Which Jewellery Insurance Policy Do I Need?

There’s no question about whether your precious sparkler needs protection. It’s the most expensive, most beloved piece of jewellery you’ve ever owned. 

The question is this: which jewellery insurance policy do I need?

From travel insurance to home and contents policies, you have plenty of options. But not every policy will protect your engagement ring from the perils that inevitably plague it. In this article, we’ll ask several key questions that will help you narrow down your options so you can find the perfect solution.

Can I wear my ring on my honeymoon?

With all the stress and emotions of the wedding behind you, it’s time to take off and enjoy each other. But there’s one thing you probably don’t want to leave behind, and that’s your stunning engagement ring.

With some types of cover, your ring will only be protected when it’s at home. Home and contents cover, for example, rarely covers jewellery when you’re travelling, especially overseas. What about travel insurance? Check with the policy on location limitations, per-item amounts, and other details.

What if my diamond falls out?

Sadly, diamonds and other gemstones sometimes slip silently out of their settings without the wearer noticing. It’s not until later, in a moment of reflection, you look down and see an unsightly claw staring up where your shimmering rock should be.

Some insurance policies don’t cover tragedies like this. They only replace jewellery involved in some type of event, such as a burglary or natural disaster. We think losing a diamond is disaster enough! 

If my ring requires repairs, can I return to my original jeweller?

You probably didn’t buy your engagement ring from the first jeweller you came across. If you’re like most people, you shopped around and found a jeweller you loved based on style, customer service, and other essential factors.

With some insurance policies, you won’t get many options about how your ring is repaired or replaced. Your claim might result in a replacement that costs less than your original purchase, or the company might require you to have repairs done by a particular jeweller. That’s not how we do it at JewelCover. In a trying situation, we want you to have the freedom to choose your jeweller.

Will my policy always cover the full value of my ring?

This is a great question. Jewellery prices fluctuate according to several factors: supply and demand, current trends, market prices for precious metals and gemstones. How can you know that your ring is fully covered at any given time?

At JewelCover, we provide a free annual revaluation of your insured items at renewal, so you always know how much your ring is worth. You won’t pay for more cover than you need, and if the value of your ring increases, we’ll make sure you have enough insurance.

What’s the claims process like?

Hopefully, you’ll never have to worry about making a claim. But if you do, you’ll want to know you can trust your insurance company.

As you shop around, ask questions like these:

• • How long does the claims process take?

  • What kinds of documentation do you require?

  • Will I be kept informed along the way?

  • How do I start the claims process?

Here at JewelCover, we work hard to make the claims process smooth and painless. We understand the emotional connection you have with your engagement ring, and we aim to restore it to you as soon as possible, so you can continue life as if the accident never happened.

Our claims process follow three simple steps:

1 - Contact us and tell us what happened.

You can call us at 1300 522 808 or email (claims@jewelcover.com.au) and explain the situation. If you need to collect documents, we’ll tell you exactly what to gather.

2 - Gather information.

You’ll need to provide a Statutory Declaration explaining what happened and in the case of loss or theft, you’ll also need to file a Police Report. 

3 - Sit back and let us handle the rest.

At this point, we’ll review the documents and work with your jeweller to repair or replace your engagement ring. We know you’re anxious, so we’ll keep you updated at every step along the way.

Choose Specialised Jewellery Insurance

Home and contents policies and travel insurance just can’t provide the 24/7 protection for your ring that offers peace of mind. With their value limits and restrictions, you probably won’t be able to fully replace your most precious jewellery.

To learn more about JewelCover engagement ring insurance, give us a call. Or, if you’d like to find out how affordable it can be to protect your jewellery, get a free, instant quote.