Jeweler's Mutual Question

[elle_chris]

Hi everyone-

I currently have a stand alone policy though Jewelers Mutual.
Recently I found out that my car and home insurer, Geico, insures jewelry through Jewelers Mutual.

Does anyone here do this? Have a policy through Geico with Jewelers Mutual? Are there any differences in coverage, any idea if the premium is the same?

I know I should call, but I hate dealing with Geico so hoping someone here has some insight.

Thanks in advance..

 

[crbl999]

I would stay with JM. Always get a separate stand alone policy. I had a personal articles policy, renter's, and auto policy with State Farm and filed a claim due to loss. It has affected my renter's insurance rates as that was what it was tied to. That will stay on your claim history for a few years.

 

[RunningwithScissors]

And JM is soooo easy to call and the people I've spoken with have been super helpful.

You said yourself you hate dealing with Geico. There's your answer.

 

[jewels4life]

And JM is soooo easy to call and the people I've spoken with have been super helpful.

You said yourself you hate dealing with Geico. There's your answer.

Agreed. The JM reps have always been beyond polite on the phone .

 

[elle_chris]

I tried calling Geico earlier and immediately regretted it. After going through various prompts, I was finally placed on hold for a rep. Unfortunately, the hold time was up to 10 minutes so I hung up.

Called JM and got someone on the phone almost immediately.

Was told there is no difference if I go through them or Geico.. same policy, same premium.

@RunningwithScissors Even though I do hate dealing with Geico (my god I hate it), I just wanted to keep all my polices with the same company instead of dealing with multiple insurers should something happen.
But todays experience just reminded me that you're right.

 

[sledge]

Does anyone know if Geico gets a kickback for the referral? Or how does that relationship work? Also -- can you access your Jeweler Mutual policy info from your Geico account? Or do you have to have a profile on both sites?

Zero doubt in my mind they don’t do it for the greater good of humanity, so yes, safe to assume they get some sort of a kickback.

I haven’t dug deep enough but another possibility would be the same parent company owns both companies. Not saying that is the case here, but could be a reason if they aren’t getting paid.

No idea about the rest.

As far as Geico, I agree with @RunningwithScissors that your disdain to deal with them is your answer. I won’t deal with them regardless of price. It stems from an accident involving my grandfather and they tried to snake him on a claim. The person that hit him was at fault and had Geico as their provider. I had to intervene and it got messy. I have zero tolerance for and refuse to support companies that treat people that way, especially elderly and those that can’t defend themselves.

 

[sledge]

Did some light research. Apparently Geico is owned by Berkshire Hathaway who owns a crap ton of companies, many being major players. What caught my eye was they do own Ben Bridge Jeweler and Helzberg’s. Along with several insurance companies, JM seems like a logical fit but I didn’t see them on the list.

Also I noticed that in 2019 JM was privately owned but hoping to transfer ownership to a mutual company based on WI. I haven’t yet discovered who that was exactly.

FWIW, I do think there are multiple partnerships in play to grab jeweler insurance. I know when I bought my wife’s BGD stone it was easy and highly suggested. I think WF does too. Makes sense. You want those expensive sparkly rocks insured.

https://www.geico.com/about/corporate/corporate-ownership/

Jewelers Mutual Board OKs Plan to Transition to Mutual Holding Company

Jewelers Mutual Insurance Company's board of directors has approved the insurer's plan to become a mutual holding company, a process the company hopes to

www.insurancejournal.com