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Jewellery Insurance

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What if Something Happens to Your Engagement Ring?

Q Report Team
Updated on October 06, 2022
5 min read

What if you won the lottery? What if you didn’t? What if you broke your leg? What if you bumped into Chris Hemsworth? What if you got a new job? What if you lost your job? What if your house floods? What if you meet the perfect partner? What if you get married?

‘What if’ is a catalyst for both dreams, extra care and fear. It is the power of ‘what if’ that drives the way we live, expecting the unexpected and organising life in such a way that we’re ready when both the unpredictable and unimaginable strike. Most people wouldn’t dream of leaving themselves open to chance; health, car, travel and home insurance are all signs of the unexpected life. A person who crashes their new car and does not have insurance is regarded as careless, and at the mercy of floods, fire and burglars, it’s only foolish to live in an uninsured house.

While some of the things life throws at us are less than pleasant there are those things that surprise us with a whirlwind of excitement and joy, like when your partner bends down on one knee and asks for your hand in marriage.

So what if you get engaged?

This is an exciting ‘if’ and a cause for celebration! Proposals come about in many different ways. Some couples discuss the topic at length, including timing and ring design. In other cases, the proposal comes after several well placed hints, and still for others the question of ‘will you marry me?’ comes as a complete surprise. A proposal brings a flurry of wedding planning, events and of course a ring! But what if the proposal is followed by another ‘if’? What if your sparkling new engagement ring is lost, damaged or stolen?

You may think that this is a very big ‘if’ and it probably won’t happen to you, but fact is you’re actually more likely to lose your engagement ring in the first year than at any other time. Getting used to something so precious on your finger takes time. The probability that you take it off and leave it somewhere or accidentally knock it against something is far greater in that first year. A hen’s party and/or honeymoon abroad in areas where there is greater chance of theft may also increase the risk in that first year. Amidst the excitement of a wedding, if something happens to your beautiful engagement ring it can be truly heartbreaking, not to mention expensive.

If you have insured your engagement ring then the loss, damage or theft is no less heart breaking, but there is comfort knowing you won’t be completely out of pocket. You may even be able to replace your ring with an exact replica.

Question is, what happens if you’re not insured?

There is little to no recourse for an uninsured ring. If you fail to insure your ring, then you can expect that you will have to purchase a brand new engagement ring or pay the full cost of any repairs should something happen to it. When you consider how much time is spent finding the perfect ring, the emotion attached to such a purchase and the significant financial cost, it is crazy not to insure such a special item. If something were to happen to your engagement ring it could cost far more than a crashed car and you wouldn’t dream of not having car insurance would you?

What if you are insured, but your insurance doesn’t adequately cover your ring?

At some point, we’ve all been guilty of signing on the dotted line without actually reading the fine print, but when it comes to insuring your ring the stakes are much higher and it could cost you thousands. The fine print on many insurance policies significantly limits the recourse and circumstances under which you can claim loss, theft or damage on a ring. Couples may rest easy thinking that their ring is fully covered under their home and contents insurance policy, when in fact it isn’t. Much like our health insurance, it’s important to check what’s covered and what isn’t, because when the ‘what if’ eventuates it can be too late.

Common insurance policies will only value your ring up to a certain amount, which means even if your ring is valued at $20,000 they don’t necessarily have to replace it with a $20,000 ring. If an insurance company finds something similar that’s cheaper, then your $20,000 ring can easily be replaced with a $10,000 ring. Insurance companies will often have preferred jewellers who may underquote on jobs, winning out over your trusted, personal jeweller.

If you think your ring is covered under a home and contents insurance policy then you’ll need to double check you’ve added coverage for outside the home, because if you haven’t then losing your ring at the shops, the beach or even on a walk down the street means you won’t be covered.

Heading overseas? A standard insurance policy on your ring probably won’t cut it outside Australia. You’re likely to spend time researching the right travel insurance policy, but it’s important to consider how the insurance policy on your ring holds up. A standard insurance policy or home and contents insurance policy will rarely cover a ring overseas, while travel insurance policies will only cover a ring up to a certain amount, generally much less than an average engagement or wedding ring is worth. If your ring disappears on your honeymoon, then it may be a permanent disappearing act.

But, what if your ring is insured with Q Report?

Q Report Jewellery Insurance is the only dedicated jewellery insurer offering complete cover on your jewels, so in the event of loss, theft or damage you know you’re covered 100%.

A Q Report insurance policy is an agreed value policy which means if you’re insured with Q Report a $20,000 ring is replaced with a $20,000 ring and you have the option to return to your original jeweller. In addition to an agreed value, Q Report offer 150% cover which means if the Australian dollar plummets and your previous diamond can no longer be replaced at the same price, Q Report will cover the difference to ensure you return to the exact same position. Plus, worldwide coverage gives you the freedom to work and travel overseas without worrying about your jewels.

So if you want to protect your precious jewels, insure them with Q Report and there will be one less ‘what if’ to worry about and more ‘what if’ to dream about like what if you won a holiday?

Contact Q Report for more information on insuring your ring or get an instant quote online.


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