10 Facts You Need To Know About Engagement Ring Insurance
When you first start shopping for an engagement ring, you might feel that you’ve gone back to school...
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If you could be doing anything today, what would it be? Shopping for insurance?
That’s not likely. But since the task must be accomplished, we’ll make it as simple as possible so you can get to what you really want to do.
We’ve divided this article into two main sections. First, we’ll show you a side-by-side comparison of specialised jewellery insurance and other types of commonly-used policies. Then we’ll look at the details of the three policies we offer.
People protect their jewellery in several different ways. Some rely on their home and contents policy to cover their engagement ring and other prized pieces. Others depend on travel insurance. For those seeking comprehensive, international protection, specialised jewellery insurance fits the bill.
We’ve put together a side-by-side comparison so you can spot the strengths and weaknesses of each type.
Jewellery Insurance |
Home and Contents Insurance |
Travel Insurance |
|
Coverage Location |
With a specialised jewellery insurance policy, your pieces are covered everywhere: in your home, at work, and even when you travel overseas. |
Home and contents insurance often protects jewellery when the damage or loss occurs inside your home, but it usually doesn’t offer coverage in other locations, you would need to read the fine print. |
Travel insurance typically protects your jewellery when you’re away from home, although you’ll need to check with your provider as exclusions often apply in certain destinations. You’ll also need to check the sub limits that apply to jewellery. |
Time Period |
Our Q Report jewellery policies cover your items 24/7 for the entire year. You can always renew for continuous coverage into the next policy period. |
Like specialised jewellery insurance, home and contents policy provides continuous coverage during the active span of time designated by your agreement. |
Travel insurance policies typically cover a short, specific amount of time that includes the days you plan on travelling. While this cover can be useful, your jewellery needs constant protection. |
Choice of Jeweller for Repairs or Replacement |
If you experience a loss, we think you should be able to choose the jeweller who takes care of repairs or replacement. If you want to return to your original jeweller, that’s fine by us! |
More often than not, you don’t have a choice about the jeweller who provides any repairs or a replacement piece. You should read the fine print. . |
As with contents insurance, you may not have a choice about the jeweller who provides any repairs or a replacement piece. |
Higher Premiums after a Claim |
With Q Report jewellery insurance, you won’t face a premium hike after you’ve had to make a claim. |
A claim on your home and contents policy may trigger higher premiums for the next renewal period and/or you may lose your no claims bonus. |
Since travel insurance isn’t acquired on a regular basis, you may not see any increase in premiums because of a claim. |
Agreed Value Cover |
A Q Report policy provides agreed value cover, which means we’ll pay the actual amount shown on your policy minus a flat $100 excess if you lose your jewellery. |
In typical home and contents policies, in the event of a loss, you will receive “up to” the amount shown on your policy. If the insurer can have it repaired or replaced through their supplier cheaper, they will. Again, talk to your insurer and read the policy documents carefully, |
Baggage limits generally range between $500 and $3,000, and per-item limits also come into play. Cover limits may be insufficient to replace a piece like an engagement ring. |
If you’re looking for round-the-clock protection for your favourite jewellery, our specialised insurance covers your bases and offers complete peace of mind. Whether you’re at home or abroad, you’re protected.
Let’s take a look at the three policies we offer. Which one will work best for your treasured jewellery?
Jewellery doesn’t need to cost tens of thousands of dollars for it to be priceless. Our Q Pocket policy protects your jewellery valued between $1,000 and $5,000. Its specialised cover and generous benefits include instant worldwide cover and the option to return to your chosen jeweller for replacement and repair.
Designed to protect items valued at $5,001 and over, our Classic insurance provides comprehensive cover no matter how far you travel. And in the event of a claim, you’ll always have the option to return to your family jeweller.
To many people, a watch is more than a way to tell the time. After all, with phones and laptops everywhere, it’s easy to get by without strapping a timepiece to your wrist. But luxury watches make fashion statements. They may be family heirlooms or represent years of hard work and career achievements.
Whatever your watch means to you, our specialised watch insurance policy will allow you to wear it with confidence knowing it’s protected if the unexpected happens. Like our standard jewellery policies, Q Report Watch Insurance offers peace of mind with an agreed value, worldwide cover, and the option to return to your watchmaker in the event of a claim.
If you still have questions, give us a call at 1300 882 018. We know you’re busy. We’ll help you get what you need and send you on your way. Alternatively, you can get a free online quote to find out how affordable it can be to protect the things you love.
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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