Does a jeweler offer insurance on gold purchased from the market? Learn how to claim it.

Complimentary Gold Insurance: Some jewelers offer insurance coverage on purchased gold. You can claim it if it's stolen or lost. Be sure to keep these things in mind when purchasing.

Complimentary Gold Insurance: Diwali recently passed in the country. It's difficult to quantify how much gold is worshipped on Diwali. However, many people in the country buy gold not only as jewelry but also as an investment. However, most people keep it as jewelry or gold coins. But have you ever wondered what would happen if this gold were stolen or lost?

Most people are unaware that some jewelry shops now offer complimentary gold insurance on purchased gold. This means that if you purchased gold from a jeweler and it comes with an insurance offer, you can claim it in case of loss. Let's explain what this insurance is, which jewelers offer it, and how to claim it.

What is complementary gold insurance?

Complimentary gold insurance is essentially a free protection cover that select jewelers offer to their customers with a purchase. You don't need to fill out a separate form to obtain it, nor do you need to pay a premium.

The insurance value is usually equal to the price of the gold purchased and is valid for a period of time, such as 30 or 60 days. If your jewelry is lost in a theft or robbery during this period, you can file a claim with the insurance company. However, the terms and conditions vary from jeweler to jeweler, so check this before purchasing.

How to Claim Gold Insurance?

If you purchased gold with insurance, the claim process is easy in the event of a loss. First, inform the jeweler or insurance company immediately. Then, you must submit a copy of the FIR or theft report. Along with this, the bill and proof of purchase are also required.

After a thorough investigation, the insurance company determines the value of your loss and transfers the amount to you according to the agreed terms. Keep in mind that a claim is only accepted if the incident occurred within the insurance period and you have all the necessary documents. Therefore, keep the bill and insurance documents handy at the time of purchase.