Australian ering insurer?

[daysie8]

Hi Everyone,

Just wondering do you insure your ring through home contents insurance or via specialist ering insurer?

If so, which are the insurers who are most comprehensive? Ie. covers total replacement cost for theft, loss and damage?

Thanks in advance!

 

[waggat]

Hi Daysie8,

I have been reading through all the threads here and at one stage I read a thread with an Aussie asking about insurance. I think the point of the thread was whether people's insurance offers replacement or payout to the worth of the ring. It sounded like they added it to their home and contents insurance using companies such as AAMI, NRMA etc. Someone was saying that AAMI only offered them replacement but someone else said they were with AAMI and they offered payout to the worth of the ring.

Sorry I can't be of more help.

 

[daysie8]

Hi Daysie8,

I have been reading through all the threads here and at one stage I read a thread with an Aussie asking about insurance. I think the point of the thread was whether people's insurance offers replacement or payout to the worth of the ring. It sounded like they added it to their home and contents insurance using companies such as AAMI, NRMA etc. Someone was saying that AAMI only offered them replacement but someone else said they were with AAMI and they offered payout to the worth of the ring.

Sorry I can't be of more help.

Hi Wagat,

Thanks! I'll have a trawl through!

 

[arjunajane]

Daysie,

sorry to be the bearer of not great news, but to put it frankly our jewellery / engagement ring insurance here sucks.

Every company varies, and you will find different clients of the same company have different stories.
So the best advice I can give is to talk to your home and contents insurer, and see if they have a suitable policy that will cover your ring in and outside the home for theft, loss or damage. This is usually called personal valuables cover, and its not cheap. If they don't, start research with other Co's.
If the sales person says you can have it as cash-out (which is what you essentially want, as the insurance Co's go to whoever gives them the cheapest deal if they are replacing it - this could be any crap mall jeweller), than make sure you get everything solidly in writing.
When you bind the policy, ask them to note in writing any distinguishing features that are important about your diamond and/or ring - is it GIA/AGS certed, what is the cert number, is it an H&A diamond, the colour and clarity and so on, and that importantly you will be given cash for the value of the policy to replace it from a store of your choosing.

As far as I know, the only company here that offers a specific jewelery policy (ie. not connected to contents insurance) is Chubb - and your piece must be worth 20k or more for them to give you a quote.
Unfortunately, we don't really have the equivalent of companies like Jewelers Mutual in the US.

imho, if someone has the start up capital and business savvy, its a great gap in the Au market to fill!!

 

[Rixsy]

I actually did some research on this and for a standlone policy outside of your home and contents, a good company seems to be Q Report.

I recently asked for a quote for them and it seems that their minimum cover is $3,000

Quotes is approximately 2.5% +GST with the excess being $100. This covers for any repair works i.e a diamond falling out, if it's stolen and covers both domestic and international.

I think they are underwritten by Chubb but not too positive on this.

To give you an indication of my quote, purchase price of $7,820 was approx premium of $319.55 annually - keep in mind that this is just an indication

HTH

 

[Supers]

Hi Daysie8,

I have been reading through all the threads here and at one stage I read a thread with an Aussie asking about insurance. I think the point of the thread was whether people's insurance offers replacement or payout to the worth of the ring. It sounded like they added it to their home and contents insurance using companies such as AAMI, NRMA etc. Someone was saying that AAMI only offered them replacement but someone else said they were with AAMI and they offered payout to the worth of the ring.

Sorry I can't be of more help.

That was me asking about insurance.
AAMI had quoted me "new for old", whereas I wanted a cash payout for the ring.
Someone else on PS told me that I could get a payout... if I made the point that the diamond was not available in Australia etc.
I think the point is to keep your documentation to show AAMI that they can't possibly get new for old here.

I did also ring Q Report - the pricing Rixsy quoted is about right.. 2.5% of purchase price. They create a booklet / appraisal in the first year which costs about $100 (I think), so prices for subsequent years may be a bit cheaper.

