Poll: Do You Have Insurance on Your E-Ring?

posted 5 months ago in Rings
  • poll: Do you have insurance on your engagement ring?
    Yes. : (169 votes)
    70 %
    No. : (43 votes)
    18 %
    No, but I plan on getting an insurance policy. : (29 votes)
    12 %
  • Post # 46
    Member
    32 posts
    Newbee
    • Wedding: June 2019

    My soon-to-be fiance(!!) and I just bought my engagement ring and are waiting for it to be sent from New York as we speak. I considered insuring it, but don’t think I will end up doing it. It cost $825 (plus tax), which seems to be on the lower side for engagement rings, and it just doesn’t seem to make sense. I’d be curious to know the prices of the rings ladies are insuring versus the prices of the ones that ladies aren’t.

    Post # 48
    Member
    1060 posts
    Bumble bee
    • Wedding: October 2017

    futuremrsjones2019 :  I think this makes a huge difference. Even if we pay the insurance for 30 years, we still wouldn’t hit what the ring cost and is appraised for. It would take 72.5 years of paying to hit the appraisal cost. That made it worth it for us. We travel a lot so it gives me piece of mind.

    Post # 49
    Member
    4154 posts
    Honey bee

    louisea2018 :  as long as the replacement value is high enough I guess it makes sense, otherwise I self insure. It would take 100 years for me to pay the full value of my ring in insurance so it makes sense to me to pay the insurance on it since it’s definitely something I would replace if it was damaged or stolen. But if I estimate a 3ct ring at $20k (I’m in U.S. so maybe prices are different) then after 10 years you’ll have paid more in insurance than the ring is worth. I have lots of other pieces that are each in the $3-5k range that I don’t bother insuring because (a) it’s family pieces that can’t really be replaced in my mind (b) if I did want to replace them I can more easily afford to do so on my own than compared to my engagement ring and (c) I don’t wear them every single day so the chances of damage or loss are significantly less. 

    Post # 50
    Member
    92 posts
    Worker bee
    • Wedding: November 2018

    LilliV :  Yes exactly, it would take close to 40 years to pay the full value of my ring in what we pay in insurance and I wouldn’t have the cash to replace it if something happened to it so hence the fact its insured. The insurance is up on mine next month so I will be shopping around to see if I can get a better deal – fiance insured it when he first got it so I never got the chance to shop around as the proposal was a suprise.

    Post # 51
    Member
    2436 posts
    Buzzing bee
    • Wedding: June 2015

    We don’t seem to have anything as good as Jewellers Mutual on the UK. Mine is insured under our household and contents insurance, but it is itemised and makes the policy more expensive. I’m also required to have the setting checked annually which the jeweller does for free. 

    It’s really important to read and comply with all the small print on your policy and ensure you are insured for replacement value. I have hard and scanned copies of all receipts, valuations etc. 

    Don’t forget to get it revalued every so often too, I’ve just had my heirloom rhr revalued and it’s one up by over £4,000 (replacement value) since my mum gave it to me. 

    Post # 52
    Member
    24 posts
    Newbee
    • Wedding: Ruidoso NM

    I just added mine to homeowners policy 

    Post # 53
    Member
    997 posts
    Busy bee

    Yes I just got a policy with Jewelers Mutual for my ering only. It’s just over $300 a year which is steep 🙁 

    Post # 55
    Member
    32 posts
    Newbee
    • Wedding: July 2017

    Insurance through Jewelers Mutual. We insured it literally the day we got our papers in the mail. I would never not insure my ring!!

    Post # 56
    Member
    502 posts
    Busy bee
    • Wedding: October 2017

    Most home/auto insurers can add an additional coverage to the policy to cover the ring. Mine is covered for loss, theft, disaster, etc. and it literally costs pennies a month. Less than $30/year. This is beneficial if you want your ring covered without an expensive insurance plan 

    Post # 57
    Member
    101 posts
    Blushing bee
    • Wedding: November 2016

    Does anyone know if Lavalier lets you choose your own jeweler like Jeweler’s Mutual?  I am trying to decide between the two!  Premiums are the same from both so I am having trouble deciding which to go with.

    Post # 58
    Member
    958 posts
    Busy bee
    • Wedding: November 2011

    1111makeawish :  Yes you get to choose your jeweler with Lavalier! I signed my sister up with them after her ring got done and I’ll be doing the same for mine!

    Post # 59
    Member
    156 posts
    Blushing bee
    • Wedding: October 2018

    Also jewellers mutual.  Covered it the day after I got it.  I wanted to be sure i could comfortably wear my ring everyday, everywhere without fear of damage or loss.  

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