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


Jewellery Insurance

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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.


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