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Jewellery Insurance

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How Much is Ring Insurance?

Q Report Team
Updated on October 06, 2022
4 min read

After making a large purchase like an engagement ring, you may not be in the mood to spend more money. This is precisely why ring insurance is so important. With specialised jewellery cover, your fiance can wear that much-loved engagement ring without worrying about what will happen if it becomes damaged, stolen or lost.


But what exactly is ring insurance? And how much will it cost? When you’re looking to buy a large-ticket item like an engagement ring, these are responsible questions to ask.


Let’s take a closer look at ring insurance to help you to understand why it’s so important and what you should expect to pay.


Why Ring Insurance?

Most home and contents insurance policies include a provision for jewellery, but the exclusions on these policies can leave you wanting more security. For example, most contents insurance only covers the jewellery when it’s inside your home, leaving your jewellery vulnerable every time you leave the house.


Many travel insurance policies include some coverage for jewellery, but again, the conditions are limited and may not include enough cover to replace items such as engagement rings - unless you pay a higher premium to specify high-value items.


Specialised ring insurance is designed to give you the peace of mind to enjoy your jewellery to the fullest, allowing you to wear it everywhere you go with the assurance that it’s fully covered. In addition to full coverage, ring insurance like Q Report gives you the option to return to your chosen jeweller if something happens to the ring. You’ll also get your ring revalued  each year, helping you to know if your current coverage is enough to provide for the current market value.


What Should You Expect to Pay?

You might expect that specialised jewellery insurance costs a lot. According to Harper’s Bazaar, the median price for an engagement ring in Australia is $4,000. Estimates from luxury jewellers are, of course, much higher. But even at $4,000, chances are that you won’t want to have to pay that much money again anytime soon for a replacement.


Just as you cover your other expensive items, such as your car and your home’s contents, it’s wise to get specialised cover for your jewellery. Our clients are pleasantly surprised to discover how little it costs to protect their rings from damage, theft and loss.


You can find out right away how much it will cost to cover your ring with an instant online quote.


Why Specialised Insurance is Worth the Investment

Doubtless, you’ve heard terrible stories from friends and family members about things that have happened to engagement rings. They get lost in the ocean, damaged by wear and tear and even stolen during burglaries. With some types of insurance, such as contents and travel, you may receive a partial benefit after a loss, but with specialised jewellery insurance, you’ll have your much-loved ring fully restored to you.


Q Report Jewellery Insurance includes benefits like:


Agreed Value Policy

With specialised ring insurance, you’ll receive the full amount shown on your policy in the case of a claim. Some types of insurance will replace the ring at the lowest price they can buy it for, but we stand by the quality of your original ring and have the expertise to provide an accurate valuation.


Your Choice of Jeweller

Because we care so much about quality, we think it’s important that you have the ability to return to your chosen jeweller for repairs or replacement.


150% Cover

Sometimes it’s not possible to fully replace a ring for the same price, given fluctuating market conditions. That’s why we build an extra 50% into our Classic policy cover. We want to make sure that your replacement is every bit as lovely as the one you lost.


Annual Revaluation

Every year you’ll receive a complimentary revaluation of your ring. Knowing how much your ring is currently worth is not only interesting, but it also gives you peace of mind to know that you have enough cover to replace it at its current market value.


Worldwide Cover

You’re not just engaged when you’re in your home; you’re engaged everywhere you go! That’s why we think it’s important that your cover follows you around worldwide. So take your ring with you on your honeymoon; it will be covered while you travel the world.


Instant Cover

Because your ring is so valuable and loved, we think it should be covered from the moment you walk it out of the jeweller.


Get an instant online Q Report quote today and protect the things you love.


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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.

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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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