Insuring valuable diamond ring

cloo

When we got engaged 10 years ago, my granddad gave me his mother in law's engagement ring to use (my husband's proposal was impromptu and my graddad had been dropping hints about the ring). I knew its value had risen a lot from the original one I had. I have it insured for about the maximum any household policy will pay out for an individual item, though I actually had not got a written valuation, just verbally from the jeweller who had cleaned and repaired it (I know was a bit pointless insuring without written valuation)

I've had it valued again so I have it in writing and it's gone up even more, as it is a very good stone of a type you don't get much any more. Trouble is, looking up online I'd have to be paying £550+ pa to insure with a specialist, and much as I love it, I'm not sure I want that. I think for the time being, as my contents insurance comes up for renewal in 10 days, I'm going to stick with the currrently insured amount (about 4k less than new valuation) as the monetary value of the ring is hardly the point of having it, although I think that's still pushing our contents insurance up by over £400 pa.

Does anyone know of any insurance options I should look up? I guess my options are insure for less, lock it in a safe and don't wear it, or sell it and get a cheaper one made specially so it has personal value in abother way. Much as I love the ring, I'm not mad keen to spend £500pa to wear it!

agrinnall

I'd certainly ask a decent broker for some prices first, I'm not sure that it's the sort of thing that you'd find accurate figures for online.

Faith177

You could ask your current co for a quote having the ring listed as a specified item in and away from the home for it's true value

ciderboy2009

Totally agree with calling your own insurers - up until a few years ago my wife had a diamond ring worth over £10k and we only paid about £20 per year to have it specified on our contents policy.

cloo

Thanks, hadn't thought of that. I'm with M&S who seem to be better than most for high value objects, will give them a call this week and see if they can come up with anything.

vacheron

Have you thought of using a home insurance comparison website and listing the ring and it's value during the quote process. That way only insurers which will cover it will be listed and it may be cheaper to change home insurance policies than to insure it individually.



On a similar note, to insure my home and contents including a number of itemised jewellery items, a number of itemised watches plus 4 itemised bicycles each worth over £1000+ I pay about £130pa.

I recently received an e-mail from Evans Cycles promoting their bicycle insurance scheme. Just to test I used ONLY my most expensive bike.
The resultant annual quote?.... £379.00.... almost 3 times the cost of my entire home insurance policy!!! :rotfl:

Just a point to prove that specialist insurance companies can sometimes be just a tad uncompetitive!