Jewellery Insurance Discussion Area

SUPPOSE

Hi

As i recently purchased an engagement ring which my fiancee is now wearing, i have read through these posts with interest. Even taking the advice and suggestions on board i am struggling to find what i consider to be a reasonable premium.

The ring has certification valuing it at £5300 and as it is an engagement ring it will be worn 99.9% of the time.

We live in a 3rd floor apartment with secure entrance to the block and separate secure entrance to the apartment (our front door).

My current contents only cover is with Budget and is £54 per annum, of which i am 6 months in. I called them to get the ring added as a specified item (as it is over £1500 and is to be taken away from home) and they quoted me £264 - an increase of £210 per annum!?

I have tried Zurich to beat this quote and they have called me back 3x so far to check details whilst they are checking with the underwriters. I am still waiting for them to get back with a final quote.

I called my jeweller who said he would have thought the insurance premium would be £50-70 per annum but he normally advises customers to add it to their home contents.

Any thoughts/advice appreciated as I have a feeling the Zurich quote is going to be equally pricey?....they came back to me with a quote of £289 for my ring and contents which is an extra £235 extra per year for the ring!?!? any advice appreciated as i need to get this ring covered!

Thanks

sijoru

I just bought an engagement ring and am looking for insurance too. I am looking just for individual item insurance as my home insurance company were not too helpful.

So far I have found two quotes and still shopping around. The two I found were:

www.connoisseurpolicies.com

^^ will cover you for £50 per £5000 of cover in the UK. Its double for worldwide cover.

[EMAIL="insurance@thmarch.co.uk"]insurance@thmarch.co.uk[/EMAIL]

^^ I put £5300 in with my postcode and the quote was £52.87

Hope this helps. Please tell me if you find anyone else doing individual cover for an engagement rings.

claire16c

Does anyone know what type of receipt the insurance company would need in case of a claim and whether you get money or usually replacement in event of a claim?

My ring was bought in the US, so I have a receipt in US$ and also the credit card receipt which shows how much it cost in £s. I take it these together would be ok?

I have been looking at T.H March, theyve given a quote of £50 and the ring cost just over £2000.

However, it says on the cover summary the event of a claim "Claims will generally be settled by repair or replacement with a reasonably identical article. "

However, what if a resonably identical article were to cost more than the £2000 we spent? Rings are a lot cheaper in the US, they also use 14carat gold and not 18, and you get a lot more diamond for your money - I have seen rings with a similar size diamond here going for 6k.

So how would this work?

For example I looked on the Ernest Jones website and in their insurance policy it says they basically give you a gift card with the value on. I would not be able to get a ring anywhere like the one I have in there!

owen22

Hi,

Never had any kind of insurance policy before but now need to insure an engagement ring.

The problem is the ring we have bought is an antique. If it ever needed to be replaced we would like to option to have a replica made which would probably cost more than what I initially paid for it.

When obtaining a quote obviously I can put in any value for the item I want (taking into account the cost to get a replica made) and this will be reflected in the price I'm being quoted. On making a claim however, would the insurance company ask for proof of what I paid for it (and therefore only pay out this lower amount)?

This is probably a really dumb question but hopefully that makes it easy to answer!

Thanks.

chocodawn

I have recently lost a diamond out of my 3 stone diamond ring. A jeweller has estimated it will cost around £1,000 to replace. I have contents insurance with Aviva (norwich union) that covers valuables up to £6,000 with £1,500 single item limit. The ring is not covered separately. They have told me this would not be covered under valuables. Just a note for anyone that even though valuables states jewellery on my policy and I have accidental damage this does not cover this. Does this sound correct?

dacouch

chocodawn wrote: »

I have recently lost a diamond out of my 3 stone diamond ring. A jeweller has estimated it will cost around £1,000 to replace. I have contents insurance with Aviva (norwich union) that covers valuables up to £6,000 with £1,500 single item limit. The ring is not covered separately. They have told me this would not be covered under valuables. Just a note for anyone that even though valuables states jewellery on my policy and I have accidental damage this does not cover this. Does this sound correct?

It does sound correct as to be covered for losing an item you would need to have personal possessions cover eg cover away from the home

chocodawn

dacouch wrote: »

It does sound correct as to be covered for losing an item you would need to have personal possessions cover eg cover away from the home

This happened within my home though

dacouch

chocodawn wrote: »

This happened within my home though

For losing an item including in your home you need personal possession cover eg cover away from home or specify the item (for home and away) as this is the only section that covers losing an item. If you have not selected this cover then there is no part of the policy that covers losing an item

chocodawn

dacouch wrote: »

For losing an item including in your home you need personal possession cover eg cover away from home or specify the item (for home and away) as this is the only section that covers losing an item. If you have not selected this cover then there is no part of the policy that covers losing an item

Thanks for that (I think!) *sigh* it just seems that I pay for accidental damage, contents, buildings, car, travel insurance and the one time I need to claim I'm not covered! sssoooooo typical!!!!

dacouch

If someone at Aviva or brokers miss informed you that it would be covered for losing it under the standard valuables part of the policy when you bought the policy or rang to advise them you had the ring you MIGHT have some comeback against them