Insuring an expensive ring

clarkey1000

My mum has recently given me my grandmothers engagement ring which is worth quite a bit and as I live abroad I have left it at my parents house in their safe as I'm pretty sure no insurance company would cover it where I live.

Firstly I'm thinking that in order to prove ownership I need to get it insured in my name (it's currently under my parents contents insurance). If I'm wrong please let me know what else I can do.

Assuming I do need to insure it in my name anyone got any suggestions as to where I go for this - it's worth too much to go under my own contents insurance (and isn't at my own home anyway).

Another option my husband has suggested is getting it put in a safe deposit box at a bank - anyone know how this works - would I still need insurance? Any ideas on costs?

Any suggestions please let me know as I'm a bit confused by it all!!

Thank you

dacouch

You should add the ring to your own home insurance (Assuming you do not live with your parents). It generally costs around 1.6% of the ring value if its valued under £3000.

If its valued under £1500 you can normally cover it by selecting unspecified personal possession cover which is around £25 a year and covers items with an indivual value of upto £1500.

If you keep it in a bank vault the bank will charge you for keep it in there, some Insurers offer a reduced rate to insure it as obviously there is a much lower chance of a claim.

Gold prices have gone through the roof recently so it would be sensible to get a valuation carried out.

Its also worth taking photographs of the ring (Some valuers will do this anyway) as if the ring goes missing it makes it easier for a copy to be made and assists the police in securing a conviction and / or returniing it to you

clarkey1000

Cheers for the response. The ring is worth a lot more than £3000 though and so doubles my insurance premium!! :eek:

I've found a company called T H March who will insure it as an individual item and that way I can leave it at my parents house in the UK. They also offer insurance when it's in a safe deposit box but I still need to investigate the cost of that.

It is currently covered under my parents insurance and I'm still wondering if I can leave it within their policy but still prove ownership if I need to (am thinking inheritance tax issues if anything happened to my parents)

Any ideas?

Thanks