Can I negotiate price with insurance company regarding lost diamond in my wives wedding ring?
February 5th, 2008
Robert J asked:
The ring was scheduled on my homeowners policy and I have replacement cost but to replace with a comparable ring at todays value, it will cost much more! I had the ring scheduled at $2000 and it was close to 1 karat. Also the insurance company has a program whereby they send me discounted diamonds via Fed Ex to look at that they get a cost break on from selected dealers. The insurance company has an agreement with select dealers to send their loss claims to the dealer and in return they give the insurance company a discount on diamonds. The diamonds are all certified.
My main question is if I have replacement cost do I have the right to get my wife a comparable diamond in color, clarity etc. regardless of cost and is the insurance company obligated to pay for it?
Please help!!!
The ring was scheduled on my homeowners policy and I have replacement cost but to replace with a comparable ring at todays value, it will cost much more! I had the ring scheduled at $2000 and it was close to 1 karat. Also the insurance company has a program whereby they send me discounted diamonds via Fed Ex to look at that they get a cost break on from selected dealers. The insurance company has an agreement with select dealers to send their loss claims to the dealer and in return they give the insurance company a discount on diamonds. The diamonds are all certified.
My main question is if I have replacement cost do I have the right to get my wife a comparable diamond in color, clarity etc. regardless of cost and is the insurance company obligated to pay for it?
Please help!!!
If you insured the ring for $2,000, that’s all the insurance company is obligated to pay. If they are offering to replace the diamond, you may be better off selecting one they send you that comes closest to the original.
You can try negotiating for a higher price, but I doubt they will go above the amount scheduled.