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Diamond Insurers in Australia

darkness13

Rough_Rock
Joined
Nov 22, 2013
Messages
45
Hi Fellow Aussie PSers,

I have just received my ER which is a Victor Canera Emilya and has a total carat weight of 3 carats so I need to get it insured asap.
I have an appointment with a reputable gem valuation company tomorrow and will then arrange to get the ring insured.

Problem I am having is that alot of insurance companies here do not cater for insuring single jewellery items that are of such a high value.

I have called 3 different companies recently and they all said they cant cater as their system literally rejects the quote (first world problems :twirl: ).

Can anyone here in Australia recommend a suitable contents insurance company that will cover the ring?

I need some suggestions :roll:

thanks
 
Firstly congratulations on your engagement and gorgeous ring!!

I am also waiting on my ring from Victor and this time will be going Through Q Report http://www.qreport.com.au/ I have heard really good things about them and they will replace with atleast the same quality diamond ect so be sure to detail as much info as possible. Last year before my upgrade I had my ring insured with Westpac on my home and contents and listed that as a separate item. Be prepared to pay some dollars because it isn't cheap, I have been quoted $2000 per year for the ring I am waiting on. :(sad But it needs to be done. Good luck with the insurance and enjoy wearing that stunning ring!!!!
 
I put mine as an extra on the house insurance (most insurance companies will do this but the cost varies so shop around) having said that also read the fine print, such as when you leave Australia it might not be insured overseas and other things they don't tell you upfront but list in the tiny writing....
 
paulav|1402903278|3694012 said:
Firstly congratulations on your engagement and gorgeous ring!!

I am also waiting on my ring from Victor and this time will be going Through Q Report http://www.qreport.com.au/ I have heard really good things about them and they will replace with atleast the same quality diamond ect so be sure to detail as much info as possible. Last year before my upgrade I had my ring insured with Westpac on my home and contents and listed that as a separate item. Be prepared to pay some dollars because it isn't cheap, I have been quoted $2000 per year for the ring I am waiting on. :(sad But it needs to be done. Good luck with the insurance and enjoy wearing that stunning ring!!!!


OK thanks paulav, I will look into Q Report.

I think the AUS valuation will come in over $40K and given the valuation has been done here in WA, how does that work with an item that was purchased and made in the US – does anyone know?

Let’s say, god forbid, the ring was damaged/stolen/lost and assuming these things are covered in the policy that I take out – does the insurance company generally pay out the amount listed on the Australian Valuation direct to the policy holder when the ring was not purchased in Australia?
I don’t have an independent valuation that was done by a US valuer because the diamond and setting were purchased independent to each other. Victor does a valuation for postage and insurance purposes which is provided to FedEx but he only ever does this at ‘actual purchase price’ so it’s in no way a true valuation of the ER if you know what I mean.

I don’t have something like that and given the replacement would have to come from the US again given the setting is made specifically by VC in LA, I wonder if the Aussie insurance company would pay out direct to us because they don’t have an Aussie jeweller to pay to.

I know a lot of this will just need to be asked of the insurer/s to contact, but in your experience what’s been the case?

Hope these questions make sense…anyone that has any info on this topic, please comment - thanks
 
It's totally up to you how much you insure a ring for. You need to have an up to date valuation with a registered Australian valuer. You email a copy of this to the insurance company and they ask you want you want to insure the piece for. Insurance values here are always inflated so it's up to you if you insure a ring for that amount or the actual "real" replacement amount. The more the insured value the higher the premium costs. It is worth remembering if you do insure anything for a "real" or what I would term a replacement value that this actual value is up to date...
 
Hi darkness!

First up congratulations on your engagement and stunning ring! It is awesome to own something made by VC, such beauties.

Second, let me offer a different view on insurance. I dont insure my ring (evaluated in Aus for nearly your amount). My SIL's ering is evaluated here at nearly 55k and they dont insure theirs either. I take care of my ring, check the prongs often, dont take it overseas or where we need to go to risky places, at night time if need to go out late I take it off ect. I figure the money I save on premium in 10 years probably is enough for another e ring :lickout: Having said that, evaluation here in Australia is hugely inflated anyway, nowhere you can sell the ring as much. If I had taken out insurance I would have insured just the amount hubby paid for it or like Arkie said 'the actual real replacement amount' and ask the valuer to put that value on the certificate so I dont have to pay higher premium, saving real money for another real ring. Just my two cents! Congrats once again :wavey: !
 
