Q&A: I have lost my wedding ring. I have a personal articles state farm policy on it.Do I have to accept their quot?

May 7, 2013 | By

Question by Darrell G: I have lost my wedding ring. I have a personal articles state farm policy on it.Do I have to accept their quot?
I have a personal articles policy on my wedding ring. It is insured for $ 14,500 they are saying I have to accept a quote from their jeweler which is $ 7500 thats less than I originally paid for the ring 18 years ago. Anyone have any experience with this?

Best answer:

Answer by Tom Z
An insurance company is obligated to repair or replace your wedding ring. If their jeweler can replace your wedding ring for $ 7,500 that completes their contractual obligation.

That of course is contingent upon the fact that the company would be replacing your ring with like kind and quality. If you can establish that the replacement is not the same, or substantially the same, you have a right to appeal their offer...

Know better? Leave your own answer in the comments!

wedding ring quotes
Image by ethuiel
We wrapped all the silverware in napkins, and secured them each with a strip I stamped with a bird and embossed in silver. On the flipside of each paper was a quote
Photo by Honeysuckle Photography. Keywords: Wedding, garden, flowers, field, outdoor, welcome, favors, table decor, mason jar, candles, napkin ring, quotes

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Comments (3)

  1. lucy

    I also have a personal article policy with State Farm. Prior to getting the policy, you would have had to get your ring appraised.

    Granted it is insured for $ 14,500 which they take into account that jewelry maybe valued more years from now or less. This is just a guess of what they believe it could be worth someday;

    The only thing you can do to dispute is to verify that the diamonds/gold etc are the same. When you got it appraised, it would have stated 14 caret white/gold; it would have also shown the clarity, size etc.

    So you could have overpaid for your ring 18 years ago and never realized it. Just like cars, people buy and brag and claim they got a bargain, get in an accident and are upside down since they overpaid in the 1st place.

    So if they can replace it exactly per the qualifications you had 18 years ago, then yes, $ 7,500 is all that they will owe.

    good luck

  2. mbrcatz

    YOUR AGENT should be guiding you on this.

    When you buy jewelry and insure it, you do NOT want to insure it for the inflated price the jeweler wrote on it – jewelry has AMAZING markups, and when they sell it to you for “20% off” list, and then write you a receipt for the full amount for insurance, you have to understand that the WHOLESALE value, what it can be replaced for, is likely 50% of what you PAID for it, or even less.

    Unless you bought “agreed value” on the personal articles floater, you do NOT get a check for the face value of coverage.

    Most of the time, though, they WILL actually replace the ring, instead of writing you a check. They’ll have a wholesaler, who will replace the ring for the amount of the check. Just tell them you want it replaced, and then you’ll be made whole.

    But if you want the cash, you only get the VALUE, the real value, not what you listed on the insurance policy.

    Shame on your agent for not explaining that 18 years ago.

  3. Glyco N

    We also have a personal articles policy with state farm. We provided them an appraisal when we signed up for the policy. I believe that covered us to ensure they would replace it based on the appraisal.

    However, as long as they replace the ring – they have fulfilled their obligations.

    Our appraisal at the time came in higher than we actually paid for the ring.