(Closed) How expensive should your rings be in order to justify insuring them?

posted 5 years ago in Rings
  • poll: How expensive should a wedding set be in order to justify insuring it?
    Doesn't matter, insure them anyway! : (30 votes)
    24 %
    Over $500 : (12 votes)
    9 %
    Over $1000 : (25 votes)
    20 %
    Over $2000 : (21 votes)
    17 %
    Over $5000 : (27 votes)
    21 %
    Other- explain in comments : (12 votes)
    9 %
  • Post # 3
    Member
    831 posts
    Busy bee
    • Wedding: May 2013

    Can you replace them without significant financial hardship? That is pretty much the only factor.

    Post # 4
    Member
    7904 posts
    Bumble Beekeeper
    • Wedding: March 2012 - Pelican Grand Beach Resort

    @musician32992:  If you could endure the loss and replace the item within a reasonable amount of time, then the isnurance is a waste. If you absolutely couldn’t, then it may be worth it. Generally, insurance is a losing situation because most people will never use it, so you should really only pay for it in cases where the loss would be debilitating, like if your house burned down.

    Post # 5
    Member
    160 posts
    Blushing bee
    • Wedding: July 1997

    I think it depends on whether or not you could afford to replace them if you lost them.  If you can easily spend another $1600 – $2000 if something happens to them, then insuring them isn’t necessary.

    Post # 6
    Member
    799 posts
    Busy bee
    • Wedding: September 2014

    @musician32992:  It would cost about 26 dollars a year to insure with no deductible (depending on where you live). Even if you can swing to replace it, why not save money in the case of an unfortunate event? 

    Post # 7
    Member
    11343 posts
    Sugar Beekeeper
    • Wedding: May 2009

    I am not sure about this, and it obviously would depend on the specific insurance policy involved, but I think it’s somewhat common that a singular piece of jewelry valued at UNDER $1,000 may be covered under a homeowner’s insurance policy and would not require a separate policy or rider. Have you talked with your insurance company?

    Post # 8
    Member
    14415 posts
    Honey Beekeeper
    • Wedding: June 2011

    Our insurnace covered up to $1500 loss in jewelery, so anything less than that would not need to be added.  The problem is if you have a lot of $1500 piece, they still only cover up to $1500 unless you added coverage for additional pieces. I learned this the hard way.  I had a lot of “cheaper” (in comparison to my e-ring) 600-1500 rings that I didn’t think to insure, since individually, they weren’t extremely expensive to me, but when they *all* got stolen, it sucked.

    Post # 9
    Member
    3331 posts
    Sugar bee
    • Wedding: November 1999

    That’s a really good question. I was just discussing it with my husband with regard to some of my newer jewelry. You have to look at yearly insurance cost vs replacement cost. We don’t get insurance on anything under a certain value so only some pieces are insured. I would hate to think of losing it all though….

    Post # 10
    Member
    2553 posts
    Sugar bee
    • Wedding: May 2013

    My rings will total in at $2500 and I think its a good idea for us.

    Post # 11
    Member
    3825 posts
    Honey bee
    • Wedding: August 2013

    I voted for Other: Let Me Explain. If you have a zero dollar deductible, then why not insure it? If the cost of the deductible is less than the ring, then get it insured. 

    Post # 12
    Member
    947 posts
    Busy bee
    • Wedding: November 2012

    I just asked my Fiance in regards to my wedding band. Appraised value is $2500 and the premium is about $30 semiannually ($60/yr) with an inflation-rider built into it. So, even if I lose it in 10 years and could easily buy a new one our policy will cover $2500 + whatever the inflation value is. 

    Post # 13
    Member
    8696 posts
    Bumble Beekeeper
    • Wedding: September 2013

    I voted if it was over $2000 bc I think there is a minimum with insurance. It is VERY cheap to insure a ring so I dont understand why someone wouldnt unless it is not worth much to replace it.

    Post # 14
    Member
    9955 posts
    Buzzing Beekeeper
    • Wedding: December 2012

    I would.

    It is a matter of BOTH what you yourself can afford to replace on short notice (as others have mentioned) and what the layout / value is really worth in dollars

    Example…

    My first marriage, my rings were around $ 1000, insurance was aprox $ 12 a year back then (circa 1980 if I reall).  After 10 years, I’d spent say $ 150… after 20 years… maybe $ 300.  BUT by the time my marriage was over (25 years) the replacement value for my rings was closer to $ 2000 dollars… know this because I had them appraised post-Divorce.

    So indeed their value went up over time… not so much because I had a great diamond… but more so because the price of gold had doubled.

    If I had lost my rings, without having insurance (and assuming I was still married and wanted to replace them), then we’d be looking at a significant amount of money to out-lay… aprox $ 2000 (or intotal 2x what we paid for them 25 years earlier).

    With Insurance, I would have spent all of aprox $ 300 to $ 350 dollars, over the years, and would be getting my rings replaced as good as new for not a penny more.

    Insurance is a good thing IMO, whether something goes wrong or not.

    And jewellery insurance covers a lot more than just lost or stolen, it also covers “mysterious disappearance” etc.

    PS… There is a difference between Insurances.  There is replacement value at current value (ie my $ 1000 rings = $ 2000), and there is replacement ($ 1000 original price).  Do know what you are buying.

     

    Post # 15
    Member
    87 posts
    Worker bee
    • Wedding: February 2012

    It depends how much of deductible you have on your insurance. If it is $1000, than for your set, you would only recover $600-1000 while paying how much per year?

    Post # 16
    Member
    490 posts
    Helper bee
    • Wedding: September 2013

    All my jewelry is insured, I started doing this after my parents house got broken into and alot of my mothers jewelry was stolen(thousands and thousands of $$$).  She is now having to replace what was taken and at the time she didnt think insurance was a big deal.  NOw my dad has everything she owns insured.  We pay for my engagement ring and wedding band $32 a year and I would recommend insuring it, its not just if you lose it but if its stolen on a trip or at home or if it gets severly damaged.  If you can afford the $20 – $30 a year I would def do it.

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