Insuring Cartier LOVE band?

[Ittybittykittykat]

Hi Everyone!
I'm still a newbie that's usually too shy to post but today that changes. I have lurked for a year now & I believe it's time to come out of the dark and truly become a part of this community!
The question I have is regarding a birthday gift I will be receiving from my SO. It's the first BIG jewelry purchase he is making for me and even though it's not much I know I will treasure it forever. I have lusted over a Cartier LOVE bracelet forever but the price is out of the question (even if my BF wanted to get it for me I would prefer he use that money towards a "future" purchase ) so I will gladly be accepting the Mini Love Ring in 18kt rose gold.

Now this ring is not cheap by most standards especially when you consider that he will be paying most of that money for the name brand.
At the current price of $2020 plus NYC taxes is it advisable to have this ring insured?

I do not currently wear any jewelry so I don't want to assume that it will definitely be safe, what if it accidentally slips off?

Will insurance be expensive for this piece?

Any advice would be greatly appreciated. TIA

 

[ame]

I would. I pretty much insure it all because I don't know what my situation might be when something happens to it.

 

[sonnyjane]

I would. I have my trinity ring insured through JM and honestly it's not very much each year. Just make sure you include all the Cartier documents when you submit so that they have it on file as opposed to just "gold ring".

 

[luv2sparkle]

I wouldn't. My criteria is, if it would be really hard for me to replace it and would kill me to spend that money over again, then I insure.
If you are going to be wearing the ring every single day, that is probably the safest it will ever be. In my experience, with premiums, you will come close to the cost of the ring in a relatively short time.

 

[Ittybittykittykat]

I would. I pretty much insure it all because I don't know what my situation might be when something happens to it.

Thank you for your quick response I am going to look at some quotes.

I would. I have my trinity ring insured through JM and honestly it's not very much each year. Just make sure you include all the Cartier documents when you submit so that they have it on file as opposed to just "gold ring".

Ty for your response. Do you think an appraisal would be necessary? Since Cartier goes up in value if I were to lose it years down the road would the insurance pay the current value of the same ring or whatever I insured the ring for?

I wouldn't. My criteria is, if it would be really hard for me to replace it and would kill me to spend that money over again, then I insure.
If you are going to be wearing the ring every single day, that is probably the safest it will ever be. In my experience, with premiums, you will come close to the cost of the ring in a relatively short time.

I will be wearing it everyday but just in case I will look into some quotes. I would hate for something to happen to it especially if we aren't in a situation to easily replace it. We're looking at renovations, future purchases and other large financial decisions in the next few years.. I can't say whether jewelry will be one of our top priorities then or not. Thank you for the input!

 

[katharath]

Hi ittybittykittykat

I am so terrible about insurance...my collection has started to get to the point as a whole that I think I should be insuring it...I just don't want to deal with the hassle, mostly, lol! And I don't have one significantly big piece, mostly just several pieces worth ~$1000, and a few in the $2000-2500 range. But that's probably worth insuring, I know...

I realize I'm not being helpful, but I really just came on to say hello and welcome! I still consider myself a newbie to this particular section (Hangout). I do post occasionally in hangout, but I think it unlikely that anyone really "knows" who I am over here, lol. I mostly post in the CS forum, as that is my passion. I am going to try to start posting more in hangout too though - there are a lot of great people on these boards! Anyway...welcome and I hope you get the help you need. Congrats on your Cartier ring

 

[sonnyjane]

I would. I pretty much insure it all because I don't know what my situation might be when something happens to it.

Thank you for your quick response I am going to look at some quotes.

I would. I have my trinity ring insured through JM and honestly it's not very much each year. Just make sure you include all the Cartier documents when you submit so that they have it on file as opposed to just "gold ring".

Ty for your response. Do you think an appraisal would be necessary? Since Cartier goes up in value if I were to lose it years down the road would the insurance pay the current value of the same ring or whatever I insured the ring for?

I wouldn't. My criteria is, if it would be really hard for me to replace it and would kill me to spend that money over again, then I insure.
If you are going to be wearing the ring every single day, that is probably the safest it will ever be. In my experience, with premiums, you will come close to the cost of the ring in a relatively short time.

I will be wearing it everyday but just in case I will look into some quotes. I would hate for something to happen to it especially if we aren't in a situation to easily replace it. We're looking at renovations, future purchases and other large financial decisions in the next few years.. I can't say whether jewelry will be one of our top priorities then or not. Thank you for the input!

It costs less than $20 a year for me to insure my Trinity ring through JM so I really don't mind. I just submitted my original paperwork since it's two years old. I'm not sure about it appreciating in value. JM does recommend reappraisals periodically so if you think you'd get a higher appraisal in the future and want it insured for more you can try. Remember that will raise your premium also, however, so make sure it's not just an inflated appraisal. JM will replace with like kind BUT only up to the insured value. So if your last appraisal says $2,000 and it is $2500 now, they will only pay up to $2000.

 

[Calliecake]

For the small amount it would cost to insure the ring I would definitely look in to it.

 

[Ittybittykittykat]

Hi katharath! Thanks for the welcome! I've been lurking for too long figured it was time to join the conversations. I'm not on the ER search yet but when I get the Green light I want to already be participating. There is a well of information to go through I truly enjoy it.. I'm getting my gift next week I can't wait!

 

[Ittybittykittykat]

It costs less than $20 a year for me to insure my Trinity ring through JM so I really don't mind. I just submitted my original paperwork since it's two years old. I'm not sure about it appreciating in value. JM does recommend reappraisals periodically so if you think you'd get a higher appraisal in the future and want it insured for more you can try. Remember that will raise your premium also, however, so make sure it's not just an inflated appraisal. JM will replace with like kind BUT only up to the insured value. So if your last appraisal says $2,000 and it is $2500 now, they will only pay up to $2000.

Thanks Sonnyjane! I will keep that in mind. I have access to an appraiser so appraising it won't be a problem in a few years. The JM quote was about $40 annually which is great for some peace of mind.

 

[Ittybittykittykat]

For the small amount it would cost to insure the ring I would definitely look in to it.

Thanks for the response Calliecake I'm convinced I will insure it once I receive it.

 

[sonnyjane]

It costs less than $20 a year for me to insure my Trinity ring through JM so I really don't mind. I just submitted my original paperwork since it's two years old. I'm not sure about it appreciating in value. JM does recommend reappraisals periodically so if you think you'd get a higher appraisal in the future and want it insured for more you can try. Remember that will raise your premium also, however, so make sure it's not just an inflated appraisal. JM will replace with like kind BUT only up to the insured value. So if your last appraisal says $2,000 and it is $2500 now, they will only pay up to $2000.

Thanks Sonnyjane! I will keep that in mind. I have access to an appraiser so appraising it won't be a problem in a few years. The JM quote was about $40 annually which is great for some peace of mind.

Is that with a $0 deductible? I think I have mine at $100. It makes it a little cheaper per year and I don't mind dishing out $100 to replace it if anything happens.

 

[luv2sparkle]

For $20 bucks a year it would be worth it if you were worried about it. I didn't think it would be that small a premium. I still probably wouldn't do it. But I would insure the things that have the most meaning to me that I would want to go out and replace immediately. If that is it for you, then it would be well worth that small price!