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Q Insights

Jewellery insurance info, helpful guides, resources and industry-leading insights.

 

Jewellery Insurance

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When you first start shopping for an engagement ring, you might feel that you’ve gone back to school! Between researching the 4C’s and learning a whole new vocabulary (bezels, pavé stones, tension settings, etc.), it’s all a bit much.

And then, when you finally find the sparkler of her dreams, it’s time to start learning about another topic: insurance

We’ve made learning simple for you. With the following ten facts, you’ll learn everything you need to know about engagement ring insurance. By the end of this article, you can carry on your merry way, enjoying the bliss that your true love inspires.

1 - Your Home and Contents Insurance Falls Short

You can indeed add jewellery to your home and contents policy, but what kind of protection will you receive?

Most home and contents policies put a per-item limit on high-value possessions like jewellery, so you probably won’t receive enough of a benefit to replace an engagement ring. And since this type of insurance is designed to cover appliances, roofs and refrigerators, it’s perfect for stationery items but not so great for a ring you wear everywhere you go. Your home and contents insurance probably won’t cover your ring when you wear it outside of your dwelling.

2 - Insurance Fills the (Huge) Gaps Left by Warranties

Your jeweller will probably offer a warranty with the purchase of an engagement ring. But a warranty only covers manufacturing defects. If your ring is fundamentally flawed, you’ll make the discovery within a few weeks or months. A stone will fall out, or a claw will bend out of shape. Your warranty will take care of repairs or replacement.

But what happens after the warranty period expires (most warranties last several months or up to a year)? And even while the ring is under warranty, you’ll need some protection for accidents, theft and loss. That’s where insurance comes in.

3 - Specialised Jewellery Insurance Saves the Day

Wearing a brand new engagement ring can feel like tending a newborn baby. It’s so much responsibility, and the fear of losing or damaging it can cause severe stress. Specialised jewellery insurance offers peace of mind because it protects your engagement ring everywhere you go, even while you’re travelling overseas.

4 - Insurance Protects You from Theft

Thieves love jewellery because it’s difficult to trace and incredibly easy to sell. Furthermore, millions of dollars in jewels can be discreetly hidden in a pocket! You can protect yourself from theft by insuring your engagement ring with specialised jewellery insurance. 

5 - Insurance Covers Damage

Engagement rings are made of hardy substances like platinum and diamonds, but that doesn’t mean their immune to damage. Prongs bend out of shape, stones fall out of their settings, and scratches can mar your ring’s shine. When you have specialised engagement ring insurance, damage like this is not a tragedy. You can return to your jeweller for repairs.

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6 - Insurance Protects You from Loss

Losing a treasured engagement ring is a nightmare, but fortunately, specialised jewellery insurance will replace your lost sparkler. With Q Report insurance, you can even return to your original jeweller for your replacement ring.

7 - An “Agreed Value” Policy Pays the Full Amount Shown on Your Policy

Agreed Value means that in the case of an approved claim for a total loss, we pay the full sum insured amount on your policy (minus the $100 excess). Some types of policies don’t pay the full amount shown on your policy if they can replace your engagement ring for less. Insist upon an Agreed Value policy.

8 - Jewellery Values Change Over Time

Your receipt only shows how much you paid for the ring; it doesn’t tell whether you paid more than the market value or got a good deal. Your jewellery insurance policy will be based on how much it would cost to replace the piece, given current market conditions.

Jewellery values fluctuate based on supply and demand of precious metals and gemstones, labour costs and even currency exchange rates. Each year, your engagement ring will be revalued to make sure you have sufficient coverage.

9 - You Still Need to Care for Your Jewellery

Just because you have insurance doesn’t mean you should be careless with your engagement ring. Jewellery is not indestructible. And while your insurance covers theft, loss and damage from accidents, it doesn’t cover normal wear and tear over time.

You can keep your engagement ring looking shiny and new by developing good habits and cleaning it regularly. Remove your ring when using heavy tools and sports equipment like racquets and dumbbells. Avoid slathering it with lotions, creams and cleaning chemicals. Finally, check in with your jeweller every year or so for a closer inspection and a professional cleaning.

10 - You Can Receive an Instant Insurance Quote Online

If you’ve already purchased the engagement ring, fill out this form to receive an instant quote. If you’re still in the market for a ring, consider shopping with a Q Certified jeweller. These fine establishments facilitate the insurance process, so your piece will be covered from the moment you walk it out of the store.

To learn more about our Q Report engagement ring insurance, give us a call at 1300 882 018. We’re here to protect the things you love, and we look forward to speaking with you.

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Engagement Ring Budget Calculator

What you need to save to meet your timeframe and budget is:

This has not taken cut, colour, clarity or carat, your financial situation or your partners taste into account. There are many factors that can reduce or increase the value of an engagement ring.


Not sure where to start?

Speak with one of our Q Certified Jewellers to find out what you can afford, what your partner is looking for and what will financially work best for you.

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