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Engagement Ring Insurance vs Warranty

Last updated on March 04, 2024

You’re about to make a big sparkly purchase. Please allow us to be among the first to congratulate you on your upcoming engagement!

After you’ve sorted through a myriad of jewellery questions (Which precious metal? What type of setting?), there’s still a big issue looming: should you purchase engagement ring insurance or depend on the warranty?

First off, it’s critical that you understand the difference between a warranty and insurance. We tackle those definitions first, and then we answer some frequently asked questions. Let’s get started!


What is a Warranty?

Most Australian jewellers offer limited warranties on their pieces. These warranties are intended to protect consumers from manufacturing defects, which usually become apparent within the first months after purchase.

Such warranties don’t cover “accidental damage,” “deliberate damage” or normal wear and tear, and the warranty expires after a certain amount of time, typically several months after the purchase date.

While warranties offer a measure of protection, they don’t cover accidents, theft and loss. 

Some jewellers offer an extended service plan to lengthen the term of a warranty. Under such plans, you may receive coverages of minor wear and tear such as small scratches, prong replacement and re-tipping. They might offer preventative maintenance like cleaning, stone tightening and polishing.


What is Jewellery Insurance?

Engagement ring insurance protects a specific piece of jewellery. While your policy is in force, you’re covered for the following types of loss.


Small as they are, engagement rings sometimes disappear. They can slip off your finger while you’re swimming and sink to the bottom of the sea. You might remove it while washing your hands in a public bathroom and leave it on the sink. When you return, it’s gone. Engagement ring insurance covers these types of losses.


Here in Australia, jewellery ranks as a top ten item for burglars. Engagement rings are small enough to slip in a pocket but valuable enough to sell for a substantial sum. Jewellery insurance replaces items lost to theft.


Even though they’re made from some of the earth’s hardest substances (diamonds, platinum, etc.), engagement rings can be surprisingly fragile. One bent prong can lead to the loss of a precious diamond (and thousands of dollars in repair and replacement costs). The solution? Jewellery insurance.


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What’s the Difference?

When trying to decide between relying on insurance or a warranty, consider the following questions.

What kind of protection do I need?

Consider your lifestyle and the risks your ring will face. Do you need protection from theft? What about loss? While a warranty does provide damage protection for a limited time, you probably won’t be covered if the damage results from an accident.

How long do you need protection?

One of the things that makes an engagement ring so special is that it’s a lifelong reminder of your love and commitment. She’ll wear that ring for decades, so look for protection that will last and last. A warranty usually lasts several months (sometimes up to a year), but insurance can last as long as you renew it.

How much is protection worth to you?

Most Australian jewellers include a warranty with all of their products; you don’t have to pay extra. Others offer an extended warranty for an additional fee. But warranties provide minimal protection. 

If you want the peace of mind necessary to wear that sparkler day in and day out, you need specialised jewellery insurance. You’ll be surprised to learn how affordable it is to protect an engagement ring from theft, damage and loss.


Benefits of Engagement Ring Insurance

Not only does JewelCover insurance protect your ring from everyday perils, but it also offers the following benefits:

Worldwide Cover

No matter how far you roam, your ring will have the ultimate protection. So take it with you on your honeymoon, and wear it with confidence on holiday. While some policies limit coverage to home, we provide cover everywhere you go.

Return to Your Jeweller

What happens if you experience a loss? Some insurance companies shop around and find the cheapest way to replace your precious bauble. But that’s not how we roll. You chose your original jeweller for a reason, and we think you should be able to return there for repairs or replacement.

Agreed Value

Our customers pay a premium based on an agreed insured value. In the event of a loss, we deliver that agreed value, not a value “up to” the insured value. What’s more, we process claims quickly, so you don’t have to be without your ring any longer than necessary.

Complimentary Revaluation

How do you know if your agreed value is enough to replace your ring in the event of a claim? Jewellery prices fluctuate due to changes in the prices of precious metals and diamonds. That’s why it’s so important to have your engagement ring revalued each year. Our jewellery experts provide a complimentary revaluation regularly, so you’ll always know you have enough coverage for your sparkler.

If you’re ready to receive a free, online quote, check our prices today. Your jeweller’s warranty will protect your gorgeous ring from manufacturing defects. But if you want extended, comprehensive coverage to provide peace of mind, JewelCover insurance is the answer.


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