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For many of us, our jewellery is like a family member, and leaving it locked away at home while we travel overseas simply isn't an option.
Whether it’s your honeymoon, a hard-earned holiday or you’re planning to pop the question overseas, you’ll want to ensure that your jewellery is protected while you travel.
Is travel insurance the best option for your jewellery, does your home and contents policy cover you, or is specialised jewellery insurance the best way to go? We answer these questions and more in this guide to insuring your jewellery when travelling, so you can relax knowing you’ve protected the things you love.
Travel insurance is a must for protecting yourself overseas, but how does it go with covering your belongings? Most travel insurance policies include cover for your valuables, but most also charge an additional premium for high-value items. And if you forget to specify these high-value items when buying your policy, they may not be covered at all.
Travel insurers like Southern Cross Travel Insurance offer cover up to $10,000 per specific item and $15,000 total cover per journey, which is about as much as you’ll find on the market. Other providers like Covermore, Travel Insurance Direct and InsureandGo offer less than half that amount; only providing up to $4000 for specific jewellery items.
Depending on the cost of your jewellery, this might be enough to cover repair and replacement. But remember, it’s unlikely that travel insurers will give you the choice to return to your original jeweller. There are some other limitations of travel insurance when it comes to jewellery, including:
If your jewellery was stolen or damaged while it was left out of your sight (often termed ‘unattended’), while you were under the influence of alcohol, if you left it in an unlocked car, or you didn’t keep it on you while you caught a taxi, it’s unlikely you’ll be covered under travel insurance. In fact, if your accommodation offered a hotel safe and you neglected to keep your jewellery locked in it, you might even be refused cover.
Claiming for high-value items on travel insurance can be notoriously time-consuming. At the bare minimum, you’ll need to provide a police report and original proof of purchase, but you might also need to undergo an interview process and answer further requests. You may also be required to provide several quotes from jewellers, meaning your travel insurer has the final say on who recreates your lost item.
Travel insurance companies may also calculate depreciation of value into the amount of cover they provide. This rule can change depending on whether the item is specified or not specified on your policy, so it’s worthwhile double-checking if you’re relying on travel insurance for your jewellery.
As you can see, travel insurance can be an ok option if you only want limited cover for a limited amount of time.
A lot of Australians automatically assume that their precious jewellery is covered by their home and contents insurance. While this might be true in some cases, it certainly doesn’t apply when you’re travelling on the other side of the world.
After all, the name “home and contents” should give it away - in most cases your jewellery won’t be covered when it’s outside the home! This video outlines more differences between a home and contents policy and a specialised jewellery insurance policy like Q Report:
Sure, we might be biased, but specialised jewellery insurance is by far the best way to protect your jewellery assets while you travel. Not only does Q Report jewellery insurance cover you for loss, theft and damage across the world, it also allows you to return to your original jeweller for replacement and repair.
If you’re serious about preserving the quality and origin of your jewellery, this point alone should win you over.
Other ways that jewellery insurance like Q Report trumps travel and home and contents insurance include:
We believe you should have the freedom to truly enjoy your travel without worrying about vulnerable precious items. To see how little it can cost to protect your jewellery with 12 months specialised cover from Q Report, get an instant online quote today.
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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.
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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