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You’ve upgraded your engagement ring—now what?
Maybe it was to celebrate a big anniversary, reflect your evolving style, or simply mark how far your love story has come. No matter the reason, it’s a moment worth celebrating. But while you’re admiring that new sparkle on your finger, there’s one practical detail that often slips down the priority list: what happens to your engagement ring insurance when the ring itself changes?
If you already have a policy in place, upgrading your ring usually doesn’t automatically mean your cover updates with it. It’s important to understand how changes to your jewellery can affect your insurance and what you need to do to make sure your policy still reflects the true value of what’s now on your hand.
Let’s walk through it together.
An “upgrade” doesn’t always mean more carats or a higher price tag. It could be something as simple as swapping out the centre stone, redesigning the setting, adding a halo, or even exchanging the ring for a completely new style.
If your engagement ring has changed in any meaningful way—visually or in value—it’s important that your insurance reflects that. Why? Because if something were to happen to the ring and your policy hasn’t been updated, there’s a chance that in the event of a claim, you may not be covered for what it’s truly worth.
Not necessarily.
If your engagement ring is already insured with Q Report, there’s usually no need to cancel your policy altogether. But you will need to update your policy details so they match the upgraded ring. That’s because engagement ring insurance is item-specific—the ring we cover is the exact one described in your policy documents for repair and/or replacements.
So if you’ve changed the centre stone, redesigned the setting, or traded the ring in for something new, the original item listed on your policy no longer reflects what’s on your finger. And while it might seem like a small detail, it can make a big difference if you ever need to make a claim.
The upside? Updating your policy is generally a simple process. Here’s how to make sure your engagement ring stays adequately covered with Q Report.
Before your upgraded ring can be covered accurately, it needs to be professionally valued. Whether you went back to your original jeweller or chose someone new, ask them for a valuation certificate that reflects the current market replacement value of your new ring and includes all the new specifications.
At Q Report, we offer annual revaluations at no extra cost, so your policy stays in step with the market—accounting for when gold or diamond prices shift. But when you've upgraded your ring, a fresh valuation is key. It makes sure your updated piece is insured for what it’s worth today.
Once you’ve got your new valuation in hand, reach out to our team. We’ll walk you through the process of updating your policy to reflect the changes—whether you’ve swapped out a diamond, redesigned the setting, or received a completely new ring.
If your upgraded ring is now worth more than the original, we’ll also check whether your premium needs adjusting to match the new sum insured. We’ll usually ask for updated specifications, images and valuations to ensure we’re insuring you at the right amount. No hidden fees, no surprises—just clear, upfront information so you always know where you stand.
And here’s something that gives many of our clients added confidence: every Q Report policy includes up to an additional 50% cover. So if the cost to repair or replace your ring ends up being higher than expected—due to market changes, design complexity, or craftsmanship—that extra buffer is already built into your policy to be used at the insurer’s discretion. It’s just one of the ways we’ve designed our cover to be as flexible as the jewellery we insure.
If you upgraded your engagement ring through the same jeweller who created the original—and they’re a Q Report Jeweller—you’re in luck. The process tends to be even more seamless. They can take care of the updated valuation for you and, in many cases, work directly with us to update the ring details on your policy.
Working with your jeweller is not just helpful during an upgrade. One of the standout features of a Q Report policy is the ability to return to your original or preferred jeweller if your engagement ring ever needs to be repaired or replaced. It’s a benefit that sets us apart from some insurers—and it’s part of how we keep you connected to the jeweller who helped shape your story in the first place.
If your upgrade involved trading in the original ring or making significant changes—like replacing the stone or completely redesigning the setting—the original ring, as it was, no longer exists. And because your Q Report policy is tied to the specific details of that item, it means the old ring can no longer be covered under your existing policy.
When we update your policy to reflect the new piece, we’ll remove the previous ring from your cover. But if you’ve chosen to keep the original ring and now have two separate pieces, it’s worth considering whether both should be covered. Some people keep their original ring for sentimental reasons, while others pass it on to a loved one.
If you’ve updated your ring, our team can help you understand your options and what steps are involved, whether the original ring still exists or not.
This is where things can get a little complicated.
If you ever need to make a claim and the ring listed on your policy doesn’t match the one you’re actually wearing, there’s a chance the insurer may assess the claim based on outdated details—or in some cases, decline it altogether. A Q Report policy is a replacement policy, meaning you’re covered for like-for-like replacement or repair. The specifications we use are based on the information listed in your current policy. If your ring has been upgraded but your policy hasn’t been updated, any repair or replacement may be based on the original ring details - not the new one. It’s not a situation anyone wants to face, especially during an already stressful time.
That’s why we always recommend getting in touch after any upgrade or major change. Keeping your engagement ring insurance current isn’t just about the dollar value—it’s about making sure your cover reflects the ring you truly have, so any future claims are handled smoothly and without surprises.
Upgrading your engagement ring isn’t just about changing how it looks—it often reflects how your story has grown. Whether you’re marking a milestone or simply embracing a new style, the meaning behind the ring is just as important as ever.
At Q Report, we know an engagement ring is never just a piece of jewellery. It holds moments, meaning, and memories that can’t be measured. That’s why when your ring changes, we believe your cover should change with it—evolving to reflect both its value and its place in your life.
So if you’ve recently upgraded—or are planning to—it’s worth taking a moment to check that your policy reflects what’s really on your finger. Our team is always here to answer questions and help you make any necessary updates. No pressure, no fuss—just thoughtful support.
This article is advisory in nature and is offered as a resource to be used together with your professional insurance advice. It is an overview only and is not intended as a substitute for consultation with your insurance advisor or other professional advice.
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