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Everything you need to know about safeguarding your rock
Rocking an engagement ring comes with responsibility. For most of us, wearing thousands of dollars on our ring finger is more than a little intimidating. What if it slips off in the ocean? What if a claw bends and the diamond falls out?
Nagging worries like these can dampen the excitement of receiving and wearing a gorgeous sparkler. But they don’t have to.
When you secure adequate insurance for your bauble, you can wear it with ease, fully enjoying the lustre it adds to your life and its implications for your promising future.
We’ve put together a comprehensive guide to engagement ring insurance to help you cut through any confusion. Let’s start by looking at types of insurance for fine jewellery.
Types of Insurance for Fine Jewellery
Insurance offers peace of mind, but what type will work best to protect your rock? Generally speaking, people choose home and contents insurance, travel insurance or specialised jewellery insurance to cover their bling. Let’s take a closer look at each.
Home and Contents Insurance
Whether you rent or own your home, you probably have a contents policy to cover your belongings. This insurance can replace furniture if there’s a flood, a roof after a storm, and electronics if a burglar invades your home.
Most home and contents policies also include some protection for jewellery. For this reason, many people think the policy covers their engagement rings. On further investigation, however, it’s common to discover that contents insurance provides scant coverage for engagement rings.
For one, your policy may only cover your belongings when they’re in your home, and you take your engagement ring nearly everywhere you go. Also, most policies have per-item limits, most of which do not cover the cost of an average engagement ring.
Before you decide to depend on your home and contents policy to protect your engagement ring, read the fine print and determine whether the coverage offers peace of mind.
Travel Insurance
Anyone planning an overseas honeymoon has asked, “Is it risky to take my engagement ring with me?” It seems sad to leave it at home; after all, it’s the symbol of your love and commitment to each other.
Travel insurance can step in to provide cover during your trip. Keep in mind that travel insurance focuses primarily on loss and theft (these are the most common types of claims from travellers).
Travel insurance plans set limits for the amount covered by theft, especially for expensive items like cameras, jewellery and watches, furs and electronics. While limits for these items vary, it’s typical to see limits of $700 or less for jewellery. Will that be enough to cover your engagement ring? Probably not.
Also, while travel insurance may provide a measure of protection during your holiday, that cover will end after your trip.
Specialised Jewellery Insurance
For round-the-clock protection of your engagement ring, you need specialised jewellery insurance. A JewelCover policy doesn’t cover your appliances or your checked baggage. All we do is jewellery, and we do it assiduously.
No matter where you travel, your engagement ring will be protected by our agreed value policy. Whether it’s damaged during a workout at the gym or it’s stolen during a home burglary, we’ll have your back and do all we can to repair or replace it as soon as possible.
Specialised jewellery insurance offers complete peace of mind. That ring is a part of your life now. It goes where you go and shines no matter what’s happening. Protect it with cover that never sleeps.
The Cost of Engagement Ring Insurance
Specialised jewellery insurance sounds great, but how much does it cost?
That’s the next question people ask, and it’s a critical factor in your decision-making process.
The most significant factor in your policy cost is the value of the engagement ring. How much would it cost to replace if it were lost? Your rate depends on this amount, but what many people don’t realise is that jewellery values fluctuate.
That’s why we offer complimentary valuations each year when you renew. We want to make sure you always have the just-right amount of cover so you can have your ring restored to you if the unexpected happens.
Jewellery values depend on several factors: the current market price of gemstones and precious metals, labour costs and even exchange rates.
Get an Estimate
Instead of basing your decision on hypotheticals, do yourself a favour and get a free, online quote customised to your bauble. It takes just a few minutes to get your quote, and then you’ll have reliable information on which to base your decision. Check our prices.
How to Secure Insurance for Your Ring
Once you decide to go ahead and start a policy for your sparkler, what’s the process?
Fortunately, it’s simple and easy. Before you know it, you’ll have the serenity that comes with knowing all will be well, no matter what surprises life brings you.
1 - Get in touch with us at JewelCover. You can email us at info@jewelcover.com.au, or if you’re more of a talker, ring us at 1300 522 808.
2 - Provide documentation about your ring. We’ll need to know your ring’s details, so it’s adequately insured.
3 - Pay your premium. It’s easy to pay your premium online.
That’s all there is to it! Before you jaunt off to your next wedding-planning appointment, you’ll have that ring covered, safe and secure.
Engagement Ring Insurance FAQ
If this is your first go-round with a piece of expensive jewellery, you probably have some questions. That’s why we’ve put together this engagement ring insurance FAQ.
How does the claims process work?
As soon as you notice something is wrong, get in touch with us at JewelCover. If you can’t ring us (1300 522 808), dash off an email (info@jewelcover.com.au). Our helpful customer care experts will jot down the details and let you know what additional information we’ll need.
If we need any further documentation, our customer care experts will guide you through the process. For example, we may need a statutory declaration for accidental damage or a police report in case of theft.
After that, you can sit back and let us work things out. We’ll liaise with your jeweller to make sure your engagement ring is completely restored. If you’re on your honeymoon when the accident happens, you can get back to your holiday, knowing everything is under control. We’ll keep you updated on the progress of your claim, and soon you’ll be reunited with your rock.
Where can I go for a replacement ring?
If your ring is lost or stolen, you’ll need a full replacement. Where can you go? Here at JewelCover, we think it’s vital that you have the option of returning to your original jeweller. After all, you chose that jeweller for specific reasons, to begin with. Maybe you loved the quality, or perhaps it was the cutting-edge style. Whatever you fancy, that’s what you can choose for your engagement ring replacement.
How is jewellery insurance different from a warranty?
Reputable jewellers typically offer warranties on their products, and it’s easy to confuse warranties with insurance. They’re quite different, however.
A warranty covers consumers for manufacturing defects for a limited time. It’s a guarantee that the manufacturer has correctly made the product, and it ensures that the buyer gets what he pays for.
Insurance, on the other hand, covers you for things like accidental damage, loss and theft.
Most products (including engagement rings) are covered under Australian Consumer Law. Simply put, when you purchase an engagement ring, it comes with an implicit warranty that if a stone falls out in the first few weeks (under normal wear and tear), your jeweller will restore it. If, on the other hand, you drop the ring on a concrete floor and a stone shatters, the accident would be your responsibility, unless you had insurance.
How long does it take for coverage to take effect?
As soon as we’ve received your premium payment, we’ve got you covered! You can wear that gorgeous sparkler with confidence, knowing it’s protected with the finest insurance out there.
We hope you’ve found answers to your engagement ring insurance questions, but if you’re still unsure about something, reach out and ask! We’re always available to clear up confusion and answer any questions.
If you’re ready to start the process, get a quote! We’re here every step of the way.
