How To Get the Best Price for Engagement Ring Insurance?

So you’ve decided to pop the questions, and you’ve bought the ring. But have you made sure that the precious engagement ring is protected from loss, theft, or damage? That’s why you need to get your fiancé’s engagement ring insured the minute you buy it. You won’t have any problem finding jewelry insurers online, and you could even add the engagement ring to your homeowner’s insurance as “personal property”.

But just like the ring, you need to find a balance between your budget and what you get for your money. You don’t want to spend a fortune on jewelry insurance when you don’t need coverage for half the risks listed in the policy. And you don’t want to get a cheap ring insurance policy that won’t give you fair compensation in the event of a claim. So the first thing you have to do when comparing jewelry insurance companies is to get an engagement ring insurance quote.

How To Get a Quote For Your Engagement Ring Insurance

To get a quote for engagement ring insurance simply go online and Google: “best engagement ring insurance”. Contact several top companies for a quote. The quote you’re after is for the cost of the premium, the amount you will pay annually or monthly. But you want to be able to compare apples with apples.

In other words, when you ask an insurance company for a quote, list the clauses, terms of the agreement, and coverage that you want to be included. Then when you ask the next insurance company for a quote, ask for a policy that includes the exact same terms of the agreement, clauses, and coverage. 

Questions to Ask When You Want a Jewelry Insurance Quote

To get a quote for a policy that includes all the essential clauses and coverage you need to ask these important questions:

  • With this policy will there be a deductible to pay? A deductible is an amount you pay for repairs or replacement of your ring before the insurance company gets involved.
  • How much will the premium be? The premium is the monthly or annual amount you will pay for the insurance policy.
  • Could I bring the premium down by getting a home safe, or a home security system?
  • What if I have other pieces of jewelry that I want to include in the insurance policy?
  • If your engagement ring is an heirloom or antique ring you should ask whether your ring is insured for a cash payout or replacement.
  • What if I get the ring upgraded by adding precious gems? If your ring gets upgraded you will need to send a revised appraisal to the insurance provider, and the premium will be adjusted accordingly.
  • What isn’t covered by the engagement ring insurance policy?  A standard jewelry insurance policy does not include general wear and tear, scratches, tarnishes, loss of the ring in a war or military situation, and damage from pests (rats, insects). If you think your ring might need protection against one of these possible situations, you need to discuss it with your insurance provider.
  • I’ve heard that some insurance companies cover engagement rings for 125% of the value, is this right?
  • If my ring needs repairs, who gets to choose the jeweler to do the job? I’ve heard that some insurance companies let the client choose the jeweler.
  • Does the insurance policy cover theft, damage, and mysterious disappearance?
  • Does the insurance give my ring worldwide coverage, for risk coverage anywhere in the world?
  • If the ring is lost do I get a choice of a cash payout or replacement of the ring?
  • Am I covered if the ring is damaged through negligence or carelessness on my part?
  • Are there exclusions?
  • What proof do I need to justify a claim?
  • How long is the insurance quote valid foe?

What Does The Engagement Ring Insurance Quote Depend On?

The quote you get from your insurance company will depend on:

  1. The appraiser’s valuation of your ring
  2. The coverage you want for the ring

If you want every eventuality covered, the policy will be more expensive. Your ring insurance may be more expensive if you live in an area with a high crime rate. The insurance may be cheaper if you have a home security system.

Jewelry insurance is usually cheaper if there is a required deductible when making a claim. All of these questions you will need to discuss with your insurance provider when you ask for a quote. The quote you eventually get will probably be for a premium of 0.5%-2% of the value of your engagement ring.