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


Jewellery Insurance

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5 Things to Know About Diamond Ring Insurance

Q Report Team
Updated on December 13, 2022
3 min read

It’s no secret that diamond ring insurance is a smart investment. After all, an engagement ring is one of the most valuable purchases of your lifetime, and not simply because of its monetary value. It captures a moment in time, a commitment, and a pure expression of your love for another.


That’s why countless Aussies choose to protect their rings with insurance. However, countless more wrongly assume that their home and contents or travel insurance has them covered. In this article, we look at 5 essential things to know about diamond ring insurance and protecting your jewellery.



1. Specialised Diamond Ring Insurance is Different to Home and Contents


Home and contents insurance policies usually include some level of cover for your jewellery, but this is subject to several conditions. The amount of your cover will depend on your provider, whether or not you’ve specified jewellery on your policy, and only apply if you comply to their terms of cover.


If you rely on your home and contents to cover your jewellery, it’s likely that you:


  • Won’t be covered if you take it out of the house
  • Will need to go to a jeweller nominated by your insurance company for replacement
  • Will be covered for a low sub-limit, unless you’ve specified your high-value pieces.


On the other hand, diamond ring insurance only is tailor-made to protect your jewellery with superior cover. Click here to learn more about Q Report jewellery insurance.



2. Warranty Doesn’t Equal Insurance


It’s important for engagement ring shoppers to understand the difference between warranty and insurance, as this distinction has caught Aussies unawares in the past.


A warranty covers you for manufacturing issues for a limited time. In simple terms, it’s a guarantee that the ring has been made correctly and that it meets your expectations of quality.


Specialised diamond ring insurance, on the other hand, is cover for damage, loss and theft.


It sounds like a simple distinction, but it has caused issues in the past. In fact, the ACCC has issued several fines to retailers in other industries who have exaggerated the benefits of their warranties to consumers.



3. Insurers Like Q Report Offer Cover Up to 150%


150% cover is one exceptional benefit of specialised jewellery insurance that you won’t find with home and contents. When we insure your jewellery, we don’t just cover you for the agreed value, we actually offer cover up to 150% of that value.


This means that if replacing your jewellery costs more than the price you paid for it, we have you covered.



4. We Let You Return to Your Original Jeweller


If you rely on home and contents insurance to cover your jewellery, you’re giving them the power to dictate where to replace your precious jewellery if it’s damaged or lost.


With jewellery insurers like Q Report, we give you the choice to return to your original jeweller for replacement. We know that you chose your jeweller for a reason, and we know how important it is to have someone you trust recreate the unique ring you chose.



5. Your Rings Don’t Need to Be Expensive to Be Worth Insurance


It’s a common misconception that jewellery needs to be expensive to be worth insuring. While not all rings are worth $10,000, they’re all priceless in sentimental value.


Our Q Pocket cover provides specialist jewellery insurance for rings valued between $1000 and $5000, with instant worldwide cover, an agreed value policy, the option to return to your jeweller and more.


To see how little it can cost to protect your jewellery with the cover it deserves, get an instant online quote with us today.


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