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TL;DR Standard travel insurance provides minimal coverage for engagement rings and valuable jewellery, typically limiting coverage to $500-$1,000 per item. High-value engagement rings exceed these limits significantly. Specialised jewellery insurance offers comprehensive worldwide coverage without sub-limits, geographic restrictions, or activity exclusions for international travel. |
Planning to pop the question overseas? Arranging for a honeymoon trip following your upcoming wedding? Amid your exciting preparations, consider how your engagement ring will be protected. You should know that your travel insurance probably won’t adequately cover the ring during your holiday.
Many travel insurers specifically rule out coverage for all high-value pieces of jewellery, or limit their coverage for these items. In this post we’ll compare travel insurance with jewellery insurance, giving you the information you need to make a smart decision about protecting that precious engagement ring.
Do any travel insurance policies include cover for jewellery? Yes, most travel insurance makes some provision for jewellery. The problem is that the cover generally doesn’t include more expensive pieces, such as engagement rings, and the other exclusions rule out many situations.
While it’s true that many travel insurance policies include some cover for jewellery, that cover is usually restricted. For example, many providers place a $750 limit on their jewellery provisions. Not many engagement rings fall within this narrow limit.
Others only cover the value of the jewellery item at the time when it was lost or damaged. If the piece costs more to replace than it was worth, you have to make up the difference or settle for a lesser value item.
In addition to covering a narrow value window, most travel insurance policies place exclusions on their cover that put your ring at risk.
For example, some policies only cover your jewellery while you’re wearing it; if it’s in your hotel room, it’s not protected. Other policies don’t cover your jewellery if it’s stolen from a vehicle or if anything happens to it while in a transport carrier. Between all of these exclusions, your jewellery may be covered for only a portion of your trip. And that’s just not enough.
Instead of putting your engagement ring at risk with insurance that won’t fully cover it or only provides protection under certain circumstances, safeguard it with jewellery insurance that is comprehensive and customised for your unique piece.
With an agreed value policy, your jewellery insurer agrees to pay the stated amount of your engagement ring without making any adjustments for appreciation or depreciation. And since your ring will be revalued annually, you’ll always be insured for the amount it’s truly worth.
With our jewellery cover, you can return to your chosen jeweller for repair or even total replacement. You originally chose that jeweller because you trust them. Maybe they’re a family jeweller or a reputable referral. Either way, you should have the option to return to that jeweller if you need your jewellery repaired or replaced.
No matter how far you travel, your engagement ring will be covered with our comprehensive jewellery insurance. Our cover never varies based on location so that you can wear that ring on your honeymoon without any worries.
As mentioned previously, our jewellery cover includes a free annual revaluation. The value of a piece of jewellery can change from year to year, depending on the going prices for precious metals and stones as well as other factors. With this benefit, you’ll always know that your current cover is adequate for repair or replacement.
Cover that engagement ring from the moment you walk it out of the jewellery store. With Q Report jewellery insurance, your pieces can be covered right from the start.
Sometimes, it costs more to replace a ring than it’s actually insured for. As precious stones and metals are traded in US Dollars, a sudden currency rate fluctuation could mean that your jeweller can’t replace the item for the insured value. With our comprehensive jewellery cover, you’ll have a little extra in your replacement budget to take care of instances such as these.
Clearly, travel insurance is a poor substitute for specialised jewellery insurance for your engagement ring. To learn more about our cover, or to get your own free estimate, get in touch with us. We’ll help you to enjoy your travel fully, knowing that your engagement ring is protected.
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