myzillion.com Pricing

Myzillion.com emphasizes “exclusive savings with lower rates” and affordable coverage, typically stating it’s “1-2% of the jewelry value.” While exact pricing requires a personalized quote, they provide general indications of how their pricing works and what can influence it.

General Pricing Structure

Myzillion’s pricing is presented as a percentage of the jewelry’s value, which is a common method for personal jewelry insurance.

• Typical Range: “Affordable coverage, typically 1-2% of the jewelry value.” This means a $5,000 ring might cost $50 to $100 per year to insure. This is a competitive rate compared to many standalone jewelry insurance policies.
• Savings Claim: They state, “Some customers could see a savings of up to 15% for certain jewelry purchases. Enrollment, terms and conditions apply. Savings shown are based on Zillion’s rate comparable to other personal jewelry insurance policies nationwide.” This suggests they aim to be more cost-effective than competitors.
• Annual Premium: Insurance policies are typically paid annually.

Factors Influencing Pricing

Like all insurance products, the exact premium for a Myzillion.com policy will depend on several factors related to the insured item and the policyholder.

• Jewelry Value: The primary determinant of the premium. Higher value items will naturally have higher premiums.
• Type of Jewelry: Different types of jewelry (e.g., engagement rings vs. watches) might have varying risk profiles and thus different rates.
• Geographic Location: Insurance rates are often influenced by the risk of theft or loss in a particular area. Myzillion notes that “Savings descriptions, percentages, availability and eligibility may vary, and savings are not offered in all states including California, Florida, Georgia, Ohio, Oklahoma, Pennsylvania, South Carolina, Virginia and Washington,” indicating state-specific rate variations.
• Security Measures: While not explicitly stated on the homepage for individual rating, some insurers offer discounts for certain security measures like home alarms or safes.
• Claim History: For renewal policies, a history of claims could potentially impact future rates, though this is not specifically detailed on their public site for initial quotes.

Comparison to Other Insurance Types

Myzillion highlights its value proposition by comparing its rates and coverage to homeowners/renters policies.

• Homeowners/Renters Policies: They argue that while these might offer some jewelry coverage, it’s often limited, subject to high deductibles, and filing a claim could increase overall premiums or even lead to policy cancellation. Myzillion aims to be a more dedicated and cost-effective option for valuable pieces.
• Deductible: The significant advantage of a “$0 deductible” with Myzillion means policyholders pay nothing out of pocket when a claim is approved, which can lead to significant actual savings in the event of a loss compared to policies with high deductibles.

Transparency in Disclosures

Myzillion provides several important disclaimers regarding its pricing and offers.

• Enrollment Terms and Conditions: Prices and offers are subject to terms and conditions.
• Temporary Insurance Binder: “Insurance is not free. If a loss were to occur during this insurance binder period, you’d be able to file a claim (a nice benefit), but would be required to pay the annual premium before the insurance binder expires.” This clarifies that the initial “temporary protection” is conditional on eventual payment.
• Eligibility and Underwriting: Policies are subject to “eligibility and underwriting guidelines,” meaning not everyone will qualify for every rate.

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