Engagement Ring Insurance: The ABCD Guide

by Satarupa Bhattacharya

Should I get an engagement ring insurance? The short answer is, yes. More than being a valued possession, it is a reflection of who you are,  a commitment, and a symbol of your feelings for your loved one. Protecting it from damage, theft, or loss is as important as protecting anything else of great value. If you are not sure about how to proceed, here is your guide to protect your sentimental stone.

Engagement Ring Insurance Guide

Image credit: Cytherium 

A For Appraisal

This is the first step to getting insurance on your engagement ring. This is a way to adjudge the value of the ring and the insurance value cum coverage needed.

B For Balance

Balance up your insurance related investments on paper. Decide if you want to add on to your household insurance policy. Once you get the green from your provider, settle up the additional premium you need to shell out to cover the engagement ring. Sometimes, it is advisable to get a separate cover since household insurance might not cover your personal articles including jewelry. It is important that you know the do’s and don’ts of buying engagement ring insurance.

C For Clarity

Often insurance policies come with lot of complicated terms and pointers. It is mandatory that you know how much your ring needs to get amply covered. Moreover, according to the place you live in, your premium varies as per the carat or total value of the ring. In case you lose the diamond on the ring while going scuba diving, the coverage could be valid but what if you damage it while polishing it? There are nuances that need to be grasped ahead of buying coverage.

D For Dialing The Right Ring Rider

You need to understand that the sentimental value of engagement rings is pretty high. A bride to be has to ask her insurer the following questions- How does the insurer plan to replace your ring if a claim is submitted? Is the coverage amount to be funded via cheque or a purchase voucher from a specific jeweler? What are the applicable terms in case the engagement ring belongs to the heirloom or vintage category? Once these are clear, go get insured!

There are a number of engagement ring insurance plans to pick from. Compare among few to arrive at the best choices suited to your needs and budget. Spend some time and rest assured about staying at peace about your precious ring!

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