 

[arjunajane]

I actually did some research on this and for a standlone policy outside of your home and contents, a good company seems to be Q Report.

I recently asked for a quote for them and it seems that their minimum cover is $3,000

Quotes is approximately 2.5% +GST with the excess being $100. This covers for any repair works i.e a diamond falling out, if it's stolen and covers both domestic and international.

I think they are underwritten by Chubb but not too positive on this.

To give you an indication of my quote, purchase price of $7,820 was approx premium of $319.55 annually - keep in mind that this is just an indication

HTH

Thanks Rixsy for this info, I have not heard of this company before and it does sound as if its a unique coverage specifically for jewellery. However, I've just had a look at their site though which states The Q Report Jewellery Insurance Policy is exclusively available through Q Certified Jewellers.

I have no idea what a Q Certified jeweller is - Rixsy do you have any more info on whether anyone can obtain cover, or only if you buy from specific jewellers?

 

[arjunajane]

I won't edit my last response, but I'll add an update as I just got off the phone from speaking with Q Report and imho this is exactly the type of cover I was referring to earlier which was (until now) missing from the Au market.

Thanks Rixsy for posting about them!

Q Report Insurance


For other Aussies reading, this is what I learned:

- are based in Sydney and underwritten by Chubb.
- is a standalone policy specifically designed for jewellery.
- offer cash out or you can replace/repair with any jeweller of your choice, including ones O/S (such as PS vendors in the US).
- insure based on purchase price, not valuation price.
- policy is adjusted automatically each year to reflect fluctuations in value of that jewellery.
- to become insured, email them all documents you have on your diamond and ring plus some photos of the piece from different angles. All the paperwork and specs and photos of your piece go into a hardcover booklet when your policy is created, which is a one off cost of $95.
- if, like me, your purchases were made O/S and in a different currency - once you email them all your documents they will provide a value for the piece in $AUD, which will become the binding value of the policy. You can obtain an independent valuation to negotiate this value if desire.
- premiums cost 2.5% of value plus GST (plus initial $95 for booklet).

The staff member was friendly and helpful, and seemed to know her diamonds which I can say is such a rarity when speaking to insurers!


I am really happy to learn of this company, it is about time something equivalent to jeweler's mutual was available for Au consumers!

daysie8, unless you find you are happy adding a valuable policy to your H&C, I would recommend you check out these folk.
I didn't ask about the claim process, one thing you may want to discuss/look into before agreeing to a quote.

 

[diva rose]

I'm with Q report and have been for 2 years. So far it has been good.
I went in to their Sydney office and they even cleaned my ring.

 

[pancake]

I've enquired with Q Report and I think I am going to go with them. I like that a) it's a standalone policy and b) you can insure for the purchase price rather than an inflated appraisal valuation. They told me that in order to get a quote, I need to provide the following:

- photos of the ring top down and in profile
- photo of the ring on a current newspaper showing the date
- GIA certificates, receipts etc.

I haven't got around to doing it yet but am going to in the next couple of weeks. The gentleman I spoke to was very knowledgeable about jewellery and helpful on the phone.

Re the Q Jeweller thing - I don't think that's an issue. I told them where my ring was made and they said it was no problem; they also have the option of cash reimbursement rather than replacement, which was very important to me (especially as my diamond is a fancy cut without eg. clear AGS cut grading system or branded cut).

 

[daysie8]

Hey guys,

thanks for all the responses! I lost track of this thread for a while in all the excitement.

Q Report sounds like the ideal place to go with after comparing some policies. It is a bit pricey though since cost to insure goes up in price depending on purchase price.

Just wanted your opinion (sorry if it's a dumb question): do you think it's worth it if it will cost almost $800 p.a to insure for complete pay out, or is it better to go with a replacement policy, and then sell the diamond they replace with if unhappy and try to get another of original quality?

