Engagement Ring

The_Realist

Hi,

I have bought an engagement ring (she said yes). Although I didn't pay this amount (sale, bargaining, etc), the valuation they provided is £4800.

My current insurer swift cover covers this under the contents insurance up to £5000 per item so we are ok if it is stolen in the house. We however want worldwide cover (as it's more likely to get lost out the house).

SwiftCover offer personal possessions cover at various amounts (up to 30k) but only on individual items up to 2500 whatever amount of total cover is selected.

Any idea what else I should do?

Many Thanks

The_Realist

bump........any advice?

dacouch

Add the ring as a specified item under the "Personal Possessions / belongings" section which will cover it for worldwide cover.

Should cost between £200 and £500 a year.

Make sure you read very carefully any terms the Insurer applies as may restrict cover on a ring of that value.

Get the settings checked every couple of years.

Congratulations

The_Realist

they will however only cover up to £2500 per item and this is valued higher?!

listmaker1001

Hi,

Congrats!

My ring is also valued at £5k (well it was 6 years ago, prob need to get it re-valued), and I've found by far the cheapest way to get it covered is under your existing home ins (as personal possessions).

Like yours, some insurances won't cover such an expensive item, with a single item limit like yours. There are companies who will insure just the item, but I found this to be very expensive. I ended up waiting until I renewed my insurance before selecting an insurer that had a large enough single item cover.

You can check this on the comparison sites.

Not recommending you go without insurance mind, just saying I risked it until renewal, as it was cheaper!

Hope that makes sense!

ian103

try a specialist insurer or a premium house insurer.

The_Realist

listmaker1001 wrote: »

Hi,

Congrats!

My ring is also valued at £5k (well it was 6 years ago, prob need to get it re-valued), and I've found by far the cheapest way to get it covered is under your existing home ins (as personal possessions).

Like yours, some insurances won't cover such an expensive item, with a single item limit like yours. There are companies who will insure just the item, but I found this to be very expensive. I ended up waiting until I renewed my insurance before selecting an insurer that had a large enough single item cover.

You can check this on the comparison sites.

Not recommending you go without insurance mind, just saying I risked it until renewal, as it was cheaper!

Hope that makes sense!

The few I've looked at take me through to insurance sites that have similar limits in place?!

claire16c

Have you tried TH march? They insure jewellery.

dacouch

Try adding it to your policy with Swift

Just_Some_Guy

Firstly, congrats!

Secondly, you have four options. The first is just to accept Swift's single article limit. The second is to try and add it to the Swift policy anyway, they might consider very high value items on application (then again they might not). The third is to buy a specialist jewellery policy for all of your bling; likely to be expensive but should cover everything everywhere. The fourth is to move to a contents insurer with a higher single article limit which will be more expensive as it will be a higher quality product than Swiftcover. Google for "contents insurance £10k single article limit" and you should get a decent list of insurers to try. (I say £10k as it will get more valuable with inflation etc over time).

The price comparison websites are not really helpful here as most people don't care about single article limits, so the policies have really low limits to try and game their position in the list of quotes.

xMonsoonx

Get your broker to add the item as a specified item at the value of your choice - however in the event of a claim the settlement would be limited to the amount you have specified it for.

You must remember to keep the valuation and amount its specified up to date.