Post # 1
My fiance and I are debating whether or not to insure our rings.
My parents as well as a few friends have told us it is a ridiculous idea. They say it is a waste of money because insurances prey off people’s fear. They made the point that we will most likely never loose/have stolen/have anything else happen to our rings and will just be pouring our money away instead of putting that extra money into savings every month. They said that even if something did happen it would be better to just have been saving all our money and to deal with the cost then.
However, I know the flip side is if something were to happen to our rings neither of us could afford to just hand over the money and get new ones on the spot – we saved for years to afford them!
The appriased value of all our rings (E-ring + 2 wedding rings) is around $13,000. (We paid around 9,000, but i believe insurance is based on the appraisaed value)
Any advice on the pros and cons??
Please explain why you have chosen one way or the other??? Also how you insured them/who you chose as a company?
EDIT: We currently do not own anything to add the insurance on to. We have a company car (so no personal car insurance), no house (so no home insurance) and no possibilty for renter’s insurance where we are. So I don’t even know how we would if we did want to….
Post # 3
I can’t vote since we insured mine but not his. Mine was $10k and the insurance is about $60 a year which is well worth it to me.
I almost lost my ring once and was very glad we had insurance for it. It gives me a peace of mind knowing that if I do lose it, it’s insured.
Post # 4
We insured mine. His was $115 so we are not worried about his but if anything happened to mine, I would not have 10k to replace. I have known 2 grooms that lost theirs on their honeymoon as well as a bride who did the same. It is a minimal cost and makes me feel better that it is insured.
Post # 5
Yes you should insure your rings. The cost is minimal compared to what it would cost to replace them out of pocket. If you have home owners insurance (or maybe even just renters?) you can just add them on.
Edit: we did not insure his since it was less than $1000
Post # 6
Im getting a moissy, so it wont be a HUGE amount of cash..Im not sure but im following this thread to see what others have to say
Post # 7
We only insured my rings, not his. His is a $35 titanium ring I got on Etsy. Our premium is like $30/year.
Post # 8
We insured my ering (moissanite) as an add-on to our rental insurance – it was so easy and cheap to do.
Post # 9
My friend’s house was robbed and all the jewelry she received as gifts from her engagement party (part of our culture) was stolen. This included gold and gemstone jewelry and it was not insured. The only reason her engagement ring wasn’t stolen is because she was wearing it.
I think anything over $1000 should be insured.
Taking @mtbikelover: situation as an example, she’d have to pay that $60 premium for 160 years to equal the insurance amount. If she saved that $60 for even 30 years, it wouldn’t even be $2000. She would definitely not be able to replace her ring using only the amount she would have spent on insurance.
So I don’t understand how what your parents’ are saying makes any sense. I think ring insurance premiums are respectively cheaper than home or car insurance premiums and it totally worth it.
Post # 10
- Wedding: August 2013 - Rocky Mountains USA
We definitely insured my ering. It’s a family heirloom (=free) but is appraised at $7000 – no way could we come up with that on the spot. I’m kinda spacey about jewelry so it’s not unthinkable that I would lose it (but I hope not!!) Well worth the $70 per year in my mind. Our wedding bands won’t be too valuable so they won’t be insured.
Post # 11
We just added my engagement ring to the home insurance. I’m not sure how much we pay for it. I think if you can afford to insure, it’s worth it!
Post # 12
FI and I insured mine the day he proposed. We went through Perfect Circle and it was a simple online process. If you go to their website you can get a free estimate how much it will cost. It is really not that expesnive, and gives me total peace of mind. I pay around $325/year and full coverage. It may sound like a lot but my ring is worth a lot, and the thought of the diamond cracking, losing it, or having it stolen is aweful. I don’t worry nearly as much anymore. I chose perfect circle over a rider on my insurance because the prices were really similar, and perfect circle had much better coverage (i.e. sudden disappearance). My insurance didn’t cover loss; only theft or damage.
Post # 13
If you can’t afford the $13,000 out of pocket to replace the rings if something happened to them, then you should insure them. However, to me, $13,000 is a lot of money and even if I could afford to replace them on my own, I don’t think I would want to spend it.
Post # 14
I work at an insurance agency so I’m biased. I spend all day talking to people who have lost, damaged, or had things stolen. I’ve had to deal with the people who didn’t buy the policy and then dropped it down the drain, lost it in their gym bag, had a loose stone fall out.
We don’t have enough money to pay for a brand new ring if something happens. For the amount the insurance cost vs what the ring is worth, it would take 75-80 years before we’ve spent more on insurance than the ring costs. I spend less a month for the coverage than I do on one day’s lunch. It was a no brainer for me.
Post # 15
I didn’t insure my E-ring, to me it’s just a ring and the money I’d spend on insurance is being saved for other wedding related stuff.
Post # 16
Minimal fee for peace of mind, IMO.