Valuation required for insurance

pledgeX

I recently bought an engagement ring for the [STRIKE]gf[/STRIKE] fiancee (:D). I wanted to make sure it's covered under our contents insurance. I looked at our policy and single articles of jewellery are covered up to a value of £2500, which is enough.

My question is, do I need to get it valued to prove its worth in case something does happen to it?

Obviously I've got the receipt with the amount I paid for it, and the place I bought it from (BlueNile) included a piece of paper saying what the value of the RRP is, which incidentally is 35% on top of what I paid for it, so I doubt this is worth the paper it's written on!

After doing a bit of research it sounds like a valuation from a qualified person can cost a few ££ so I only want to get it valued if absolutely necessary.

Quentin

Ask your insurer whether it needs a valuation.

InsideInsurance

Not for a new item you dont, you'd use your receipt.

After a few years when the price of metals and diamonds have fluctuated then you'd be sensible to get a new valuation done. Valuations are typically done on either a percentage of the value (with a floor around £50) or a fixed price of circa £50-£100 depending where in the country you are.

The whole "blue nile" thing is a bit of an issue but it came about after I left the world of claims. Talking to a professional valuer they said that if they saw the blue nile mark on the ring they'd pretty much just go to the website and do a valuation via buying the closest they can get from the current offerings.

This however leads to a problem because they do offer a significant discount over high street prices but an insurer is going to give you vouchers for Goldsmiths or H Samuel's etc where you wont be able to get an equiv item at anywhere close to the blue nile pricing.

I did try to get the woman to value the diamond based just on the GIA certificate - or at least ball park it given I know the online value of the setting is low but not stupidly so - but she refused to do so.

Seems that ideally you'd find a valuer who has never heard of blue nile or your would get their stamp polished out of the ring before getting it valued