<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1204737666323810&amp;ev=PageView&amp;noscript=1" alt="facebook">
Q Insights

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

 

Jewellery Insurance

Is Watch & Jewellery Theft on the Rise in 2024?

In 2024, a concerning surge in theft threatens the world of luxury as watch...

The Sentimental Value of Insuring Your Jewellery

Jewellery can be more than a style choice. Our most precious pieces are a r...

Building A Timeless Legacy With Jewellery Insurance For Your Priceless Family He...

Family heirlooms transcend mere jewellery. They embody a legacy, history, a...

Insurance Information

Luxury Watches

Is Watch & Jewellery Theft on the Rise in 2024?

In 2024, a concerning surge in theft threatens the world of luxury as watch...

Expert Advice: Luxury Watch Care Dos and Don'ts

Owning a luxury watch is like having a piece of history, a work of art, and...

10 Must-Have Accessories for the Modern Luxury Watch Enthusiast

Are you seeking to elevate your watch collection with a touch of individual...

Subscribe

Keep up to date with the latest jewellery trends, insights and inspiration from Q Report.

Diamonds

Live Your Life in Colour: Canary Diamond Engagement Rings

Do you know diamonds come in a wide range of colours?

Lab Grown vs Natural Diamonds (What's the Difference?)

When most people think of diamonds, they think of natural diamonds.

The Surprising Science Behind Diamond Cutting

A natural diamond is as rich in history as it is in beauty. From the moment...

General

Proposing at Home: Do’s and Don’ts

According to a 2019 survey of 20,000 newly-engaged couples, 21 percent of p...

Are Diamonds a Good Investment?

Most people don’t consider buying diamonds until it’s time to purchase an e...

Brisbane’s Top 10 Proposal Locations

Your heart’s all a-flutter and it’s hard to sit still. So you’ve decided to...

Helpful Resources

Featured Resource

The Complete Guide to Jewellery Insurance

Access the Guide
Featured Resource

The Ultimate Guide to Luxury Watches

Access the Guide
Featured Resource

Ring Size Guide & Sizer

Download Guide

Is Insuring Your Engagement Ring Worth It?

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

"Is jewellery insurance worth it?"

 

There is no black and white answer to this question.

 

Some people don’t insure anything. They don’t even have health insurance. They only take out the minimum third party car insurance, and if they have home insurance, it’s probably only because their mortgage demands it (in which case it’s unlikely that they have home contents insurance).

 

Our experience suggests that most people spend considerable amounts of money on an engagement ring, often in the thousands if not tens of thousands of dollars. It’s not a purchase they make lightly.

 

It’s often a three-step process. First, they get some basic education about diamonds. Next, they understand generally what their partner wants and likes. Lastly, they find a jeweller that they are comfortable with and have the confidence that they’re getting value for money.



Is jewellery insurance worth it

 

Consider Sentimental Value

 

There is tremendous amount of emotional significance their better half place on the engagement ring. It is such a visual representation of commitment, and a desire to give to another person something both beautiful and emotionally precious. In real terms, there is nothing that you will ever give your partner again that will carry the same emotional significance… amazingly not even the wedding band.

 

So therefore, you really need to ask yourself the question, is your engagement ring worth insuring?

 

In answering this question, it might help to ask yourself two other questions:

 

  1. If that engagement ring was lost or stolen, would you feel the same way about the loss as you would if you lost a pair of sunglasses? Losing your favourite pair of sunglasses may be irritating, but in most cases, you could just replace them in the next week or so if you wanted to. Could you just as easily purchase a new engagement ring?

 

  1. You insure your car. Is the risk of your engagement ring being lost, stolen or damaged the same as the risk of your car being stolen or damaged in an accident?

 

If you were able to have that absolute peace of mind that should anything happen to your engagement ring, it would be repaired or replaced to be exactly how it was before the loss, and assuming the cost was minimal, could you justify not insuring it?

 

 

Enjoy it With Confidence

 

Put aside emotion and apply strict logic for a moment. You wouldn’t dare drive a brand-new car out of the showroom without insurance, so why would you leave your jeweller with that engagement ring not being properly insured with specific jewellery cover? Even more so, an engagement ring is meant to be worn and enjoyed everywhere. You partner may wear it at the beach, exercise with it, travel on your honeymoon with it.

 

There are risks with everything in life. The question you have to ask yourself is – am I happy to accept this risk and live with any potential consequences?

 

You will note that we use the term specific jewellery cover, because at Q Report, we only insure jewellery, nothing else. It’s an insurance policy that was developed by jewellers catering to the specific needs of jewellery protection and coverage.

 

Sadly, every day we talk to customers who have jewellery claims. Unfortunately, more than 80% of them are engagement rings. The good news is that we can all share great stories about happy endings.

 

Is your engagement ring worth insuring? That’s up to you, but if you think it is, then give us a call. Check out our reviews to see what our existing customers think.

 

New call-to-action

Jewellery Insurance Instant Quote

Global-Calculator-Background_resized

Jewellery Insurance Instant Quote

PLEASE CONFIRM YOUR DETAILS AND SELECT THE BEST TIME FOR US TO CALL YOU

BACK TO YOUR QUOTE

SEE WHAT OUR CUSTOMERS SAY ABOUT US

Related Articles

Is Watch & Jewellery Theft on the Ri...

In 2024, a concerning surge in theft threatens the world of luxury as watch...

Curating a Gemstone Jewellery Collection...

Dive into the enchanting world of gemstone jewellery, where vibrant colours...

What are the Luxury Watch Brands To Watc...

In the ever-evolving world of horology, 2024 promises an enticing array of ...

Read what's next

Vector (25)

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.

Find your local jeweller
How much would insurance cost?
Get an instant quote