Created by: Rebecca Goodman | 8 March 2019

Do you need insurance for your engagement ring?

Congratulations you’re engaged, now before you start planning the wedding and scanning Pinterest for flower arrangements, one slightly less-exciting task is to make sure your new ring is insured in case it get lots, damaged or stolen.

Engagements rings cost an average of £2,657, according to bridal planning website Hitched.co.uk and therefore it’s important to make sure yours is properly covered. Here’s how to make sure you have the right insurance so you can get on with planning the more fun things.

The policy you need depends on the cost of the ring

It might be a tricky subject to bring up, but how your ring is insured will depend on how much your fiance paid for it.  

Most contents insurance policies will automatically cover expensive items of jewellery, such as engagement rings, if they cost up to £2,000.

If the ring costs more than this you’ll usually need to call your insurer and tell it - and there may be an extra fee to pay. 

You’ll need extra cover for taking your ring out of your home

Your contents policy covers all your belongings when they’re in your home, but for taking these items out of the house you’ll need to pay an extra fee with most insurers.

This is called the ‘personal possessions’ and it usually costs around £30 a year to add to a policy, and will then cover all of your expensive items when you are out and about.

Not only is your engagement ring covered, this will also include items like computers, smartphones and tablets - as long as they aren’t worth more than the valuable item limit on your policy.  

Keep all your paperwork in a safe place

If the worst does happen and your ring is damaged, lost or stolen, you will need to make a claim on your insurance policy and you may needs to get a policy report depending on what has happened.

You will also need to give details about how much the ring costs so keep the receipt in a safe place.  It is also worth taking a photo of the ring as some insurers may ask for this when you’re making the claim., especially if it’s a one off.

Take your ring to be valued every three to five years

The price of precious metals, such as gold, changes over time and therefore it’s advisable to get your ring valued at least every five years. 

This means if you do need to make a claim, the price paid out will reflect the current market value of your ring.  

You may need a specialist policy

For very expensive rings - usually worth £3,000 or more - you may need to take out standalone insurance. 

Before you buy a policy always check the small print to see what’s covered - loss or damage might be included, for example, but scratching or denting might not be. Also check the excess value which you will have to pay if you make a claim, and make sure the overall limit is accurate for your ring. 
 

Insurance

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