mentioned, usually the ring appraises higher than what was paid which means you got a good deal! Mine was bought at Costco and they guarantee it will be appraised at higher than what you pay. If the jeweller is saying that the ring is worth $1000 less than what he charged you, then he's got some explaining to do!

Haha thank you, you said exactly what I have been fuming over and cannot understand. I'm making my FI go in there to ask about it because he is more level-headed. If he comes out and doens't get any good answers though then Lord they better watch out. I bought his ring there and we have yet to buy my band there. If they don't explain things or make me happy then I swear we'll get my band elsewhere. I may just slap the owner if I find out he ripped off my FI. Haha j/k...but I may think about it!

[**~Linda~**]

Wow i cant understand why. I would definitely go for a second appraisal. I wouldn't accept any less than what your FI paid for the ring. If its worth $1000 less i would so go haywire on the jeweler that sold it. Thats just insane!

[dolfinluck]

Quote:

Originally Posted by riokayak "Will this cost you money? Relying on any appraisal that’s substantially more than you paid could end up costing you money if you pay higher premiums when it’s time to insure. Kelly McDermott paid $8,200 for her ring but was convinced it was really worth $15,000 based on an inflated appraisal from her jeweler. And so she paid the insurance premiums based on that assumed $15,000 value. But when she lost the ring, the insurance company said it would replace the ring or give her a check for what it would cost them to replace it — $8,900. “Five years, I’ve been paying these inflated premiums and it makes me angry, because I should have the ring insured for what it’s worth,†she says."

This is exactly what i was told when i asked about getting an appraisal from the place we bought it from. I was told not got to get it do as it was a waste of money b/c the insurance company will cut a check directly to Kays to replace my ring if something ever happened.