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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

AIBU - engagement ring insurance

69 replies

TwoYearsMarried · 09/05/2021 21:13

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!

OP posts:
SunshineSuxx · 09/05/2021 22:06

Mine was considerably cheaper at £4k but it's on our home insurance. Stuff taking out separate policies for it.

CelestialGalaxy · 09/05/2021 22:09

Blimey for those who think its good value....How much do you pay for your house insurance when your house is probably worth at least 20x as much as the ring?
I looked at getting my ring insured and pay attention to the conditions of wearing/insurance. I dont like sleeping or exercising with jewellery on, but a lot of policies state that you are only insured whilst wearing or if not it must be in a rated safe box. And also having a rated safe box may lower the insurance.

Clarinet53 · 09/05/2021 22:10

If you have expensive jewellery you'll need personal belongings cover as an extension to your contents insurance. You would need to provide either a purchase invoice or recent valuation.

Most insurers will have a settings clause which required proof that stones and clasps have been checked. It's also worth getting it valued at the same time. Most policies I look at have this as being 36 months. Accidental Damage is a must.

The regular valuation is good to keep the sum insured adequate as the index price link does not always keep pace with the increase in value.

AlandAnna · 09/05/2021 22:18

Glad it’s not just me who wants to see it Blush

I’d say pay the £400

LemonRoses · 09/05/2021 22:22

I found it better to have a general jewellery insurance rather than item specific. We did it with a separate insurance to give wider cover. I can’t remember exactly as it just comes out on direct debit. About £1, 650 for up to £75, 000 jewellery covering loss, theft, damage,

SarahAndQuack · 09/05/2021 22:24

Oh, yes, do show us the ring!

ThisIsSylviaDaisyPouncer · 09/05/2021 22:25

Does anyone on here know what happens when you get a ring valued? I have seen jewellers’ signs offering this service but am always uncomfortable at the idea of just leaving my ring with them ... but I guess this must be unfounded as others must do it?

VeniVidiWeeWee · 09/05/2021 22:27

@Couldhavebeenme2

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.
Yes, but losing your ring isn't likely to involve an 8 figure medical claim.
JackieWeaverFever · 09/05/2021 22:27

I thinl you shpuld shop around

My engagent ring is 20k and we covered it in our household insurance along with art (20k ish) and some other specialist type "named" items
I think for all our "bonus items" inc my ring was 500 ish buy my husband handles that stuff

JackieWeaverFever · 09/05/2021 22:32

@ThisIsSylviaDaisyPouncer

Does anyone on here know what happens when you get a ring valued? I have seen jewellers’ signs offering this service but am always uncomfortable at the idea of just leaving my ring with them ... but I guess this must be unfounded as others must do it?
There was a thread on here about this and the jeweller swapped out the Ops necklace for another cheaper necklace and what is worse it was a sentimental present from their other IIRC. Since then I am Shock about leaving my jewelery with anyone.
Zancah · 09/05/2021 22:34

Mines worth quite a bit too but it's just a named item on my insurance. I have to have any other jewellery worth over £800 named on it too.
Its definitely not an extra £400 on top of our regular home insurance policy, you need to shop around and ring your current provider to see what deal they can do you.

lostlife · 09/05/2021 22:51

It cost £14k or it is worth £14k?

You may find out that even insuring for £14k you only get a fraction of that if lost or stolen as it may be based on actual value - not store price. So make sure it is like for like

Friend paid £10k for an engagement ring. Engagement ended and he got the ring back (didnt ask- she gave it). Sold for £600 (or actually didnt he kept it but 5 jewellers and 2 auction houses said £400-600)

19lottie82 · 09/05/2021 22:56

Another vote for home insurance. I have a 4 bed and get my buildings and contents inc a 7k watch and a 4K watch in and out of the home, for £25 a month.

Soontobe60 · 09/05/2021 22:58

@CelestialGalaxy

Blimey for those who think its good value....How much do you pay for your house insurance when your house is probably worth at least 20x as much as the ring? I looked at getting my ring insured and pay attention to the conditions of wearing/insurance. I dont like sleeping or exercising with jewellery on, but a lot of policies state that you are only insured whilst wearing or if not it must be in a rated safe box. And also having a rated safe box may lower the insurance.
To be fair, it’s highly unlikely that anyone would lose their house, compared to the likelihood of losing a ring 🤣
ijustcanty · 09/05/2021 23:06

As my dad always said- don't buy a flashy car if you can't afford to run it.

I think that's a reasonable quote

CelestialGalaxy · 10/05/2021 00:06

@soontobe60 to be fair I dont know anyone who has lost their rings, stones from the rings yes, rings no.

@ijustcanty depends what you call flashy, 14k car is not flashy, depreciates and wouldn't cost as much as that ring to insure.

I would be interested to know which home insurance policies allow adding 10k+ single items on their policies?

Original poster
TwoYearsMarried · 10/05/2021 14:16

Thanks all. I'd love to know which house insurers offer a one off high value item? I just did a quote online for M&S (whom I know do offer it) and the annual premium was £1900!!! I also did a compare the market and the max value of a one off item was 10k.
Would love to know who you've all used as I'm clearly going wrong somewhere!?

OP posts:
ErickBroch · 10/05/2021 14:22

Mine was not as dear, 6k. We are with assetsure.

Rosiestraws · 10/05/2021 14:22

I had an engagement ring work about £11k a couple of years ago (bought for £7500 I think - it is always 'worth' more for insurance purposes to do with if you were buying it again new.. although I've never understood really why) and it was approx £280 a year to insure, i think also with Asset sure. So those figures sounds about right to me.. I think it is just something you have to accept with these expensive items of jewellery..

Rosiestraws · 10/05/2021 14:24

you should also check if you need to get a safe that's bolted to the walls etc.. seemed rather ridiculous but that was also in the policy for anything over £10k!

edwinbear · 10/05/2021 14:32

Our buildings and contents insurance are with Hiscox. Between DH and I we have some quite high value jewellery and watches and we pay £290 per month. This covers all the jewellery/watches inside as well as outside the home. It's a huge monthly expense, obviously, but I'd hate to find myself uninsured.

tickingthebox73 · 10/05/2021 14:35

@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??
100% you should have insurance, you can easily lose the stone by knocking it.
Miaben · 10/05/2021 14:38

Quote TwoYearsMarried Please show us the ring!!!

WingingItEveryDay7 · 10/05/2021 15:10

You'll be much better off shopping about for a complete new policy rather than getting separate ones. What people don't always seem to understand is that your main insurer could turn around and decline a theft claim, based on the fact that you have a really expensive ring that they wouldn't/couldn't cover at home which has (potentially) attracted the attention of the bastards out there who break into houses. Most policies are a 'all or nothing' kind of deal. Speak to a high street broker who will search the market for you. They have access to the types of policy you need which you can't find easily online yourself. There will likely be clauses in regards to getting clasps and settings checked every couple of years and an up to date valuation within 5 years (in the instance you need to claim) x

AndSal92 · 10/05/2021 15:32

Mine is 25, and we insured it on the house for up to 20. It's not quite the full amount but means we pay no additional cost for very good cover, and would only be out of pocket 5k if it went missing/ was stolen - around what we might have saved in additional insurance ever 10 years.