(Closed) insurance on your engagement ring?

posted 6 years ago in Rings
Post # 3
3170 posts
Sugar bee
  • Wedding: October 2012

We have it, fiance insisted. We havn’t had to use it and I better not ever have to but it would suck if something happened and we had to pay out of pocket for it to be fixed.

Post # 4
186 posts
Blushing bee
  • Wedding: August 2012

In my opinion, you shouldn’t be wearing it at all if it isn’t insured. Depending on the appraisal value, it shouldn’t be more than $40-$70 dollars per year. . .

Get it immediately. 

Post # 5
3227 posts
Sugar bee

@blondemotives:  I’ve been thinking about doing this.. It’s fairly inexpensive (like I was quoted $46 a year or so depending on the value). It seems to me like over time you are just paying for a new diamond but if something were to happen early on you wouldn’t have to worry about it. I say it’s a good investment. I will be getting a quote with Jewelers Mutual.

Post # 6
5977 posts
Bee Keeper

I have insurance on my engagement ring, wedding band and my grandmother’s engagement ring that was passed down to me. In total, I think I pay about $110/year. I haven’t had to make a claim on it, but based on what my rings are worth, it would take over 100 years for the insurance premiums to equal the value of all 3 rings. So to me, it’s well worth it in case I lose it, it gets stolen or is damaged.

Post # 7
248 posts
Helper bee
  • Wedding: June 2013

It is totally worth it. We pay $25 a year. 

Post # 8
2869 posts
Sugar bee
  • Wedding: August 2013

I keep putting off getting my ring insurance but I do plan to get it… just need to get the appraisal done first.  I know I need to get it done soon but losing it just seems like such a distant possibility and my store warranty covers losing stones.

Post # 9
1132 posts
Bumble bee
  • Wedding: June 2013

It’s so worth it. I have insurance on mine and it is super cheap. My mom lost her wedding ring set a while back, and my dad was able to get her an exact replica with upgraded stones because they had insurance on it for their next anniversary. 🙂

Post # 10
1471 posts
Bumble bee
  • Wedding: April 2012

I have been thinking about it, but I have had my ring for a year and a 1/2 and have yet to do it

Post # 11
3697 posts
Sugar bee
  • Wedding: May 2012

We pay a little over $200/year for insurance on mine and my wedding band.  I’d be heartbroken if I lost it, but worse if he just *lost* all that money. 

Post # 13
1841 posts
Buzzing bee
  • Wedding: April 2014

I won’t repeat what I’ve said before about separate policies, other than they are the best way to protect your investment.  I have all of my valuable jewelry insured, and it averages about $10 per $1,000 of value.  Well worth it IMO.

Post # 14
5243 posts
Bee Keeper
  • Wedding: April 2013

Make sure you get it!! We have my ring added as a rider on our home owner policy and I think it’s only about $60 for the year. I also have a fake replica of my ring that I wear to places where I dont feel comfortable wearing my ring too like on a trip

Post # 15
4714 posts
Honey bee
  • Wedding: January 1998

Very worth it!! GET IT!

Post # 16
1676 posts
Bumble bee
  • Wedding: June 2011

It’s so important and worth it. I did lose my set (it’s a long story that involves taking it off to avoid damage then not being able to find it), and I can’t imagine how horrible it would have been if we hadn’t had insurance. It was so upsetting (especially because the stone was an heirloom), but it would have been so much worse if we had just lost all that money too. No one thinks they’ll be the one who loses their rings, but, unfortunately, these things do happen. Ignoring the possibility will just hurt you more in the long run if something does happen. I had my rings for years without any incidents, so I can see why some people think it’s unlikely (I would have said the same thing before all this). Still, unlikely or not, it’s worth the peace of mind considering how inexpensive jewelry insurance is.

$108 for 7k worth of coverage seems a little high to me, but not outrageous. I’ve always heard that the rule of thumb is about 10% of the insured item(s) value, but our coverage has always been slightly more than that (like 12% or so). 

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