THE IMPORTANCE OF INSURING YOUR ENGAGEMENT RING

You have planned the proposal, chosen the perfect engagement ring that you know she will love and everything is looking wonderful for planning a future together.  When you are caught up in the excitement and celebrations of getting engaged it is very easy to overlook the possibility of what could happen if the valuable engagement ring that you have chosen is lost, stolen or damaged.   

No one really wants to consider any of these awful things happening but sadly it is a fact of life that these things are possible. Hopefully you will never be unlucky enough to experience loss through theft, but damage to jewellery is actually quite common. Diamonds can become lose and come away from the ring, your fiancés engagement ring could become caught on a piece of clothing so damaging the setting or diamonds. Sadly this type of damage is very rarely covered by   a jewellers warranty therefore you will be left out of pocket if your engagement ring is not covered by an insurance policy. The love and commitment your ring represents is just as valuable as its material worth, so insurance is a way of protecting the ring’s actual value. 

Finding the right insurance policy for your engagement ring 

Firstly you need to ask yourself, “can I afford to replace this engagement ring if it is lost or stolen?” If not, then it is vital to invest the time and money it takes to secure insurance. It is crucial that you carefully check what cover of your prospective insurance policy offers you with a  tooth comb as not all polices offer the same level of cover. Factors to consider are:  

  • Does the policy only cover theft or will it also cover unexplained disappearance, damage or loss due to a fire or other disaster? 
  • If you travel abroad regularly will the policy covers your engagement ring when abroad, as well as inside the UK.  
  • Will the value of your engagement ring be covered fully or partially? 
  • Does your policy cover a like-for-like replacement for your engagement ring? 
  • How will you be required to prove the loss of your engagement ring? 
  • What happens when you make a claim? Will the insurance company send you the money, or will they require you to replace your engagement ring with the same or similar ring from a certain store? 
  • What is your excess? A low cost to insure may be offset by a high excess payable by you in the event of a claim. We strongly advise that you double check the excess figure before taking out an insurance policy on your engagement ring as if the excess payable is close to or exceeds the value of your engagement ring,  this policy will in all likelihood not be the right one for you.  

Ensure that you engagement ring is professionally valued  

When taking out insurance always ensure that your engagement ring has been professionally valued and that you have photographic records to verify its appearance and condition. Keep your original purchase receipt as you may need to prove how much you paid for your engagement ring.  

Use a specialist insurer 

As tempting as it may be to add your engagement ring onto your household and contents insurance policy, it us always advisable to take out specific cover from a specialist jewellery insurance broker particularly if your engagement ring is worth more than £1500 Insurance companies dedicated to providing insurance for items of jewellery you can rest assured that you will be receiving the comprehensive cover available.  

Here at Reve Diamonds we are very happy to help with providing advice on insurance cover for your engagement ring, and provide a valuation service for insurance purposes and that can be used when obtaining quotes for your cover.  

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