Jewelers Mutual Insurance, Blue Nile, and Appraisals

[jdatc]

I have a sort of interesting situation, and after searching, I think I know the answer or solution, but want to make sure- Here's my story.

I bought my Fiance a diamond ring from bluenile for 12.5k. After purchasing it, I insured it via Jewelers Mutual via the link on the web page by imputing my order number and creating a policy. The limit of which was 15,663, which I thought was at best reasonable.

The ring arrives with the typical blue nile feel good retail appraisal of 19k. However it didn't fit, so it needed to go back. Before we sent it back, I found her a slightly better diamond in the same but smaller setting, so we returned that ring and I purchased her a new one for 13k. As a footnote, she loved both rings, and I was happy with their service.

Now the problem. After shipping back the first ring, I couldn't go through the bluenile website and Jewelers Mutual link to input my new order number and update my policy. I called and asked (Jewlers Mutual) and they said they couldn't do it, I'd have to wait for the ring to arrive or create a whole new policy, send them a written notice canceling the other policy, and go from there... It wasn't very smooth to say the least, but the same day I did this her ring arrived. I was not happy with their customer service.

The new ring came with the typical feel good appraisal of 19.8k which is the only one I have. So I had to send that one to Jewelers Mutual who now say that is what they are using for the limit of the insurance. Why?

If they could get one number mid range from bluenile on the first ring, why can't they get one for the second? Now I am paying a higher premium for a ring which we all know is not worth 19.8k. I find it stupid pay higher premiums in this situation.

So now as I understand it, the only way to lower it is to get a new 3rd party appraisal which is more in line with reality and re-submit it.

Or Does anyone have any other suggestions or feedback? I am extremely agitated at the situation. However, due to the fact my Fiance and I are selling both our houses, and moving across the country in the next 6 months, it's not really easy to use one of our homeowners insurance. So I am taking this as it is for a 'slight' convenience till we get settled in our new locale.

Anyway, that's my story. I felt I had to register to share it.

On a positive note, this website is great and after doing the research and getting her the ring she wanted, and I was happy to buy, I can't help but comeback here and get further educated on all things diamond. It's pretty interesting. I can honestly say it's must have reading for any man about to buy a ring, or any other jewelry for that matter.

Thanks-

_justin

 

[diamondseeker2006]

Congratulations on your engagement, Justin! I totally and completely agree about how worthless those vendor valuations are! I really resent paying inflated appraisals. My insurance will take sales receipts so that solves some of my problems. But when I buy something at a reduced price (second hand or deeply discounted) and need a reasonable replacement value for insurance. In that case I have to go to a jewelry store that does appraisals and emphasize that I need a realistic and not inflated value. So I guess that woud be your best bet. Show them the sales receipt upfront, explain that you were provided an inflated value, and your desire is to insure at the price you paid.

I wish we could get these vendors to write the valuations with the exact price we pay. If I lose my diamond the day I get it, I can replace it for very close to the price I paid. So it is plain silly to overinsure.

 

[JessicaV]

Justin,
Our agents at Jewelers Mutual are standing by to address your concerns and help you properly protect your new ring. I encourage you to give us another call.

 

[jdatc]

Justin,
Our agents at Jewelers Mutual are standing by to address your concerns and help you properly protect your new ring. I encourage you to give us another call.

To be honest, I would not have even tried to call again based on the previous few days frustrating calls.

However, it has all now been resolved after they reached out and called me, and have insured it at a reasonable amount. They admitted a gap in the system and with training on the floor.

I applaud their actions and appreciate the customer service on the back end, but the fact that it went to this point is not really excusable. Especially seeing how it has to go to a forum before action is taken.

I can't really say if I will continue to use them at the termination of my policy.

_justin