If you purchased a ring for $2100 and they gave you an appraisal for 3200 what exactly does that appraisal mean? If I lost the ring I could buy a new one for 2100 and if it's really worth 3200 why would they sell it so cheap? Thanks
2006-10-19 23:55:41 · 2 answers · asked by Dick Tater 3 in Business & Finance ➔ Other - Business & Finance
That means the retail replacement value of your ring is $3200. so should you loose your ring, your insurance company will replace it up to that value, as long as your ring is covered by your policy.
As to why so much, the answer is mark-up. A $3200 ring can be sold for $2100 because there is a lot of mark-up in fine jewelry.
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