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Engagement Ring Insurance

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Engagement Ring Insurance


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They say diamonds are forever, but the truth is it is all too easy to lose your engagement ring – or worse still, have it stolen – even if its perfectly-cut diamonds really are eternal.

Whether you wear a Tiffany engagement ring, a Cartier, Bulgari or DeBeers, and whether it is a diamond ring, a sapphire ring or an emerald ring, losing this constant symbol of your perfect love would be nothing short of heart-breaking.

That’s why it might be a very smart move to protect your ring with a low-cost engagement ring insurance policy…and smarter still to compare jewellery insurance quotes in order to ensure you find the very best engagement ring insurance at the cheapest price.

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Do I need engagement ring insurance if I already have contents insurance?

Possibly not.

Many contents insurance policies will cover personal valuables, which can include items of jewellery, so if you already have home contents insurance then your engagement ring may be insured already, particularly if it cost less than £1,000.

If your engagement ring was a little more expensive than that – and research suggests the average amount spent on an engagement ring in the UK is £1,471.01 – then you may find that your standard contents insurance policy only covers part of the ring’s value, with many insurance providers having a cap of £1,000 for single items.

Still, in that case you could contact your insurance provider and ask them to add your engagement ring as a named item on your contents insurance, instead of taking out separate insurance for your diamond ring.

Of course, if your ring isn’t currently covered by an existing insurance policy then taking out dedicated jewellery insurance might be the best plan of action – and some of the best jewellery insurance policies will cover your wedding ring, earrings, necklaces and so on, in addition to your engagement ring.

I don’t know how much my engagement ring cost – can I still insure it?

This is a common conundrum for newlyweds, but unfortunately the insurance company will need to know the purchase price of the engagement ring before they can calculate the insurance premium.

Of course, that doesn’t necessarily mean your husband or fiancé will have to tell you how much he paid.

An alternative option could be for your partner to insure the engagement ring himself, instead of letting you insure it. That way he can declare the value of the ring to the jewellery insurance broker without having to spoil things for you.

Can I insure my engagement ring if it is a family heirloom?

The short answer is probably ‘yes’.

While the market price of gold, platinum and silver fluctuate regularly, many items of jewellery, particularly those featuring one or more precious stones, will retain a lot of their value over the long term, and in some cases they may even appreciate in value, particularly if they are an antique.

With this in mind, many specialist engagement ring insurance brokers are happy to insure engagement rings that are family heirlooms, provided you can prove their value.

Some insurance companies might need you to have the heirloom professionally appraised before they will offer to insure your engagement ring, while others will only need to see a valuation if you are claiming on the insurance.

It is also worth mentioning that for more expensive items of jewellery – with valuations of £10,000 or more, for example – some insurance firms may insist that the ring is re-appraised on an annual basis, which obviously adds to the overall cost of insuring your engagement ring (a ring appraisal can cost anywhere from £30 to £100, depending on your location and which company you use).

Can I insure my engagement ring if it is an antique?

Yes, it should be possible to find antique jewellery insurance for your ring.

As with family heirlooms, many items of antique jewellery retain much of their value over the long term, and in many cases antique engagement rings may actually appreciate in value as the years roll by.

However, similar to engagement rings that are heirlooms, antique rings will almost certainly need to be appraised by a specialist at some point – if the jewellery insurance company doesn’t need to see an appraisal when you take out your insurance, they will almost certainly require one if you ever claim on your insurance.

What types of incidents will I be covered for if I insure my engagement ring?

The specific details of each engagement ring insurance policy will vary from firm to firm, but generally speaking many specialist jewellery insurance companies will cover some or all of the following eventualities:

  • Accidental damage
  • Malicious damage
  • Loss, including the loss of a precious stone from its setting
  • Theft
Can I insure all of my jewellery under one insurance policy?

Yes, if you have a sizeable jewellery collection you should be able to find jewellery insurance that covers the whole collection under a single policy.

With that kind of jewellery collection insurance your wedding ring, eternity ring, earrings, necklaces, brooches, bracelets and even watches could be insured, in addition to your most precious item of jewellery – your engagement ring.

However, with this kind of policy it is important to keep two factors in mind – the combined value of all the items of jewellery in your collection, and the highest valuation for a single item in that collection – since they will impact the total amount of cover you will need and how much that cover will cost.

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