How to Valuate wedding bands for Insurance?

johnc24

Hi Folks

We had a break in couple of weeks ago and mum and dads wedding bands among other things were stolen.

Her insurance are asking for valuations on the two bands, however when she approached two jewelers they were reluctant and chose not to valuate. I
appreciate the difficulty in valuating something that you cannot see but how would one normally work out a valuation in these circumstances.

Many thanks for your views.

peteb2

What was the insured value of the rings? Were they specified?

coylemj

Wedding bands are gold rings, their value would be directly related to the weight and carat as they would have virtually no aesthetic value.

3DataModem

10 grams of 14 carat gold is worth 300 dollars

P. Breathnach

3DataModem wrote: »

10 grams of 14 carat gold is worth 300 dollars

It would probably take 2 weeding bands to amount to 10 grams. My relatively large ring weighs 6 grams.

StillWaters

Your poor parents, what an awful thing to have stolen. Have you spoken to the insurer to ask them what is sufficient as a valuation. I don't think any jeweller will give a valuation on something they cannot see, but if they knew the carat value, they should be able to ascertain replacement value.

It's not going to be much, and of course won't compensate at all for the sentimental value.

ComfyKnickers

If they are insured as a Specified Item then your parents are entitled to get that specified amount back for them. If they are not specified, they will fall under the "Unspecified All Risks" section of the policy and this usually has a "Single Article Limit" - the amount varies from policy to policy. Even if you get them valued at say €400 each and they are unspecified and the single article limit is say €300, you'll only get the €300 for them.

johnc24

Hi folks

Very busy since I posted. Just want to say thank you to each of you for your input - much appreciated.

J