Should the Bride or Groom Buy Engagement Ring Insurance?

When you buy an engagement ring, you’ve made a significant financial investment, and it’s one that you probably cherish. If your ring is lost, stolen, or damaged, you’ll need to know that you can replace it or have it repaired without any trouble or financial burden.

You'll want insurance to cover your engagement ring, but who should be responsible for buying it: the bride or the groom? And what type of policy and coverage will you need?

In this article, we dive into the "him or her" question when it comes to paying for engagement ring insurance, and also address some common questions about engagement ring insurance.

Who Should Buy Engagement Ring Insurance?

Either the bride or the groom can buy insurance to cover the engagement ring, but ideally, it should be the person who first possesses the ring. In most cases, that’s the groom, who first has the ring after he makes the purchase.

If you’re wondering why it should work that way, you may not be remembering those horror stories we’ve all heard about wedding ring mishaps before or during the proposal. What if the ring is lost or stolen before the groom has the chance to propose? Or what if the groom has planned the perfect proposal, only to drop and lose the ring in the ocean, off a ferris wheel, or in another location?

If you purchase jewellery insurance at the point of sale, the ring can be covered from the moment you leave the jeweller on collection day. For example, our Q Certified Jewellers can organise quality cover for your engagement ring in-store, so you can rest assured that your ring is covered from the moment you step out the door.

Does Home and Contents Insurance Cover Your Engagement Ring?

You might think that a home and contents policy will cover an engagement ring, but that’s often not the case. These policies usually have a limit of what they’ll payout in the event of a claim, and it’s likely to be reached before the value of the engagement ring is added. Even if you receive some type of compensation for your engagement ring, you’re still likely to end up paying out-of-pocket.

And if you’re planning an overseas honeymoon, you could find out that your insurance won’t cover it. If the engagement ring is lost, stolen, or damaged on your trip, you may not be covered at all.

With specialised jewellery insurance, you can return to your original or chosen jeweller for replacement or repair, subject to policy terms and exclusions.

What Type of Insurance Do You Need for Your Engagement Ring?

Specialised engagement ring insurance provides coverage for your engagement ring as well as other pieces in your collection. With jewellery insurance from Q Report, you’ll be working with jewellery experts who are knowledgeable about engagement rings and other pieces and appreciate them for their financial value as well as their sentimental and emotional importance.

When you buy jewellery insurance from Q Report, you’ll enjoy the following benefits:

• Agreed upon value - Rather than paying “up to” a certain amount, as many insurance companies do when you file a claim, we pay an agreed-upon value that’s stated in your policy.
  
• In-house dedicated claims consultant - As a service feature, our in-house consultants manage your claim directly, separate from your policy terms.
  
• Freedom to choose your own jeweller - We don’t force you to go to a jeweller of our choosing if you file a claim. You can instead rely on your preferred jeweller to replace or repair your engagement ring if needed.
  
• Worldwide coverage - Go ahead and book that overseas honeymoon, since we offer worldwide coverage for engagement rings and other jewellery. We’ll even work with jewellers overseas if something happens to your ring while you’re abroad.
  
• No penalty for filing a claim - If you’re concerned about filing a claim, don’t be. We won’t raise your rates when this happens.
  
• Annual revaluation - As an additional service, we offer a free yearly revaluation to help keep your insured value up to date, separate from your policy terms.
  
• Excellent reputation - Your engagement ring will be backed by a world-leading insurer of fine arts and valuables. And over the years, we have an impeccable record of service that’s earned us many satisfied, loyal customers and five-star reviews.
  

When Should You Buy Engagement Ring Insurance?

You should secure engagement ring insurance as soon as possible after buying your ring. If you buy your ring from a Q Certified Jeweller, you can insure your purchase before you even leave the store.

If you’re ready to buy engagement ring insurance, fill out our short online form for an instant quote or call us at 1300 882 018 for more information. We'd be happy to help you arrange insurance cover for your engagement ring as well as the other pieces in your jewellery collection.