I'm not sure I'd recommend Daisyoz's approach. Think of a car...would you feel comfortable not insuring it if you tried your best to drive it safe? Just takes once, and unlike cars, if it isn't your fault, you are still on the hook. Always sounds nice to save the cost until the moment you actually need it. Suppose it's just a matter if replacing it is really a lot of money or not...subjective.
 
Daisyoz|1402918614|3694066 said:
Hi darkness!

First up congratulations on your engagement and stunning ring! It is awesome to own something made by VC, such beauties.

Second, let me offer a different view on insurance. I dont insure my ring (evaluated in Aus for nearly your amount). My SIL's ering is evaluated here at nearly 55k and they dont insure theirs either. I take care of my ring, check the prongs often, dont take it overseas or where we need to go to risky places, at night time if need to go out late I take it off ect. I figure the money I save on premium in 10 years probably is enough for another e ring :lickout: Having said that, evaluation here in Australia is hugely inflated anyway, nowhere you can sell the ring as much. If I had taken out insurance I would have insured just the amount hubby paid for it or like Arkie said 'the actual real replacement amount' and ask the valuer to put that value on the certificate so I dont have to pay higher premium, saving real money for another real ring. Just my two cents! Congrats once again :wavey: !

You don't have to ask them to put a lower amount on the certificate, I don't think it would be a sensible idea or necessary to do that - the insurance company asks you how much you want to insure your jewellery for, the owner therefore decides the amount of the insurance, not the insurance company provided you have valid documentation/proof from a registered appraiser they approve of stating that it is worth at least the amount you are insuring anything for, they are happy...... You can insure jewellery for the full appraised amount but it will cost you a whole lot more or the "actual replacement" value - my insurance company gives me the choice, I phoned them and asked them a heap of detailed questions about it - no idea about others, but that is the way mine works..... as previously stated be aware of the fine print, they do NOT generally cover jewellery once it leaves Australia (for a honeymoon for example) or if someone does work on it and damages the stone and a few other situations that by comparison are probably covered in the US.
 
arkieb1|1402922541|3694105 said:
Daisyoz|1402918614|3694066 said:
Hi darkness!

First up congratulations on your engagement and stunning ring! It is awesome to own something made by VC, such beauties.

Second, let me offer a different view on insurance. I dont insure my ring (evaluated in Aus for nearly your amount). My SIL's ering is evaluated here at nearly 55k and they dont insure theirs either. I take care of my ring, check the prongs often, dont take it overseas or where we need to go to risky places, at night time if need to go out late I take it off ect. I figure the money I save on premium in 10 years probably is enough for another e ring :lickout: Having said that, evaluation here in Australia is hugely inflated anyway, nowhere you can sell the ring as much. If I had taken out insurance I would have insured just the amount hubby paid for it or like Arkie said 'the actual real replacement amount' and ask the valuer to put that value on the certificate so I dont have to pay higher premium, saving real money for another real ring. Just my two cents! Congrats once again :wavey: !

You don't have to ask them to put a lower amount on the certificate, I don't think it would be a sensible idea or necessary to do that - the insurance company asks you how much you want to insure your jewellery for, the owner therefore decides the amount of the insurance, not the insurance company provided you have valid documentation/proof from a registered appraiser they approve of stating that it is worth at least the amount you are insuring anything for, they are happy...... You can insure jewellery for the full appraised amount but it will cost you a whole lot more or the "actual replacement" value - my insurance company gives me the choice, I phoned them and asked them a heap of detailed questions about it - no idea about others, but that is the way mine works..... as previously stated be aware of the fine print, they do NOT generally cover jewellery once it leaves Australia (for a honeymoon for example) or if someone does work on it and damages the stone and a few other situations that by comparison are probably covered in the US.

Thanks everyone.
Thanks Arkieb1 - would you mind telling me who you use? Maybe email me if you'd prefer :)
 
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