Where can I Get the Best Engagement Ring Insurance?

No matter how careful you are, engagement rings take a beating. They’re worn day in and day out. Over time, prongs can bend out of shape, and gemstones can wriggle loose. Thieves are always on the prowl for jewellery they can pocket, and sometimes rings slide off fingers during a swim in the ocean, never to be seen again.

With so many potential mishaps in its future, your chosen engagement ring could use some protection (and you could use some peace of mind). But where can you go to find the best engagement ring insurance?

As you survey your options, be sure to ask plenty of questions. The answers to these questions will help you to know which insurance provider is right for you.

How much insurance do I need?

If you receive a generic, one-size-fits-all answer to this question, chances are good that your cover won’t be a good fit. When you ask about how much insurance you need, the solution should be highly customised to your engagement ring.

It doesn’t make sense to pay for more cover than you need. By the same token, too little insurance could leave you unable to replace your precious rock.

Here at Q Report, we offer an instant, online quote so you know roughly how much your premium will be. Once you submit your documentation, we have our jewellery experts tweak that quote, so your cover fits the ring like a glove.

Each year, our jewellery experts provide a complimentary revaluation, so you’ll always have the just-right amount of insurance for your engagement ring. Since market prices for gemstones and precious metals rise and fall, the value of your jewellery doesn’t remain static from year to year. We always want you to have enough cover for full replacement, so we only offer custom policies.

How do I obtain jewellery insurance?

The process should be simple and straightforward. If you purchased your jewellery through a Q Certified Jeweller, in most cases they can insure your jewellery at the point of sale without you having to provide further documentation.

In all other cases, we typically need copies of the following documents:

Receipt of purchase
Photo of jewellery (top and side view)
Valuation
Diamond / Gemstone certificate (if applicable)
Proof of possession – take a picture of the item in front of a document with today’s date (e.g. a newspaper or receipt)

If you don’t have all of this information, don’t worry. Simply send what you have, and one of our consultants will review it and let you know if we need anything else.

How long until my insurance takes effect?

When buying an engagement ring, timing can be everything. Perhaps you’ve planned one of these 20 unique proposal ideas, or maybe you want to pop the question on her birthday. Whatever your schedule, you need insurance as soon as you purchase the ring.

Our Q Report coverage is instant from the moment payment has been successfully received. You will automatically receive a Confirmation Advice confirming you are covered. With this peace of mind, you can proceed with your plans, knowing the ring is protected from theft, loss and damage.

What do I do if I need to make a claim?

If something happens to your engagement ring, you will need to notify us directly. You can either call us on 1300 882 018 or email us at claims@qreport.com.au. We’ll guide you through the next steps where we will require a statutory declaration, and a police report (if lost or stolen).

We will then take care of the rest and liaise with your jeweller and the underwriter and keep you updated along the way. Assuming we don’t need further information, claims usually take five business days to process, though we often complete the process more quickly.