So you have popped the question and become engaged! Congratulations! Many couples spend a great deal of time researching to find the best jeweller to make their dream engagement ring. For others, it can be quite spontaneous and the engagement ring purchase takes no time at all. Regardless of which path you go down, engagement ring insurance is something that you really should consider.
Of course engagement rings are not indestructible and they can be badly damaged, lost or stolen. If you wear your ring all the time, even when doing household chores, going to the gym or gardening, you run the risk of damaging your ring. And if you take the ring off, then it is possible that you could lose it or it could even be stolen.
Imagine how awful you would feel! An engagement ring is a big investment, both in terms of the emotional significance it has, and also in monetary value. If you have insurance on your engagement ring, it is possible that the ring can be repaired or replaced if needs be.
Sure, if you have to replace the ring it won’t be your original engagement ring. But at least if you do have insurance you will be in a position to replace it. If you don’t have insurance, it will be a very costly proposition indeed.
Not All Insurance Policies Are the Same
Insurance on your engagement ring really is a good idea. After all, you insure most things that are important to you, and an engagement ring is definitely going to fall into that category. Contact your insurer to get a quote.
Most house and contents insurance policies will cover jewellery up to a certain value as part of the standard policy. This is not usually enough to cover replacing an engagement ring. You will need to specifically insure the ring.
Always check the terms of the policy you are considering. Many are restricted in that they do not cover the jewellery if you are overseas. Some do, but if you are on a holiday for more than a couple of weeks you may not be covered. Other policies only cover you if you are in your home. You are not covered once you step out your front gate. Some policies are stand alone policies. Others attach to your home and contents insurance. With this type, you must have at least a contents policy in order to insure your ring.
Can You Use The Jeweller of your Choice?
Always check that you are able to use the jeweller of your choice. Not all policies allow this and you may be required to use a jeweller who the insurer uses. This jeweller may cut corners in the diamond selection and ring making to keep the costs to the insurance company to the bare minimum.
Most insurance companies will require you to have a valuation on your ring. At Ellissi, we provide you with an independent valuation of your engagement ring that has been drawn up by a member of the National Council of Jewellery Valuers. This valuation confirms all the details of the ring, including the diamond grades. It should be updated every couple of years or so. In the unhappy event of you needing to make an insurance claim, you have a detailed independent document that verifies all the detail of your engagement ring.
Please do not hesitate to ask us about engagement ring insurance when you collect your ring. We can give you quite a few tips on what to look out for when looking at different insurance policies.