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


Jewellery Insurance

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Engagement Ring Insurance: What to Look For

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

In all likelihood, your engagement ring is your most treasured piece of jewellery. Not only does it hold a sentimental place in your heart, but it probably represents a hefty financial investment as well. Because of these factors, it’s only natural that you want to keep it safe and protected.

Like any other valuable item, an engagement ring is vulnerable to theft and loss. But another factor makes this particular piece of jewellery a bit more susceptible to damage: you wear it every single day!

Although you may live like a princess on your wedding day, real life returns quickly. You’ll wear that gorgeous sparkler while you’re working, playing, tidying and cleaning up the garden. Diamonds are some of the toughest stones on earth, but they’ve been known to crack or chip. What can you do to protect your precious engagement ring from the knocks and bruises that accompany everyday life?


Engagement Ring Insurance

There are several ways to insure your ring. You can specifically list your engagement ring on your home and contents policy, but you should be aware that this type of cover comes with restrictions. Jewellery may not be covered while it’s away from your home, and you may not receive enough of a benefit to replace it entirely.

Portable contents insurance and travel insurance can fill gaps in your contents policy, but these types of cover also have limitations.

For full engagement ring coverage, look to specialised jewellery insurance. There’s peace of mind in knowing that if the unexpected happens, your insurer will fully restore your engagement ring to you.


What to Look for in Engagement Ring Insurance

When you begin shopping around for jewellery insurance, what should you look for? After speaking with hundreds of satisfied customers, we’ve learned about their priorities. Here are some things they look for:


A Company that Knows (and Loves!) Jewellery

You can buy insurance for just about anything. And many insurance companies cover all kinds of items, from refrigerators to cars to roofs. Here at Q Report, we insure only two things: jewellery and luxury watches.

We’re passionate about jewellery and watches, so that’s all we do. When you speak with one of our experts about your engagement ring, they’ll be well-versed in diamond shapes, precious metals and even the latest trends in jewellery.


Agreed Value Policy

Some insurance companies won’t pay the full amount shown on your policy when you submit a claim. Even if you’re paying a premium on the insured value shown, they can choose to replace your engagement ring at the lowest price that they can buy it for.

At Q Report, we want you to feel clear and confident with your cover. That’s why our policies provide agreed value cover, which means we pay the actual amount shown on your policy minus a flat $100 excess if you lose your jewellery.


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Worldwide Protection

Whether your engagement ring is stolen from your home or lost in the Mediterranean, it will be covered under your Q Report jewellery policy. Not every policy out there provides such wide-ranging protection, however, so it’s essential to ask as you research your options.

Worldwide cover is especially important if you plan to propose overseas or travel for your honeymoon. Proposing without an engagement ring would be sad. Avoid worry and risk by protecting your ring from the moment you walk it out of the store.


Instant Cover

That brings us to another vital issue: instant cover. When you complete your payment at the jewellery store and take possession of that sparkler, you might feel like you’ve just been put in charge of babysitting a newborn.

Why not reduce your risk by insuring it from the point of sale? When you purchase your engagement ring from a Q Certified Jeweller, you can rest assured that even if you injure it on the sidewalk out in front of the store, it’s absolutely protected.


Option to Return to Your Jeweller

With some insurance policies, you don’t have many choices about where your ring gets repaired or replaced. This could lead to a difference in quality or even style.

Our goal is to restore your ring to you fully. That’s why we give you the option of returning to your original jeweller. You chose that jeweller for a reason. Maybe you love the artistry, or maybe it's the craftsmanship or reputation you admire. When you’re dealing with a loss, it’s comforting to return to the familiar.


How to Get Q Report Engagement Ring Insurance

If you’re ready to protect your precious ring with specialised jewellery insurance, start by obtaining a free, instant quote. Of, if you’re more of a talker, give us a call at 1300 882 018. We look forward to providing you with unparalleled peace of mind.

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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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