Should I Get My Engagement Ring Insured – and When?

Jun 15, 2021 | Engagement Rings

Congratulations on your engagement! Now that you’re engaged, there are many things to plan – the venue, the reception, the dress, and so much more! However, something that many of you may also be considering is engagement ring insurance. Today, we’re going to answer all your questions about insurance for your engagement ring, why you should look at investing in it, and what to look for when choosing an insurance policy.

What is engagement ring insurance? 

Similar to how you can insure your house and car, you can also insure your engagement ring. This type of insurance policy aims to protect you from financial repercussions should your ring be lost, stolen, or damaged. Generally speaking, these policies will cover a range of items and will allow you to either replace, repair or recoup the cost of your ring.

Why should I insure my engagement ring?

Some may consider insurance unnecessary for an engagement ring, but the fact is that an engagement ring is one of the most valuable items you will ever own. What’s more, there are many instances in which an insurance policy will come in handy. You may lose your ring at the beach or in the pool, lost a stone due to wear and tear or (worst of all) had your ring stolen. If you would be upset if any of these things happened to your ring, then you should definitely consider investing in engagement ring insurance.

Although we understand that nothing could ever replace the sentimental value of your ring, it can still be reassuring to know that there are contingency plans in place should the worst ever happen.

How do I choose an insurance provider?

Now that you’ve decided to insure your engagement ring, the next step is choosing a provider. Here, you have two options: firstly, you could decide to purchase an extension to your existing home and contents insurance policy. However, something to keep in mind is that if anything happens to your ring, any jewellery claims filed will affect your entire policy and potentially increase your premium.

The other alternative is to take out insurance through an independent insurance provider that specialises in jewellery. Research the different policies available as they will provide varying levels of support. For example, here at Max Diamonds, we recommend engagement ring insurance through Q Report – a trusted provider that specialises in jewellery.

What does engagement ring insurance cover?

Depending on the insurance provider you choose, the amount of coverage you receive will vary. However, with our preferred provider Q Report, you will receive:

  • Coverage for accidental loss
  • Coverage for accidental damage
  • Coverage for theft
  • Coverage for “mysterious disappearances”
  • Coverage for loss or damage as a result of a natural disaster
  • Worldwide coverage
  • Ability to have the jewellery repair or replaced by your preferred jewellery
  • Free annual professional revaluation
  • Fixed $100 excess
  • No impact claims

Are you looking for trustworthy and reliable jewellery insurance options? To find out more, get in touch with the team at Max Diamonds today or visit us in-store. We recommend insuring your ring as soon as possible for maximum protection and peace of mind.

This information is correct from the date of publication. For up to date policy information please contact Q Report

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