 

[arjunajane]

Hey guys,

thanks for all the responses! I lost track of this thread for a while in all the excitement.

Q Report sounds like the ideal place to go with after comparing some policies. It is a bit pricey though since cost to insure goes up in price depending on purchase price.

Just wanted your opinion (sorry if it's a dumb question): do you think it's worth it if it will cost almost $800 p.a to insure for complete pay out, or is it better to go with a replacement policy, and then sell the diamond they replace with if unhappy and try to get another of original quality?

Hi Daysie,

I actually must thank you for starting this thread otherwise I likely wouldn't have learned of Q report.

There are no dumb questions - however what you are asking is definitely one that will come down to personal preference / risk tolerance and so on..
TBH, seeing as your ring is already of quite a high value, I'm not sure if you will get a much more competitive price on a replacement only policy...?

I think what you have proposed sounds like it would involve quite a bit of risk and stress - at a time when, forbid, if you did lose your ring you would already be pretty stressed I imagine...personally speaking, I'm not sure I would want to have to bother with the hassle of trying to sell the replacement diamond.
Moreover, you would be doing so on the second hand market - if you do a little research, you will find it is *very* difficult for a consumer to sell a diamond for anything near its stated worth on paper, so more than likely you would end up with quite a reasonable loss.
Whether this loss will be as much as a the extra premiums..well, is really impossible to say..

At the end of the day, only you and your partner can decide - I thought I would just add some things for you to consider.

 

[daysie8]

Hi Arjunajane,

You raise some really important things to consider. I definitely didn't factor into account the cost to insure with your normal H&C will also be high. Looks like Q Report is the one.

Also, I do like your other suggestion that someone should come into the mkt as a new insurer - surely that will mean prices will be more competitive if we have more than one player?

But one can only hope...us poor Aussies are always late to the party...just cos we're in the southern hemisphere doesn't mean we don't have an equally sophisticated mkt!

 

[Rae~]

Re: Australian engagement ring insurer?

arjunajane (or anyone else) - do you end up going with Q Report in the end?

Can anyone speak of their experience with them? What they needed to set it up, etc?

 

[fige]

Has anyone made a claim with Q Report? I'm specifically looking for experience with what they consider reasonable replacement.

Reading their policy it states:

"If the Valuable Article is lost or totally destroyed, We will replace the Valuable Article ...If We cannot replace the Valuable Article, We will, at Our discretion, offer You a cash payment to settle Your loss. "

I.e you cannot elect a cash payout, you are only entitled to a cash payout should they be unable to replace your ring. I understand the importance of a detailed appraisal for replacement purposes, but am looking for any real life experiences.

 

[hippi_pixi]

i can't offer anything useful about their payouts but i did run into Q report at a wedding expo 2 years ago and have been storing their name in my mind ever since for when i get my E-ring. obviously my chat with their lady on the day impressed me. during my chat with them it sounded like they have a lot of experience with jewellery and especially engagement rings. and i do remember them saying that the newly engaged are particularly prone to loosing e rings and that the ring is covered no matter where you are. their example was if i went to the beach and dropped it thats all they need to know they replace(or cash out i forget) no questions asked. i will check specifically when i get my e ring but am def planning on insuring with them

 

[hawaiianorangetree]

I haven't had experience with making a claim but I went over this scenario when insuring my earrings with them. I asked what would happen if I lost an earring..
From memory (this was a few years ago), after the report with the police had been filed they would look into a replacement from the same place that I purchased my earrings from (in this case BGD) with same or better specs, if it could not be done at that time then they would pay me out for the insured price. I had BGD listed on my insurance policy so I'm not sure if you have to specifically request that it has to be replaced by the same jeweller or not, or if its common practice for them.

 

[fige]

Thank you all! Also, for those that have a policy and purchased in USD, did Q Report require you to obtain an Australian valuation or were you able to supply evidence of the amount you paid in AUD?