Don’t Forget To Insure Your Engagement Ring
Knowing how expensive items like engagement rings can easily get lost or stolen, it is so important to immediately buy insurance for the new engagement ring you just purchased.
You may be asking “Why bother?” or what if you only got engaged last month and gave her a ring that is worth more than you actually paid for it. Should you still insure it?
The answer depends on how you feel about this ring and what it means to your relationship. Oh – and of course, will the $s your bank account or on your credit card be enough to replace it?
Common Misconceptions About Insurance For Engagement Rings
There are many people who end up disappointed because they didn’t know what’s covered by their existing insurance policies. Three familiar stories are:
- Diamonds fall out of a ring due to “accidental” damage. The customer assumes the jeweller would reset the stones for free because the return policy guarantees any loose stones would be replaced. But this really covers if the jeweller failed to set the stones securely – and that just doesn’t happen with rings created by me!
- Rings are stolen from hotel room safes and the customer wants their cheap travel insurance to cover engagement rings. They find out it only covers luggage, clothes, passports, mobile phones, laptops and tablets!
- A customer throws a ring into a river during a heated argument! It’s not any form of damage, not theft, and definitely not loss. Therefore, it’s not covered!
Questions For Insurance Companies
You should shop for a cover for the whole engagement ring, including any cost for redesign and any engravings. Ask your insurer…
- Is my ring covered in the case of theft, loss, and accidental damage?
- Do you refund in full or do you have a limit per item?
- Is it covered both when it’s within and outside the country?
- Can I complete my trip before making my claim?
- What proof do I need to show when making a claim?
- Under what circumstances can’t I make a claim?
Three Insurance Questions To Ask A Jeweller
You might be thinking “What’s the point talking to the jeweller? If we lose the ring, we can’t replace a specially designed hand-made ring back, anyway.” Yes, you can if you ask your jeweller…
- Do you keep my engagement ring design? If so, how long for?
- Can you make a replacement if I lose the ring tomorrow?
- Can you guarantee your successor will be able to make a replacement ring?
If the ring designer or craftsperson who made your ring is no longer with the jeweller from whom you purchased it, getting another ring isn’t the same thing – but at least with insurance money you’ll have your money to fund a replacement.
Also, ask your jeweller about revaluing your ring every two years so you can adjust the insurance cover.
Standalone Insurance Policies For Engagement Rings
It’s common for a jeweller to offer standalone insurance policies managed by a specialist insurance company such as “Q Report in Sydney”. Other jewellers might suggest you contact insurance companies with whom they’re affiliated. Either way, be aware that placing the engagement ring under its own policy could be costly – but weigh up the pros and cons, particularly for more expensive rings.
Insuring Your Ring With Home and Contents
Consider placing the ring as a separate valuable item under your home and contents policy. You place a value on ring and a value on the rest of your home content – for example you might say a $500,000 value for all content plus $10,000 for your engagement ring.
If you lump your rings with the home contents, you may find that the cover has limitations. Ask the insurer in what instances your ring is covered, including if it is accidentally damaged outside the home. Some insurers won’t cover the ring unless there’s a major break-in in your home during which your ring was stolen with other items. So read the small print, and ask lots of questions of your insurer.
Still Feeling Undecided?
Some might wonder why not park your rings inside a safe or a bank safety deposit box while you’re on a trip. The answer is simple: You paid for a ring for a reason – for her to wear, not hide it under lock and key! And it’s not about the why, where, when or how the ring goes missing or gets damaged – in the long run it’s about how you can replace it!
Mick the Jeweller’s clients are always pointed in the right direction for the best insurance options. Mick is affiliated and has insured his personal jewellery with Q Report. To get a quote check out www.qreport.com.au
To make an appointment to discuss the design of your engagement ring contact me.
If you are worried that your existing ring might need a revamp, or that the stones may have become loose over time – you can make an appointment to have a ring service as well.
I’m looking forward to hearing from you.