Ring Appraisals

I tried Macy's the other day, there was no one at the Jewelry counter I will try again!

My ring is from macy's and when I 'accidentilly' found it I saw the appraisal as well - which was much more than what he paid

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Posted by JoanneAndJustin

I tried Macy's the other day, there was no one at the Jewelry counter I will try again!

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That is like finding a needle in a haystack

see the macys by me always has tons of people by jewlery and none any where else lol

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Posted by JoanneAndJustin

I I'd like to my e-ring reappraised (independent from where I bought it) and some other jewelery... Where's a good place that will do it on the spot for some $$$?

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what is the point of an appraisal?? i don't know anything about jewelry ...so i wouldn't know where to go but I would like to know about this appraisal thing i hear it a lot!! TIA

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Posted by FutureMrs.M

tells you how much the ring is worth for insurance reasons

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oh so FH already did it when he got my insurance! ok i c lol am i wrong lol

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Posted by FutureMrs.M

no i am like 99% sure you cant get insurance w/o the appraisal

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You need at least the replacement value certificate from the store.

just a little curious about the appraisal value versus what you pay for it for insurance.

if I went to the post office and bought insurance on an item that i won through Ebay, i would only pay for insurance for what I paid for the item, NOT for what it's real value is.

So if i bought an item for 99 cents but it's really worth $2,000, i seriously would only purchase the insurance for 99 cents. If the item got lost or damaged, the PO is only covering it up to 99 cents b/c that's what i paid. They don't care it's really worth $2,000.

How do you know the insurance company doesn't work like this?

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Posted by Alyssa79

just a little curious about the appraisal value versus what you pay for it for insurance.

if I went to the post office and bought insurance on an item that i won through Ebay, i would only pay for insurance for what I paid for the item, NOT for what it's real value is.

So if i bought an item for 99 cents but it's really worth $2,000, i seriously would only purchase the insurance for 99 cents. If the item got lost or damaged, the PO is only covering it up to 99 cents b/c that's what i paid. They don't care it's really worth $2,000.

How do you know the insurance company doesn't work like this?

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In part they do, I'll make the car analogy because I work in car insurance. You may pay 40,000.00 for a mercedes, but you're only covered up to the 'actual cash value' (think kelley blue book) of the part damaged, if you've upgraded it, and made all sorts of modifications to your car, or if the car is older... you won't get what you paid for it, you'll only get the value of it. at the time of the accident.

The other part of it is this, millions of customers pay a premium, that premium goes into a pool. When driver x gets into an accident the payment for his claim comes out of the pool. There are more people that DON'T make claims than those that DO.

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Posted by JoanneAndJustin

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Posted by Alyssa79

just a little curious about the appraisal value versus what you pay for it for insurance.

if I went to the post office and bought insurance on an item that i won through Ebay, i would only pay for insurance for what I paid for the item, NOT for what it's real value is.

So if i bought an item for 99 cents but it's really worth $2,000, i seriously would only purchase the insurance for 99 cents. If the item got lost or damaged, the PO is only covering it up to 99 cents b/c that's what i paid. They don't care it's really worth $2,000.

How do you know the insurance company doesn't work like this?

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In part they do, I'll make the car analogy because I work in car insurance. You may pay 40,000.00 for a mercedes, but you're only covered up to the 'actual cash value' (think kelley blue book) of the part damaged, if you've upgraded it, and made all sorts of modifications to your car, or if the car is older... you won't get what you paid for it, you'll only get the value of it. at the time of the accident.

The other part of it is this, millions of customers pay a premium, that premium goes into a pool. When driver x gets into an accident the payment for his claim comes out of the pool. There are more people that DON'T make claims than those that DO.

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you know Joanne, if we put our heads together, we could rule the world! think Pinky and the Brain

I went to 2 places: Macy's and another jeweler recommended by the guy FH bought the e-ring from

I still have to go get insurance... sooo lazy!

I went to The Jewelry Apparaiser in Manhasset. She was awesome...took her time and explained everything to me. She also gives lots of tips on scams that people pull to try to switch stones. Its VERY scary. Pretty much never let your ring out of your sight for any reason (cleaning, polishing, etc.). People switch stones in 10 seconds and you might never know.

Also, my insurance (State Farm) you can select monetary value--where they will give you the appraised value of the ring--or replacement value where you can get a stone of the exact specifications of the one you lose (one carat, H color, SI clarity, etc.).