Inherited ring - mindblowing insurance valuation - wtf do I do?

[BitShellshocked]

Have namechanged for this and it's not a stealth boast. My mind is a bit scrambled and I'd appreciate the thoughts of the MN hivemind.

I was recently given a few bits of jewellery that had belonged to my grandmother. All v. nice pieces but as far as we knew worth maybe a couple of thousand altogether, max. Anyway, our house insurance is due for renewal so I took them to a local jewellers to get an up-to-date valuation, more out of curiosity than anything else.

3 of the 4 pieces come to around 8k altogether. Lovely surprise! The 4th has had an insurance valuation of 50 fucking K. My mind is completely blown by this and I'm honestly not sure what to do for the best. I had no idea.

The jeweller says that the insurance premiums are likely to be significant, possibly too much for me to afford easily! That amount of money would make a big difference to us if I sold - could give ds a big lump sum towards a deposit or pay off a good chunk of our mortgage. We've talked a lot recently about financial planning for retirement etc and this would really help.

My gut says I don't want to sell it, but am I being completely ridiculous if otherwise it's just going to sit in a safe, locked away? WWYD?

what will happen to it when you die?

Sell it. She’d be delighted the money will make so much positive difference to your family. I’d be way too scared to wear it anyway and no point in hiding it away forever.

Look into the rules for Capital Gains Tax, you would probably have to pay tax on a sale that big.
By the time you have auction price (not re-instatement price) less auctioneers fees less tax, the sum probably won't be quite as life-changing as you thought.

Nope, all reasonable opinions welcome @SprigatitoYouAndIKnow!

I do have other pieces that have more direct sentimental value that I wouldn't ever, ever sell, so I'm wavering towards selling this one and doing something useful with the money.

It's a nice problem to have, I know.

Keep it, don't insure it and buy a safe. That's what I did 😀

Oh, and wear it from time to time...

I have a ring that belonged to my grandmother and I wouldn't sell it even for a million pounds. I'm very sentimental though. I've no idea how much it's actually worth but that doesn't matter to me.

I had an engagement ring insured for about £5k (cost £2k). One carat emerald cut diamond in white gold.

Jewellers offered me £100 for it. Lol.

I would get another valuation to be sure. It's probably just the way you've worded this, but it makes me feel like the valuer wants to get their hands on it. Like they are encouraging you to sell as you wouldn't be able to afford the insurance

Op, I think you came on here to be convinced to sell the ring but I get the distinct feeling that you don't want to sell it. Go with your gut. Good jewellery only appreciates in value and one rainy day it might well be a lifesaver. Oh and stay schtum about the whole issue: Family (your son included) and friends do not need to know.

If I were your gran and selling the ring gave you financial security I would want you to sell it.

Actually I think camper vans are a very good investment, they seem to be so expensive these days compared to say 15 years ago

I'd sell it.

Our campervan has lost less than 20% of it's value in 15 years and it's been all over Europe in that time.

I'm with @TonTonMacoute - for now, get a safe and leave it there uninsured and give yourself time to think.

Unfortunately the sale price is likely to be a fraction of the insurance like for like value due to the cost of replacement being high

I need a photo!

Keep it OP.
Sounds like you are reluctant to sell it, don't be pressurised.
If you desperately needed the money to keep a roof over your head it would be different but a camper van isn't a essential item and will lose its value unless it's a classic one.
If I loved the ring but couldn't afford Insurance I'd still keep it but uninsured.
After all you nan or your dad probably didn't have it Insured and it's survived all these years without incident

To be honest, based on what you have said it seems like it would be more hassle for you to keep it vs to sell it plus it’s not really sentimental. bare in mind you may not even get the exact value of the valuation when you are able to sell it. Just take it day by day, you don’t need to make a decision today.

I'd wear it every day and go hungry before I'd sell it but I fucking love a big rock

Get another valuation, to check it's worth, but if it doesn't remind you of her, sell it without compunction.
However you then spend the money will remind you of your grandparents.

I’d sell personally.

My Grandad used to buy jewellery incase he/we needed some money in the future.

Makes no sense to have it sat in a drawer, when it could make life more comfortable for you now.

I don't think I could sell a piece of jewellery that I was given which had belonged to my grandmother. Would you not wear the ring?

I’d sell it. I don’t like owning things I have to worry about.

They're not starving or homeless.

And if you decide you don’t want to sell it, personally I would not insure it. Chances are that no harm will come to it.

I think taking some lovely pictures of it or even paying someone to paint it before you sell it is a lovely idea.

If you decide to gift the proceeds to DC for house deposit you could then frame one of the photos as a housewarming gift so they remember where the money came from.