Insurance for engagement ring

sazy84

My boyfriend has just proposed to me with a lovely Tiffany Engagement ring! Apart from being very excited, I am concerned that I need to insure my ring incase something terrbible happens to it! At the moment I am living with my parents, so have no contents insurance, so cannot add it on to a policy (ikm guessing my mum won't want me adding it on to hers. Could anyone suggest a good company to try? There doesn't appear to me much out there which is suitable. Many thanks.

InsideInsurance

You can get specialist jewellery insurance but compared to adding the item to the personal possessions cover of your Home insurance it is very expensive.

From memory my wifes collection of jewellery was about 5x more expensive to insure via a dedicated policy -v- adding it onto our home insurance with the only significant differences being a £50 excess being applicable to home insurance and there being a NCD

dogbot

You are living with your parents so should add it to their policy - their policy covers the people permenantly living at that address and since you are part of their imidiate family you are definatly covered. The policy holder would need to phone up to make the change. You would I guess just need to offer to pay any additional premium - it will be something like £10-£50 depending on value, how risky an area etc. There may well also be a charge for the administration of the adjustment.

While it will depend upon the value of the ring, you will most likley need to insure it as a specified personal posessions item. Best way to work out whether it needs to be listed or just have the general sum for personal posessions uplifted is to call the insurer, tell them how much it is to be insured for and let them work out if it needs listing or not.

This will be far the best way of insuring the ring though as you will then be insured on a new for old basis, and it will be much cheaper than getting a specific policy.

You need to make sure you insure it for the full market value - bear in mind diamond and precious metal prices are rising strongly at the moment - if your fiance bought the ring a couple of months ago the value will already have gone up significantly. Suggest you insure for more than the current valuation says since the value will likley rise in the comming months and any items specificaly listed on a home insurance policy are not index linked in any way - it is up to you to keep an eye and make sure you are adequatly insured.

edit: oh yes and when you move out make sure you get your own contents insurance

Just_Some_Guy

Jewellery insurance is designed for WAGs and other people with massive amounts of top end bling, so it will be very poor value for one Tiffany ring (unless the diamond is like ten carats).

Contents insurance policies are the best place for this. You could specify the item (so it would be listed separately on the policy) or the policy's general cover level could be sufficient (they always cover any item up to a value of £X).

Best bet is for your mum to call the insurer up and tell them she wants the ring covered; the policy could cover it already, the cover level could need bumping up, or the ring might need specifically listing. In any case the extra cost should only be a few quid per thousand pounds of value unless you live in a burglary hotspot.

Usual insurance snags apply: make sure you would get a new-for-old replacement and that you review its insurance value whenever the policy renews.