When you win insurance on jewelry where on earth they'll replace it for free if you lose it, how do they know?
I've been engagement ring shopping lately and a lot of the jewelry stores utter that with insurance, they'll replace a lost, stolen, damaged, etc. ring for free and I be just wondering how they would know whether or not you really lost it or if you were only just lying to get another extremely expensive ring for free? Not planning on pulling that one, just wondering how it works...
Answers:
Usually a police report would be required, and they'd probably do a little more investigating.
Normally your ring is covered on your home-owners or renters insurance, you a short time ago have to add it to the policy. If your diamond is certified by GIA, AGL, EGL they can use the report and the acceptance from your ring purchase. They may also ask to have your ring professionally appraised by an independent jeweler.
As with most insurance in attendance is a deductible involved. The amount of the deductible depends on your policy. If you were to report the ring stolen, you would need to record a police report. If it is lost it would be your moral responsibility to return the money if you found it again.
Ohh boy, you're giving me bright thinking.
I thought about this years ago, maybe I should rethink it. Source(s): Recently engaged/want more jewelry.
If you have an appraisal insurance will replace it as long as you can prove it have been stolen with a police report.
If you put a false police report contained by and collect the insurance you have committed the crime of fraud and will go to incarcerate for it.
If the ring is indeed stolen and recovered after you receive the new ring or the money for it you have to return it or you will be charged near a crime also.
Is that risk worth it just for another ring?
i hear insurance fraud!
First, they will replace the ring up to ONLY the price you remunerated.
Second, read the fine print. Some of these policies only cover replacement for a certain amount of time.
I would suggest you append your ring to your renter's or homeowner's insurance.
They do have investigators. Now, don't be planning on committing insurance fraud....
*If you find the ring after 'losing' it, and having be compensated already, you would have to return the money they paid out. Nothing resembling this is worth fraud charges and jail time...
Related Questions:
Answers:
Usually a police report would be required, and they'd probably do a little more investigating.
Normally your ring is covered on your home-owners or renters insurance, you a short time ago have to add it to the policy. If your diamond is certified by GIA, AGL, EGL they can use the report and the acceptance from your ring purchase. They may also ask to have your ring professionally appraised by an independent jeweler.
As with most insurance in attendance is a deductible involved. The amount of the deductible depends on your policy. If you were to report the ring stolen, you would need to record a police report. If it is lost it would be your moral responsibility to return the money if you found it again.
Ohh boy, you're giving me bright thinking.
I thought about this years ago, maybe I should rethink it. Source(s): Recently engaged/want more jewelry.
If you have an appraisal insurance will replace it as long as you can prove it have been stolen with a police report.
If you put a false police report contained by and collect the insurance you have committed the crime of fraud and will go to incarcerate for it.
If the ring is indeed stolen and recovered after you receive the new ring or the money for it you have to return it or you will be charged near a crime also.
Is that risk worth it just for another ring?
i hear insurance fraud!
First, they will replace the ring up to ONLY the price you remunerated.
Second, read the fine print. Some of these policies only cover replacement for a certain amount of time.
I would suggest you append your ring to your renter's or homeowner's insurance.
They do have investigators. Now, don't be planning on committing insurance fraud....
*If you find the ring after 'losing' it, and having be compensated already, you would have to return the money they paid out. Nothing resembling this is worth fraud charges and jail time...
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