Founded in 2017 by industry experts, BriteCo offers select jewelery insurance policies backed by Glencar Insurance and reinsured by Hannover Re. Both companies have an A+ AM Best rating, signifying financial stability.
Unlike many competitors that offer multiple insurance products, BriteCo exclusively offers jewelry coverage. It is led by Dustin Lemick, Connor Redmond, Ben Mautner and John Ortbal, each of whom has significant experience in the jewelry and insurance industries. If you’re considering BriteCo jewelry insurance, here’s what you need to know about the company, who it’s best for, its rates and products, and more.
Briefly about BriteCo
- Policy cost: From $4 per month for a $5,000 engagement ring.
- Franchises: No deductibles on standard policies.
- AM Best rating: A+
Who is BriteCo suitable for?
Offering coverage up to $150,000 for a single item or $500,000 for a collection, BriteCo is a good choice for those with expensive items. Its standard policies also have no deductible, so it may be worth considering whether you want to avoid paying out of pocket after a covered loss. High coverage limits and no deductibles set this company apart from its competitors.
BriteCo can also be a good choice for jewelry owners who don’t want to have to worry about revaluations often. While many jewelry insurers will pay up to 100% of the replacement cost of a lost or stolen item, BriteCo gives you some wiggle room. It will provide replacement value of up to 125%, so you will be covered even if the appraised value of your jewelry has increased slightly since you took out the policy.
BriteCo is ranked among the top companies for engagement ring insurance and is among the top five companies for luxury watch insurance and general jewelry insurance.
Who should not use BriteCo?
Unlike some competitors, BriteCo does not offer multiple insurance products. You cannot get car or homeowners insurance through this company, only jewelry insurance. Those looking to get a discount when combining multiple products will likely want to look elsewhere.
Although BriteCo offers relatively affordable insurance, it is not the cheapest jewelry insurance; although this company offers some advantages that its competitors do not. If you’re looking for the least expensive coverage available, consider getting multiple quotes to find the best policy.
| pros | Minuses |
| High coverage limits | Doesn’t offer multiple insurance products |
| No deductibles for most policies | May be a little more expensive than some competitors |
| Replacement costs up to 125% are available. |
BriteCo tariffs and products
BriteCo focuses exclusively on stand-alone jewelry insurance, which can be a positive or a negative, depending on your point of view. Those looking to bundle coverage may find this a disadvantage, but others may appreciate the level of specialization and experience that a company like this provides.
Jewelry Insurance
At BriteCo, you can insure the following types of jewelry.
| BriteCo Jewelry Insurance Options | |
| Wedding ring | $4-$6 a month for a $5,000 engagement ring. |
| Bracelet | 4-5 dollars a month for a bracelet worth 1000 dollars. |
| Necklace | $4-$5 a month for a $500 necklace. |
| Look | $4-$5 a month for a $2500 watch. |
In addition to these items, BriteCo also insures earrings, wedding rings, other rings, pendants and more.
Other Services BriteCo Offers
Jewelers looking for grading solutions can also partner with BriteCo to access its free jewelry grading management platform. The platform aims to streamline the appraisal process by making it easier and faster to evaluate items and expedite the resolution of consumer claims.
BriteCo Platform and Customer Support
If your insured item or collection is lost, damaged, stolen or mysteriously disappeared, you can file a claim online with BriteCo. The company notes that the entire process takes just a few minutes. You can also contact BriteCo for assistance with your existing policy or with questions via email, phone, or online chatbot.
Customer service representatives are available during regular business hours from 9:00 a.m. to 5:00 p.m. CST.
What is BriteCo’s track record of paying claims?
BriteCo’s policies are issued by Glencar Insurance and reinsured by Hannover Re, both rated A+ (superior) by AM Best. AM Best is a reliable independent insurance rating company. These high ratings indicate that both companies are financially sound and can easily pay customer claims when they arise.
Reviews from BriteCo users
BriteCo is not accredited or rated by the Better Business Bureau (BBB). User reviews for BriteCo on Trustpilot are fairly limited, with only one reviewer posting a review of the company. The review is positive, noting that BriteCo was extremely helpful during the claims process.
The company has good reviews on Google and Facebook, with an average rating of 5 stars out of 950 reviews. Satisfied customers report good experiences with customer service and coverage. Others mention the company’s fair prices for jewelry insurance.
Compare BriteCo Alternatives
| Insurers | Rates | AM Best rating | Available Products |
|---|---|---|---|
| Current selection BrightCo |
$$$ | A+ | Jewelry Insurance |
| Jewelers mutual | $$ | A+ | Jewelry Insurance Jewelry business insurance |
| GemShield | $ | A+ | Jewelry Insurance |
| Chubb | Not disclosed | A++ | Car insurance Home insurance Jewelry Insurance Business insurance |
| Current selection BrightCo |
Jewelry Insurance |
|---|---|
| $$$ | |
| A+ | |
| Jewelers mutual | Jewelry Insurance Jewelry business insurance |
| $$ | |
| A+ | |
| GemShield | Jewelry Insurance |
| $ | |
| A+ | |
| Chubb | Car insurance Home insurance Jewelry Insurance Business insurance |
| Not disclosed | |
| A++ |
Is BriteCo right for you?
BriteCo is worth considering if you only want to insure jewelry. This company offers no deductible on most of its policies, and you will receive a replacement of up to 125%. Your insured jewelry is also protected wherever you are: at home, on your honeymoon or visiting relatives abroad.
If you’re shopping for jewelry insurance, it’s worth getting quotes from this and other companies to determine which insurers offer the best coverage at an affordable price.
FAQ
What does BriteCo cover?
BriteCo protects jewelry from accidental loss, damage, theft and mysterious disappearance. Its coverage also extends to preventative maintenance, including prong repairs, bent earring pin repairs, pearl stringing, and more.
Do you need a BriteCo assessment?
Yes, you will need an appraisal to insure your jewelry with BriteCo. With the right estimate, you will receive the appropriate amount of coverage for the items you want to insure.
Is there a franchise for BriteCo?
BriteCo points out that its standard policies do not have a deductible. This way, you likely won’t have to pay anything out of pocket before your insurance kicks in.
How does BriteCo’s claims process work?
You can file a claim with BriteCo online, and the process only takes a few minutes. You will then be contacted by a customer representative to discuss your claim. BriteCo does not indicate the time frame within which claims are typically resolved.