Should You Insure Your Engagement and Wedding Rings?

Engagement proposal with ring

How much should you spend on your engagement and wedding rings?

The amount you spend on your engagement and wedding rings is a personal preference -- the simplest bridal set given with love is worth just as much as a million dollar engagement ring.

An engagement ring is asking your partner to spend their life with you; a wedding ring is showing the world that you’ve found the person who has taken your heart.

So don’t worry about how much you spend on your engagement and wedding rings, it really isn’t important! What is important is that you find a piece that represents each other -- that is where your jeweller will play an important part.

At Australis Jewels, we’ll help you find your perfect engagement and wedding rings by getting to know you and understanding which elements are important in the finished pieces. A good jeweller will have your best interests at heart and will never try to make you spend more than you can comfortably afford. Remember, if you get a sense that you’re being sold to, RUN!

Should you insure your engagement and wedding rings?

Gold and diamond engagement and wedding rings

Our advice is that you should definitely consider it because your engagement and wedding rings are an investment in your future as a couple and like all valuable items, they are worth protecting.

We find that the best way to insure your jewellery is by asking a lot of questions of your insurer. Pay special attention to the following as these items are important to understand before you get your jewellery insurance.

  • If you accidentally lost your engagement ring, would this be covered? We’ve all had that moment where we’ve gotten a bit overly excited at the beach. Jumped in, only to realise we didn’t take our rings off first! This ends one of two ways; your rings are still there! Thank god! Or in a lot of tears.
  • If you accidentally damage your engagement ring, would this be covered? As jewellers, we’ve seen it happen -- your fiancé asks you to help him to move something heavy and next minute, your hand and that something heavy are in an unfortunate position.
  • Can you return to your preferred jeweller? You want to come back to us, right? In all seriousness, this is important! If the unfortunate happens, you want to have a choice of who makes your replacement pieces rather than being told where you must go.
  • Are you covered for the agreed value or “up to” the agreed value? There is a big difference here; “up to” means you may not receive your agreed value! You definitely want an insurer that will pay your agreed value, not what they determine your pieces to be worth.
  • Who will assist you if you need to make a claim? Will you be assisted directly by your insurer or will a third party be involved in the process? It is always best to deal directly with your insurer.
  • If I make a claim, will the insurance premium go up? Pay special attention here as you may find your premium may skyrocket after making a claim. You’ll want an insurer who honours a “No impact claims” policy.

How much does it cost to insure my jewellery? 

So you’ve asked all the hard questions of your insurer except for one, how much does it cost to insure my jewellery? 

This is a difficult one for us to answer as we aren’t insurers; however we have done a bit of research to make your life a bit easier. The prices quoted below are from an insurer who provides all the services we’ve outlined above and the prices are current as of 19/04/2021.

  • An engagement ring costing approximately $5000 will set you back around $165.00 per year
  • An engagement ring costing approximately $8000 will set you back around $220.00 per year.

Now realistically, those are affordable numbers, a few less café latte’s a month and you’ve paid to protect one of your most precious items, which seems reasonable to us.

 

How does jewellery insurance work? 

Woman researching on laptop

So the question now is how does jewellery insurance work? In our experience, your insurer will ask you for the following documentation prior to approving your policy, so have these items ready:

  • Receipt of purchase.
  • Photos of your jewellery – it is best to provide multiple angles and to ensure that your photos are clear.
  • A valuation certificate from a reputable valuer is very important, we recommend a registered valuer who belongs to the National Council of Jewellery Valuers (NCJV).

 

Please Note:

If you would like us to provide you with a valuation certificate for your purchase through Australis Jewels, please let us know at your time of purchase.

  • A diamond grading certificate - Australis Jewels provides diamond grading certificates with all of our engagement rings.
  • Proof of possession – You will need to take a photo of your jewellery next to a document which shows the current date, a shopping docket perhaps?

 

Once your policy has been approved, you are all set to go. If something goes wrong, you’ve done all your homework and submitted the appropriate documentation, so you should be in good hands to make your claim.

Depending on your insurer, you will either receive your replacement jewellery or you will be provided with your agreed value as settlement of your claim.

 

Is jewellery insurance worth getting?

Newlywed coupleWhat do you think? Is jewellery insurance worth getting? Based on our experience and the research we did for this blog post, we believe it is. Let’s look at some of the pros and cons:

 

Pros:

  • It provides you with peace of mind knowing that your important pieces will be protected should the worst occur.
  • If you’ve found the right insurer, the process should be very simple.
  • The prices seem very reasonable based on our examples, at $220 a year for an $8000 ring it would take over 30 years for you to pay the value of the ring.
  • You can enjoy wearing your jewellery anywhere and should an accident occur, it wouldn’t be the end of the world.

 

Cons:

  • You’ll have to do without a few Café’ Latte’s a month to pay for the premium…. Or you could just have them as well… that’s what we would do.

 

You may have noticed that we haven’t recommended any specific insurer; we’ve done that on purpose as we’d like you to share your experiences! Is there a jewellery insurer you would recommend? Tell us who you’ve found fantastic so your fellow jewellery lovers can share in the benefits.

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