Many large stores offer you warranties or insurance plans you can buy in the store. Let me offer a word of advice, or really, three words: Don’t Do It.
Take this scenario for example:
One of the largest retailers in the U.S. offers a policy for $60 per $1,000 of value of the item being purchased, and it only covers loss of the diamond due to damage. But, only if you have it in inspected within the exact time frame that is specified. Many times, if you forget and miss one inspection or don’t do the work they tell you to do during the inspection the policy is VOID. This doesn’t seem like a completely unreasonable idea, however, I’ve seen instances where they just drum up expensive repair business by telling you work needs to be done on your ring when it was perfectly fine. Not cool!
Combine this with the fact that the customer usually leaves the store thinking they’re covered if anything happens to their ring, not realizing that the most common loss is theft. Oops, that’s not covered. How about fire? Nope. Forgot it on the sink in that restaurant? Shucks.
In reality, these are feel-good marketing schemes to get you in the store twice a year so you will see something else to buy.
The smart money is at your insurance agent, where you will spend $15 per $1,000 of value (not $60) and it will cover ANYTHING that could happen to the ring. Even the “I don’t know where it went, but it’s gone!” type of loss.
I hope this saves you hundreds of dollars, it’s well worth knowing.