Everything you need to know about ring insurance

Everything you need to know about ring insurance

If you recently said “yes!” chances are you’ll be wearing a shiny band on your left hand.  It would probably be the last thing on your mind during such a happy time; however, practically you need to think about getting your ring insured.  Here is what you need to know:

Why you should insure:

Whilst not wanting to even think about losing your precious engagement or wedding ring, insurance offers coverage of your jewellery in case of theft, damage and even loss.  Whether you’ve mislaid it on the beach, or at the gym, or worse your ring got stolen, insurance can offer financial peace of mind. If this does happen, at least you would be in a position to replace your rings, hopefully with exactly the same as you had before.  Think about not having insurance, and not being able to replace your rings, that’s not an option!!

Questions to ask:

Firstly, shop around.  You need to ask prospective insurers exactly what coverage you can expect.  If you’re abroad, or out of the country, will you still be covered?  Will you be covered for loss be it theft or if you accidentally leave it somewhere? If you damage your ring for some reason, will repairs or replacements be equivalent to the value?

What you will need:

You will need a valuation certificate that verifies the size, specifications, diamond grading, cost, and purchase price. All this information will be summed up in a formal assessment. We advise getting one done whether you are looking at insuring your rings or not.  In South Africa, different insurers set different thresholds for the value at which items need to be specified under the all-risk section of your current insurance. One thing we know for sure is that the certificate must be provided before cover will be granted.

How soon should you insure:

The sooner the better!!  Your fiancé can insure the ring as soon as he has paid for it and it is in his possession, not unlike insuring a newly purchased vehicle, you would need to insure prior to driving it.  You might not think that something might happen to your precious and sentimental rings, but rather safe than sorry, so the sooner its insured the better.