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Jewellery Insurance

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How Much Does Engagement Ring Insurance Cost?

Q Report Team
Updated on November 11, 2022
3 min read

Wedding costs add up fast! And worse, the list seems to grow as you approach the big day. But if you want to protect that gorgeous new rock (and at this point, it’s difficult to imagine your life without it), specialised jewellery insurance is the way to go.

Over the years, we’ve heard all kinds of traumatic horror stories, from the diamond that slipped down the sink drain to the injurious boating disaster. We’d hate for something like this to steal your ring away from you without hopes of restoring it to its current glory.

How much does engagement ring insurance cost? In this article, we’ll look at some of the factors that influence the price of quality cover.



What stones and metals combine to make the magic that is your engagement ring? Do you have a round brilliant diamond? A deep green emerald? Did you choose peachy rose gold or lustrous platinum?

The law of supply and demand affects jewellery prices and therefore insurance costs. Rare gemstones and precious metals increase the value of your jewellery and as such, the cost of cover will increase. 



You may have bought your engagement ring a decade ago. If so, it has probably changed in value since then, but without an estimate, it’s tough to know how much it’s worth.

If you lost your ring today, how much would it cost to replace? Could you afford to lay out such a sum? Our Q Report policies include a revaluation at renewal, provided free of charge each year. This benefit helps you to know how much cover you require; it also affects the cost of your engagement ring insurance.


Excess Amount

When you make a claim against your jewellery insurance, you pay an excess amount. With some policies, excess amounts vary. No one likes unpleasant surprises, especially after losing a precious piece of jewellery.

That’s why our Q Report policy is transparent. We offer a fixed, low $100 excess, no ifs, ands or buts. When you shop around for jewellery insurance, be sure to ask about this point; it will make a substantial difference if you have to make a claim.


Ability to Return to Your Jeweller

You chose your jeweller for important reasons. Perhaps you chose Anania to create a bespoke yellow gold engagement ring. Maybe you picked a vintage solitaire from Gray Reid Gallery because of their solid reputation for antique pieces. 

No matter why you chose your jeweller, we think you should be able to return there for repairs or replacement if the unthinkable happens. This option may affect the price of your engagement ring insurance, but it doesn’t have to.


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Point of Sale

Where do most people purchase engagement ring insurance? If you shop with a Q Certified Jeweller, you can buy insurance when you buy your ring. With this option, you have full coverage from the moment you walk out of the store. If you’ve already purchased it, however, or if you buy the ring overseas, you can call us or start the process online.

Will the point of sale affect the price of your insurance? Not with Q Report. We offer the same affordable prices online as you’ll pay in the shops.


Customer Service

Do you have to pay more to get excellent customer service from your jewellery insurance? That may be the case with some companies, but we think you deserve both affordable prices and top-notch service.

As soon as you realise something is wrong with your ring, give us a call. We’ll walk you through the claims process and keep you updated every step of the way. Our team works quickly, aiming to restore your jewellery to you as soon as possible.


Ready for a Custom Quote?

Why haven’t we just told you how much your engagement ring insurance would cost? Because we haven’t yet talked to you! We need a little information from you to offer a quote. What does your ring look like? How much did you pay for it? 

To receive your custom quote, fill out our online form. Or, if you prefer to chat with real live humans, give us a call at 1300 882 018. We’ll put you on the road to peace of mind.

Looking forward to speaking with you!


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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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