If you’re about to pop the question, your biggest concern is likely to be whether she’s going to say yes.
But have you given any thought to what will happen once the ring is on her finger?
In the excitement following an engagement, insurance is probably the last thing on your mind. However, an engagement ring isn’t just a symbol of your commitment to spend the rest of your life with the one you love. It’s also a valuable piece of jewellery. And if it went missing, it might be difficult to replace.
So before you get down on one knee, it’s worth thinking about getting engagement ring insurance.
Of course, we hope nothing happens to your engagement ring. But if it were lost, could you afford to replace it?
An engagement ring is often a significant investment. And with many people choosing to propose with a family heirloom, or incorporate a meaningful stone in their ring, it can be even more devastating if the unfortunate were to happen.
Remember, this may be the first time your partner is wearing a ring regularly. Even the most careful of people misplace things every now and then - all it takes for the worst to happen is for her to remove it to wash her hands and leave it behind.
The last thing you want is for your fiancee to be worried about losing or damaging her engagement ring. She’s going to want to show it off, not think about it slipping off her finger or getting misplaced every time she’s out.
And if you’re planning on popping the question overseas, it’s even more important to make sure you’re covered. Travel insurance is unlikely to cover high-value items and it’d be terrible to propose on the beach in Hawaii only to have the ring go missing.
Engagement ring insurance comes under jewellery insurance and is designed to cover the loss, theft or damage of your valuables.
Losing your engagement ring would understandably be devastating. If the unfortunate happens, jewellery insurance will cover the replacement or repair of your ring. Rather than have her worrying about wearing her ring when out and about, this will give her confidence that if anything were to happen, jewellery insurance will cover it.
Just like you wouldn’t drive a new car off the lot without insurance, you should think about getting engagement ring insurance from the moment you pick up your ring from the jeweller. After all, it’s not unheard of for the engagement ring to go missing before popping the question (or, in some unfortunate examples, even during the proposal).
Some content insurance policies will let you add specified items to the existing policy, for an additional fee. However, there may be restrictions on events that are covered or the level of cover for any single item.
Q Report works closely with many jewellers and engagement ring consultants so you can be covered the moment you walk out the door. And any repairs can be done by the original jeweller. As engagement ring consultants ourselves, we appreciate being able to repair or remake the rings we designed, as we understand how they’ve been created and the special meaning behind them.
You’re also insured for special and heirloom jewellery. While it may be impossible to cover the loss of your grandmother’s ring, Q Report will help to restore as much as possible and they’re dedicated to making the process simple.
Losing your jewellery would be upsetting enough without having to worry about insurance problems when you claim. Q Report is a speciality jewellery insurer and they’ll work with you to replace or repair your ring as soon as possible with a low excess. They offer worldwide coverage, which means if in the unlucky event the engagement ring goes missing on the honeymoon, you’ll be covered.
To help make sure you always have enough coverage, Q Report offers a free annual revaluation and they offer a replacement for up to 125% of the value of your engagement ring, so if it costs a bit more to replace it than what it is insured for, you’re still covered.
Written by: Ashley Portas
Ashley Portas is a leading engagement and wedding ring consultant in Brisbane. He started Diamondport to offer high-quality rings, made in Australia by true master craftsmen. Whether you want custom rings or one of their beautiful designs, they’ll help make the most important decision of your life as smooth as possible.