AIBU - engagement ring insurance

[TwoYearsMarried]

My ring is worth 14k (this is not a stealth brag)

The cheapest insurance I can find for it is nearly 400 quid. I think that's such a huge amount of money. Because of the value house insurance won't cover it. AIBU thinking that this is an insane amount? I was expecting something more in the region of a hundred quid!

Have you spoken to your home insurer to ask whether you could extend the policy to cover the ring, or are you just going on the basis of the existing Ts and Cs?

We pay for an extension on our insurance to cover a few pieces of jewellery. I also get them revalued every few years.

So you don't mind having a ring worth 14K but are not happy at paying £400 to insure it? I think that is good value tbh.

You’d do better changing to a home insurance that allows it.

That makes the insurance just under 3% of the cost of the ring, which doesn't seem too extortionate?

Mine is around the same value OP. I have reasonable cover through John Lewis's insurance. It's pretty good value and covers accidental loss too.

Be careful with home insurance, just check it covers ‘accidental damage’ - I lost the diamond out of mine...we thought it was covered as we had named it in the policy, but it wasn’t covered for ‘accidental damage’ which is what they classed losing the stone as.

Seems a good deal in relation to the value of the ring. Engagement rings are likely to be worn out and about and also to attract pickpockets/muggers as nice and shiny and easy to slip off.

To keep your insurance for jewelry valid you must have it checked annually for the stone becoming loose and get a written receipt for this plus valuation every 3 or 4 years.

@Whatthechicken

Be careful with home insurance, just check it covers ‘accidental damage’ - I lost the diamond out of mine...we thought it was covered as we had named it in the policy, but it wasn’t covered for ‘accidental damage’ which is what they classed losing the stone as.

That's really strange Accidental damage is different to accidental loss In order to be covered for accidental loss you'd need to have the item covered away from the home (even if it was lost in the home) I would query this

@caringcarer

To keep your insurance for jewelry valid you must have it checked annually for the stone becoming loose and get a written receipt for this plus valuation every 3 or 4 years.

That depends on the terms and conditions of the particular policy surely

@OwlTwitterings

You’d do better changing to a home insurance that allows it.

This

You'd be better cancelling the whole home insurance and setting a new policy up elsewhere that does include the ring

@caringcarer

To keep your insurance for jewelry valid you must have it checked annually for the stone becoming loose and get a written receipt for this plus valuation every 3 or 4 years.

That's not actually true, though, is it? That's your policy.

OP, if you really hate the idea of it, would it be worth putting it in a safe for a couple of years and wearing something else? Often jewellery loses value quite steeply, so it might become more affordable to insure. I know my SIL had a very valuable ring, and found it became easier to insure after a few years, because although obviously the stone and the metal stay the same, it wasn't brand new.

Mines on our home insurance, however my ring only cost a quarter of what yours did! (Cheap ass fiancé) .. (kidding!)

I’m sure on our home insurance there was a section about insuring items over the value of £15,000. I remember because we laughed about how everything in our home consists of b&m and Argos and couldn’t think of a single item that costs anywhere near that! Except the house itself 😂

Mine is half that & as an add on to home insurance costs a wee bit less than half your quote

Seems a lot. Compare it with car insurance, the average £14k car would cost less to insure and the risk to an insurer must be greater? Maximum loss ring = £14k. Maximum loss car possible personal injury claim = much, much more than £14k.

My DH watch is just over 10k and is on the home insurance for both accidental damage and accident & loss and coverage for abroad as long as we get a police report .
It added a further £80 to our policy

I don't have the answer but can I ask another question - is insurance only for if people are leaving it at home from time to time? Mine was only around £4-5k I think but I wear it all the time, and it's not the sort to just slip off. Should I have insurance for it??

That does seem steep. My ring is worth £20k but I insure it with Asset Sure for around £320 a year. Maybe look around?

@h4ppy

I don't have the answer but can I ask another question - is insurance only for if people are leaving it at home from time to time? Mine was only around £4-5k I think but I wear it all the time, and it's not the sort to just slip off. Should I have insurance for it??

If you had it insured it would be covered for lots of things eg accidental damage, accidental loss, theft. Fire Probably more I haven't thought of So if it's covered away from home as well as in the home it would be covered away from the home as well as in

Would love to see the ring - while totally missing the point of the thread

@MrsPatrickDempsey

Would love to see the ring - while totally missing the point of the thread

Me too! Very nosy 👃🏼

Yep get a home insurance that covers it. I'v got my rings covered by ours and DH his watches - there's no fiddly small print on ours and the items are covered away from the home too.

My car cost half that, and costs way more than that to insure op. My £2k ring costs about £30 a year extra on the house insurance.

Can we have a pic? Would love to see what a ring of that value looks like .