The Essential Guide To Longines Watches
For over a century and a half, Longines watches have captivated collectors with their craftsmanship,...
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"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.
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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:
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?
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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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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