Firstly, congratulations are in order! Chances are, you finally get to say you have a fiance! As you begin this super exciting next chapter of your life, you’re probs wondering; “Should I insure my engagement ring?”.
DO I NEED TO INSURE MY ENGAGEMENT RING?
First off, major props if you're diving into this blog amidst your engagement buzz. Now, onto the pressing matter: Should you insure that rock? Did you know that nearly half of people surveyed in Ringspo’s 2022 Engagement Ring Survey said they spent more on their engagement ring than on their first car? Yup, that's how much love and value we attach to these symbols of commitment! And get this: a Jeweller’s Mutual survey found that more than 70% of consumers said their engagement ring was one of the most expensive items they own. So, with all that investment—both financially and emotionally—wouldn't you want to protect it like a treasure? It's like having a safety net for your heart. With the right coverage, you can rest easy knowing that if anything happens—whether it's a missing ring or a little scratch on the gem—you're covered.
WILL MY ENGAGEMENT RING BE COVERED OUTSIDE OF MY HOME?
Whilst some insurance providers’ will cover a ring, most will want it to be listed on as a specific item. The average value of an engagement ring in the UK is £1,500 so it is important to speak to your insurance provider as to whether you will need to add your ring as a specific item. Here at Arma Karma we offer ring insurance, click here for a quote.
Will my engagement ring be covered outside of my home?
So, you've got your ring insured at home, but what about when you're out and about? Many insurance providers’ home contents policies will only cover items that are damaged or stolen inside your home. Adding cover for outside the home is usually offered as an optional extra. If you want coverage on the go, you'll likely need to add it on. It's called personal possessions insurance, FYI.
Will my ring be covered abroad?
Thinking of taking that bling abroad for your honeymoon or for some hen/stag do fun? Some insurers might cover your ring abroad, but it depends on your policy. Also, look into your travel insurance—they sometimes include personal possession in their policy. Just make sure to read the fine print. Sometimes, it's worth getting a separate policy, especially for those extended vacays. With Arma Karma, you get up to 90 days of coverage a year!
Do I need to have my ring valued before arranging insurance?
The jeweller will also provide you with a document which can prove useful when making a claim. When you're looking to insure with us, all we really need is the value of your ring. It helps us ensure you're covered just right!
The National Association of Jewellers suggests having your jewellery valued every three to five years to ensure valuations are up-to-date.
Our top tips for keeping your engagement ring safe
Don’t remove your rings in public, especially not when washing your hands in a public bathroom. Keep your ring clean with a jewellery cleaner or visit your local jeweller and ask them to clean the ring for you. Always put your ring in a ring bowl or jewellery box when you remove it to keep it safe. Avoid wearing your ring when cleaning or doing other practical tasks to avoid losing it. If you are newly engaged or have been engaged for a while and are now considering ring insurance, head to our quote page to get your quick quote. With Arma Karma, cover starts from £3.99 a month!
Taking off your ring at any time, anywhere outside your home is a dangerous game! Try to avoid taking off your ring in public, a fall down the drain, a ball pit, the ocean, or god knows where you are, it can be fatal! If you really need to, keep your ring box on you for as a safe spot! So whenever you need to put it away, you'll have a secure box to keep it safe.
