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Yellow gold or white gold?
Pear-shaped or oval?
Wedding band or no?
You may have thought you’d finished making decisions when you took the life-changing step of proposing. And while picking out the ring may have been challenging, here’s one decision that’s easy: purchasing ring insurance.
Specialised jewellery insurance protects your engagement ring from damage, theft and loss. It allows you to wear your precious sparkler with peace of mind, knowing it’s covered if the unthinkable happens.
But if you’ve never purchased jewellery insurance before, you probably have questions. In this article, we look at the Do’s and Don’ts that will guide you to security and peace of mind.
Jewellery values fluctuate more than most people realise. If you want your engagement ring to be fully insured, your policy must have enough coverage to replace it. That’s why you should seek out a policy that provides complimentary valuations every year upon renewal.
When you purchased the engagement ring, your jeweller probably gave you several essential documents, including a lab report on the diamond’s characteristics. Save all of your documentation, including your receipt and date of purchase, so your insurance provider has everything necessary for full coverage.
Specialised jewellery insurance is your ultimate line of defence against the loss of your engagement ring, but don’t stop there. Consider installing a safe in your home for your most precious jewellery, and when you’re on holiday, use hotel safes to protect your ring.
No matter what kind of policy you choose, you should know precisely what you’re paying for and what you should do in the event of a claim. Avoid using an insurance company that mentions vouchers and “preferred suppliers.” If you need repairs or replacement, you should be able to return to your original jeweller.
What if you’re overseas when you lose your engagement ring? Contact your insurance provider immediately to begin the claims process. You can always reach us at Q Report on 1300 882 018.
If you store your valuation documents, receipts and certificates with your jewellery, you’re helping the thief to sell your items once they’re stolen. Store your documents in a separate, safe place where you can find them when you need them.
Home and contents insurance works well for covering refrigerators and furniture, but it’s not designed for jewellery. With per-item limits and geographical limitations (you wear your ring everywhere you go, not just inside your home), protection can be spotty at best. If you’re currently relying on your home and contents insurance for your ring’s protection, read the fine print carefully and determine whether or not you need full, complete protection.
When you’re newly engaged, you may feel swamped by your new to-do list. Between wedding planning and marriage preparations, it’s easy to procrastinate details like starting an engagement ring insurance policy.
Starting your insurance policy is a little task that offers enormous rewards. It doesn’t take long, and when it’s done, you’ll stop worrying about wearing your ring out and about. Enjoy flashing your rock, knowing it’s protected.
If you haven’t yet purchased your engagement ring (and you don’t have a favourite jeweller), consider using a Q Certified jeweller. These establishments make it incredibly easy to insure your sparkler from the moment you walk it out of the store. To explore the Q Certified jewellers in your area, take a look at the directory.
If you still have questions about engagement ring insurance, simply ask. We love discussing jewellery and watches (they’re the only items we cover), so we’d love to hear about yours! And if you’ve already found answers to your questions and want to start the process, let’s get rolling with your instant quote.
To get an accurate insurance quote, please provide the amount from your purchase receipt.
Don't have the receipt?
If you don't have the receipt, you can provide the most recent valuation amount instead.
