Ensure Your Gifts Keep On Giving
We’ve all seen the ads that show a velvet jewelry box opening to a delighted gasp, or a luxury car sitting in the driveway of a well-appointed home with a big, red bow on it. Beautiful people hug on a sofa or stand in the doorway with mugs of steaming cocoa and smiles of delight. Ah…life is grand.
What if the jewelry box was empty or the big, red bow was sitting on a cold, bleak driveway? Horrors! What Grinch stole their Christmas?
It could be the lack-of-insurance Grinch.
In the real world, things happen—items can be stolen, lost or accidentally destroyed. Even gifts. So the more expensive the gift, the more important it is to make sure it is insured. That includes gifts for those you love and for yourself.
PURE is one insurance company that specializes in providing insurance for pricey valuables—jewelry, fine art, collectibles, coins, stamps, silver and wine. Some of the features they provide:
- Itemized or Blanket Coverage – You can choose to detail the replacement cost of each insured item or insure the aggregate value of a collection.
- For itemized valuables that are lost or stolen, PURE will pay the agreed amount of that item. If the market value has increased beyond that, the policy covers up to 150 percent of the original, scheduled amount (up to the coverage limit for its class).
- Under blanket coverage, any single item included in the collection is covered up to 25% of the blanket coverage amount.
- Newly Acquired Items – If you already have coverage with PURE and are adding to a collection, you have 90 days to inform the company of newly purchased or inherited items. If a loss happens before the company is informed of the item, it is still covered for replacement up to the total amount scheduled for the collection class to which the item was added.
- Pairs and Sets – There are several options available under PURE’s Jewelry, Art and Collections policy that are helpful for items that belong to pairs or sets. For example, if you lose one of two diamond earrings, you could:
- Find and purchase a matching earring; if the pair loses value due to this replacement, the company will make up the difference.
- Keep the remaining earring and receive the difference in the market value of the pair.
- Surrender the remaining earring and receive the full market value of the pair.
- Premium Savings – PURE offers premium discounts if you provide bills of sale for newly acquired items or a professional appraisal done within two years because this improves the odds that your coverage amounts are appropriate. And collections kept in UL-rated, secured home safes or protected by a central-station burglar and fire alarm are also eligible for discounts.
- Worldwide Coverage – There is no coverage exception for location of a loss. Whether you need to file a claim in Virginia or Vienna, PURE has you covered.
In the case of a vehicle, you need insurance that covers the value of the car and liability before you drive it anywhere. Here are a few ways to make sure you’ve got the right coverage in place if you’re giving a present with four wheels:
- Check Your Policy – Most auto policies automatically cover a newly purchased vehicle for 14 to 30 days under your current policy, but it’s always smart to check first. You should also be sure that the coverage levels you have in place are appropriate for the new vehicle you are looking to add. If you are replacing an older, less-expensive model with a more valuable new one, you should beef up your amounts first.
- Check with the Dealer – While your insurance may automatically cover a new vehicle, some dealers won’t let you drive a car off a lot unless that specific vehicle has been added to your policy ahead of time, particularly in situations where you are financing it.
- You’ll often need the vehicle information number (VIN), make, model and final purchase price of a new vehicle in order to add it to your policy.
- Check the Calendar – Even if your new vehicle is covered for a limited time, it’s a good idea to officially add it to your policy as soon as possible. Plan the timing of your purchase so you don’t run into any issues with holiday business closures.
No matter what type of gift you are insuring, working with a trusted agent can help keep your surprise a surprise. (The last thing you want is an email or phone call from an oblivious mass-market insurance call-center worker that gives the whole thing away). At Kelly Klee, we’ll work with you to coordinate the amount and timing of your insurance coverage to best meet your needs. Get in touch with a Kelly Klee Insurance Expert here to help make your gift-giving season a happy one