Rare Carat Rings: Insurance to Protect Your Collection
Rare Carat is a unique provider that allows people to buy diamonds and diamond jewelry from sellers all over the world. The platform opens up a wealth of shopping options and can help you find amazing deals that you’re not going to find at the local mall or chain jewelry store.
However, there’s one thing that you can’t purchase directly from Rare Carat, and it’s something you’ll definitely need — Rare Carat ring insurance.
Here’s everything you need to know about Rare Carat jewelry insurance, how specialty insurance providers work, and how to get insured today.
What You Will Learn
Why You Need Diamond Insurance for Your Rare Carat Purchase
Buying jewelry through Rare Carat is an entirely different shopping experience from what you probably expect at your neighborhood jewelry store.
Rare Carat launched in 2016 and, since then, has helped scores of people from all over the world purchase more than $100 million in diamonds. They do so using AI-powered tools like the Rare Carat Report and assistance from Rare Carat’s gemologists on staff, with the goal of providing shoppers with a more transparent diamond-buying process.
The platform sells both loose diamonds and diamond jewelry, and customers enjoy a range of benefits when shopping with Rare Carat, including:
- 100% money-back guarantee
- Free insured shipping
- Free 30-day returns
- Free 90-day resizing
- Laser inscription verification
- Diamond price matching
- Financing options
However, the portal can’t directly provide Rare Carat engagement ring insurance or jewelry-specific insurance in general. However, you should consider this coverage to protect your financial investment properly.
A good jewelry insurance plan, like that from BriteCo, will keep you covered in the event of:
With this comprehensive coverage, you can recoup the full value of your Rare Carat purchase, no matter what life throws at you.
Where Do You Get Rare Carat Jewelry Insurance?
So, if Rare Carat can’t directly sell you the jewelry insurance policy you need, where can you get it? You have two primary options.
Renters or Homeowners Insurance
If you look in your file, you’ll likely see that your existing renters or homeowners insurance policy likely includes some sort of jewelry coverage that will offer you a payout under certain circumstances. For example, if your jewelry is stolen, the policy may pay a limited amount to help you replace the jewelry. However, this amount is typically very low, with many policies capping jewelry-related claim payouts to a few thousand dollars at most.
In some instances, that may be okay. Rare Carat sells a variety of jewelry for under $1,000. If you were to lose such a piece, and your insurance provider only gave you $1,500 as a payout, you could afford to replace the jewelry without dipping into your savings.
However, let’s say you purchased a more expensive piece of jewelry on Rare Carat, like this emerald-cut channel-set diamond ring, for $18,600. If your insurance company only pays out $1,500 for this ring if it’s stolen, and if you want to replace it with a ring of equal value, you’ll be stuck paying more than $16,000 out of pocket. You already purchased the $18,600 ring initially, so that’s an extra expense you likely don’t want to pay. But there is another option.
Specialized Jewelry Insurance
The other popular way to insure diamonds and gemstones is specialized insurance. When you work with an insurance provider offering policies specifically covering jewelry, you’ll benefit from more comprehensive coverage.
For example, BriteCo’s specialty jewelry insurance comes with:
- Worldwide coverage for loss, theft, mysterious disappearance, and damage
- Zero deductibles
- Low annual fees that start at about $50 (yes, per year!)
- Coverage for preventative maintenance
- Free annual automated value updates
These benefits allow you to rest easy knowing that, during important moments like a proposal, wedding, or other celebratory event, the jewelry you’re wearing or giving is protected from life’s mishaps.
How Does Specialized Jewelry Insurance Work?
Purchasing specialized ring insurance, Rare Carat or otherwise, from BriteCo is easy. All you have to do to obtain a policy is submit the necessary information via the quick and easy online form, and you’ll get a quote within minutes.
From there, you can accept the policy rate and how you’d like to pay, either monthly or annually. While the monthly pay option is popular, you will get a discount if you pay your premium in one annual fee.
After you’ve purchased the policy and paid your premium, you can make a claim at any time. That process is just as easy: Just submit all the necessary info online, and BriteCo will help you replace or repair your jewelry as quickly as possible.
Rare Carat Jewelry Insurance FAQs
What Is Diamond Insurance Worth?
When you purchase a policy from a specialty jewelry insurance provider, it will be worth the full value of the diamond, allowing you to replace your jewelry with another piece of equal value if necessary.
What Will Diamond or Jewelry Insurance Cost Me?
With companies like BriteCo, you can expect to pay about 1–2% of the diamond or jewelry’s total value per year. This means that if a ring is worth $3,000, you’ll only pay $30 per year for complete protection.
Should You Insure a Lab-Grown Diamond?
Absolutely! Lab-grown diamonds are real diamonds, too. They’re chemically and physically the same as mined diamonds and worth the same amount, even if you often find lab-grown diamonds at a more affordable price point. As such, if you’re thinking of purchasing jewelry insurance, do so regardless of if you have a mined or lab-grown diamond on your hands.
Does Jewelry Insurance Cover Damage?
Yes! While homeowners or renters insurance typically does not cover jewelry damage, specialized jewelry insurance does, so you can have your precious pieces repaired at little or no cost to you.
How Do Insurance Providers Determine a Diamond’s Worth?
Insurance providers typically rely on an official appraisal to determine a piece’s value.. If you need assistance getting this asset before purchasing diamond insurance, BriteCo’s online appraisal services can help.
Protect Your Rare Carat Purchases Today
It’s easy to find great deals on diamonds with Rare Carat. And it’s just as easy to protect your purchases by investing in specialized jewelry and ring insurance. Policies like those from BriteCo often cost just 1–2% of your insured item’s value annually. That could be as little as $5 a month!
Learn more about BriteCo’s comprehensive coverage and get your quote now.
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