(Closed) Getting E-Ring Insured

posted 4 years ago in Engagement
Post # 2
17 posts

My fiancé got mine insured yesterday. We got engaged NYE.  I thought it was a bit silly but he just looked at me like I had five heads and said it ‘has’ to be insured. I don’t know what my ring cost, but I know it wasn’t ‘cheap’. 

Post # 3
1628 posts
Bumble bee
  • Wedding: June 2017 - A vineyard

I did! Mine is full of tiny stones, wedding band too. So I would feel much safer with them insured. This way if they get damaged somehow beyond repair it’s easier to get them replaced. 

It was easy. I used jewellers mutual for mine. I called and asked for a quote and then we gave them the appraisal my jeweller gave me when she gave us the ring. It basically detailed what the ring was made of for the insurance company and the replacement value and that was it. It was insured ๐Ÿ™‚

I’ve heard of people using riders on their regular insurance too. But I’m not sure what all you would need to give to them for that ๐Ÿ™‚

Post # 4
1912 posts
Buzzing bee

I definitely got mine insured. I think it depends on how much it cost. To reach how much my engagement ring cost, I’d have to pay my premium for 70 years. That is worth it to me. It covers many things and gives me a ton of peace of mind. It is a very easy process. We also use jewelers mutual. I need to add my wedding band but I need to get it appraised. 

Post # 5
24 posts
  • Wedding: August 2019

Getting my ring insured wasn’t even a question it was a must! It’s a safety net, god forbid the ring gets stolen or lost, or even damaged. We have way too much going on to be able to afford to replace or fix it. 

Post # 6
2722 posts
Sugar bee
  • Wedding: April 2017

My husband spent a good amount on my ring so for me it was a no brainer to get it insured.  If he had spent like $100, I probably wouldn’t.

Post # 7
2023 posts
Buzzing bee
  • Wedding: October 2018

Yes, absolutely. My Fiance added it to his homeowner’s insurance policy.

Post # 8
85 posts
Worker bee

It depends on what your risk tolerance is. Insurance is negative expected dollars (insurance companies make money after all), but individuals are risk averse (you might rather definitely pay $100 than have a 1% chance of losing $9000, because losing $100 doesn’t materially affect your life, but losing $9000 might).

Here is a back of the envelope calculation you can do to figure out how much you’re paying for insurance—

Take your insurance premium (annual rate) and divide by the insured value to get the cost of insurance as a %. Subtract from that your best guess at how likely you are to lose the ring in this year. The result is how much money you’re paying to reduce your risk of loss/etc. (If you have a $100 ring and the insurance is $2 a year, and you think there’s a 1% chance of loss, it’s costing you $1 to be insured against this risk.)

Once you have this number, decide how bad it’ll be to lose the value of your ring, and whether it’s worth paying this number to avoid it. If this is a negative number, check your understanding of the policy and your math, but it’s probably just a good idea to do it.

Whether you purchase a particular policy should depend on other factors as well, like the terms of the policy. The flexibility of cash policies is generally worth a bit more.

Post # 9
702 posts
Busy bee
  • Wedding: July 2018

I use Lavalier for all three of my rings. I had an accident and slammed my hand in a door and broke a prong on my engagement ring main stone. I fronted the money to get It fixed and two days later had a check in the mail. So totally worth It! It paid for itself in that one incident. I know that pavé stones are prone to being lost or damaged, and I wanted to be extra safe. It’s worth the money even if just for the piece of mind. 

Post # 10
3089 posts
Sugar bee

Mine is insured.  It would be fairly expensive to replace (fairly large diamond, 18 kt gold).  And I live in a major urban city so there’s certainly the risk of being mugged (although I tend to be pretty street smart and avoid certain areas especially after dark.)

It’s also an antique stone with a very thin girdle so there’s some degree of risk I could accidentally damage it, too.  (Although it’s set in a manner to protect the girdle as much as possible.)

I appreciate the peace of mind. And as another poster said, I’d have to pay my premium for about 65 years or so to reach my ring’s value, so I don’t see that as a waste of money.


Post # 11
324 posts
Helper bee

I got mine insured right away. If I lost it, it would be devastating but a replacement at no cost would help me feel better. It all depends how much the ring costs I think. If its $200 then there is no point, but if you have a costly ring its a must in my opinion. 

Post # 12
208 posts
Helper bee
  • Wedding: City, State

I did! Keep in mind that if you add to homeowners/renters, it may not cover losing your ring and you may not be able to use your original jeweler. Worth asking when you get a quote.

Post # 13
1080 posts
Bumble bee
  • Wedding: September 2017

Get it insured 

Post # 15
4509 posts
Honey bee
  • Wedding: September 2017

My good friend who works in the diamond industry who had gifted his wife a lot of bling once told me that he did not find insuring rings necessary.  However, just a week before my elopement I dropped my engagement ring in the bathroom.  It bounced off the sink and then off the tile floor, HARD.  The prongs had become loose and my diamond spinning freely in the setting.  I could have easily lost my diamond had I not paid attention.  It was at that point I recognized the value of insuring my ring.

I added it onto my preexisting policy that includes our cars and home through Amica.  There may be better options.  I see Jewelers Mutual often recommended here.

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