Who Pays for the Engagement Ring and Insures It?

The proposal is supposed to be a big surprise for the bride, but often the groom will consult with the bride’s family about the proposal and the ring. And sometimes the couple will even go ring shopping together. She tells him which ring she wants, then he “surprises” her. But whatever way you’ve chosen to handle the engagement ring purchase, someone has to pay for it!

There Are No Rules… But There Are Traditions and Expectations

Traditionally the groom pays for the bride’s engagement ring. If that’s possible, then great! But if circumstances prohibit the groom from making such an investment, there are other options. If the bride is involved in choosing the ring then she might offer to help pay for it. Sometimes the families help or the groom takes out a loan or pays for the ring in installments.

If you choose to pay in installments try to time it so that you’ve finished with that expense before the wedding day brings a flood of new expenses! Another option is to get a less expensive ring. Sometimes you can get an almost identical ring for less money by simply swapping the gem for a different cut or carat. You could also switch gold for a less costly metal. 

Should the Groom Have an Engagement Ring?

It is becoming more and more common for the groom to wear an engagement ring as well as the bride. When this happens the bride is the one who traditionally pays for and chooses the ring.

Should The Families Help Pay for the Rings?

Every groom would like to be able to afford to pay for the engagement ring by himself. But there are times when he needs a little help. It is not uncommon for the groom to ask both families to pitch in and help pay for the ring. This is especially true when the bride has chosen the ring – and it’s expensive! The bride’s family will want to help make their little girl’s dreams come true if she has chosen the ring.

The engagement ring is just the beginning of a long list of wedding expenses. If the bride has chosen an expensive ring, or if your financial situation doesn’t allow you to buy a ring, don’t be shy, it’s perfectly acceptable to ask the families.

The Deal Is Done, and The Ring is Bought, Now What?

The ring needs to be insured as soon as possible to protect it from any risk like theft, loss, or damage. The groom-to-be should ask the jeweler for the assessment of the diamond and a GIA diamond grading report.

With the assessment of the jeweler’s stationery, you’ll be protected even if the jeweler has misrepresented the ring’s value. And the diamond grading report verifies your purchase. In addition, you should get an independent appraisal of the ring which you can submit when getting the ring insured.

Who Should Insure The Ring?

The person with the ring in their possession should insure the ring, and the groom should do this as soon as he buys the ring. But how do you insure a ring that will be owned by someone else after the proposal? The groom should add the bride-to-be as a co-owner of the ring. And who pays for the insurance?

If the groom-to-be insures the ring before he proposes then he will pay for the insurance. If he waits until he has proposed and handed over the ring, the couple or the bride-to-be could pay the insurance. Instead of thinking up weird places to hide the ring, get it insured, then you know it’s safe. A lot could happen to the ring between the purchase and the proposal, so get it covered.

Getting the Engagement Ring Insured

Start by getting an engagement ring insurance quote from a reputable insurance company. The insurance provider will want to see the appraisal to determine the cost of your policy. Then you simply get the insurance online, and the ring will be safe. Engagement ring insurance is not expensive, but if the ring is lost, stolen, or damaged, the insurance compensation could get the ring replaced with an identical ring.