Should I insure my engagement ring?

engagement ring

Whether your fiancé hired a professional proposal planner or opted for one of our laid back proposal ideas, one thing that’s certain to have got your attention is that engagement ring.

Your sparkler is so much more than another piece of jewellery. It’s a symbol of commitment and your intent to marry, and is likely to be on your finger not just during the run up to your big day but for years to come.

As a result, your engagement ring is certain to be one of your most prized possessions, which is one of the many reasons why you should consider insuring it.

In this blog post, we take a closer look at the other reasons why engagement ring insurance is a great investment…

Because you’re only human

Accidents happen, and even something as prized as your engagement ring may be left somewhere, knocked in the bin, damaged during your usual daily routine, or swallowed by the dog. Whatever the accident, most engagement ring insurance policies cover you for loss or damage.

Because it might get stolen

According to a recent YouGov survey, around one quarter of British people worry that their belongings may get stolen, particularly at this time of year.

The same research found that of all the items owned, whether gifted for Christmas or purchased before, it was wedding and engagement rings that were the most prized after irreplaceable photo albums.

Whilst nothing will replace a stolen engagement ring, engagement ring insurance gives you the peace of mind that you can purchase a ring that you adore should the worst happen.

Because it may not be covered by other policies

Many engaged couples make the assumption that their engagement ring is automatically covered by their existing home insurance policy.

It’s true that your engagement ring can be covered by this type of policy, but there may be some restrictions in terms of individual item claims.

Most standard home insurance policies have individual item claim limits of between £1,500 and £2,000.

If your engagement ring is worth more than this figure, you may want to consider engagement ring insurance.

If you do intend to protect your engagement ring through your existing home insurance policy, inform your insurer that you have an engagement ring.

Before you do, be sure to get your engagement ring valued. Here Policy Expert explains how:

“Most people are probably unsure of what their engagement ring is worth. Plenty of jewellers will provide you with written and email quotes. It’s best to get two or more to be most certain of its value, and if you aren’t sure of which jewellers to use, your insurer should be able to help. This is a sensible step to take for any jewellery you own that you suspect is of considerable value, not just engagement rings.”

Because it’s an expensive purchase

Diamonds and alternative engagement gemstones aren’t cheap, with engagement rings in the UK ranging from £500 to £4,000 and much, much more.

There’s also the myth that grooms should spend an average of two to three month’s salary on this very important purchase, but whatever your fiancé ends up spending, your engagement ring will be priceless.

Your engagement ring insurance policy will protect your ring’s material worth as well as the love and commitment that your ring represents. This means that however much was spent on it, it’s worth protecting.


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