Ring insruance

[kay1]

Hi!

Does anyone have recommendations for ring insurance? I'm in the UK if that makes a difference. The proposal is days away, and I need to get the ring insured for the proposal (abroad) as soon as possible I'd prefer to go with someone that offers the best protection and the least hassle even if it costs more. I can switch the policy out to a cheaper one next year as I don't expect us to be holidaying with the rings after that.

 

[heididdl]

I don't know here in US I have a rider policy on my homeowners for complete replacement value. (prudential)

 

[kay1]

I'd rather have an individual policy for this year if possible because the ring will be with me, then with my SO, and then in a house we'll have together, so the home address will change a few times.

I checked out TM March, but it cost £650 a year (£23,000 ring value), and above 15,000 it won't cover the ring in anything but a bag i'm carying (fine) or a bank safe (not going to work when abroad at the hotel for the proposal).

 

[natemc21]

Check out Jeweler's Mutual. I just started a policy with them at the link below. Had slightly less ring value but the premium is $340/year. Cover's everything including theft and total loss for up to appraisal value. For me, they got the purchase info straight from WF (for my diamond) and my local jeweler (for the setting and band) and called that the appraised value. Then it is up to you to get an appraisal every couple years if you want to keep replacement value up to date. Anyway, it was very easy to set up.

http://perfectcircleinsurance.com/

 

[kay1]

Check out Jeweler's Mutual. I just started a policy with them at the link below. Had slightly less ring value but the premium is $340/year. Cover's everything including theft and total loss for up to appraisal value. For me, they got the purchase info straight from WF (for my diamond) and my local jeweler (for the setting and band) and called that the appraised value. Then it is up to you to get an appraisal every couple years if you want to keep replacement value up to date. Anyway, it was very easy to set up.

http://perfectcircleinsurance.com/

They don't seem to insure in the UK

 

[qwedsy]

Maybe just call the companies and ask about their best offer for your situation? I don't know about the UK, but where I'm from you would need to get a separate travel insurance for the trip abroad, since if the ring was damaged/lost during it, that wouldn't be covered by the normal insurance.. So be sure to mention that you'll be taking it on a holiday (Now I'm just thinking about a holiday with diamonds.)

 

[MarionC]

I don't know here in US I have a rider policy on my homeowners for complete replacement value. (prudential)

Hi heididdl
I just wanted to make sure you know if your policy covers chipping, etc.
[I had mine under my homeowners for ages and just discovered that they only pay for loss or theft, not damage to the stone.
I am now insuring with Jewelers Mutual and it costs the same as the rider on my homeowners did, but is full coverage].

 

[kay1]

Maybe just call the companies and ask about their best offer for your situation? I don't know about the UK, but where I'm from you would need to get a separate travel insurance for the trip abroad, since if the ring was damaged/lost during it, that wouldn't be covered by the normal insurance.. So be sure to mention that you'll be taking it on a holiday (Now I'm just thinking about a holiday with diamonds.)

Yeah I'll call around tomorrow - everything was closed by the time I posted. From what I can see in the cover though most insurance companies cover worldwide as long you're wearing it, carrying it in a bag in your possession, or have it in a safe. Standard cover in the UK seems to only go upto £15k tho, after that the premium goes up.

It may actually still be cheaper tho to use travel insurance for now, and then home contents after that.

 

[GeorgeStevens]

To reduce your premium, take the highest possible excess ("deductible" to the Americans). As you can imagine, there's a fair bit of fraud in insuring engagement rings, and the higher excess helps reduce this and you get the savings.

It may be worth switching your homeowner's or renter's policy. I added a piece for $11K to my policy with a $2500 excess and it added $112 a year, which is a rate on line of about 1.3%, which is about right. This is for worldwide cover that is valid only when in my "direct control" or stored in a safe (not necessarily a bank safe). Insurers are good at insuring only things that have no risk, which is why people don't buy their policies.

 

[kay1]

Hmm TMMarch quited £757 a year :/

HighworthInsurance said they can't insure it until after the trip.

I wonder if some kind of travel insurance might be better. Any ideas?

 

[heididdl]

Actually not sure as I just had it reGIA certified and it has a chip but it only brought the polish to good instead of vG and if it is insured for chipping i am not recutting a 3.66 H si1 ideal cut EC ....not taking the chance..... I never asked my stone is 25 years old .....

 

[kay1]

I managed to add it to my contents. It was £300 for 75k cover including the ring and eternity as extra specified possessions. Unlimited cover in europe and 60 days worldwide.

 

[Roqsteady]

To reduce your premium, take the highest possible excess ("deductible" to the Americans). As you can imagine, there's a fair bit of fraud in insuring engagement rings, and the higher excess helps reduce this and you get the savings.

It may be worth switching your homeowner's or renter's policy. I added a piece for $11K to my policy with a $2500 excess and it added $112 a year, which is a rate on line of about 1.3%, which is about right. This is for worldwide cover that is valid only when in my "direct control" or stored in a safe (not necessarily a bank safe). Insurers are good at insuring only things that have no risk, which is why people don't buy their policies.

Are you an actuary too? I never thought I would hear those words on a jewelry forum.

 

[heididdl]

I don't know here in US I have a rider policy on my homeowners for complete replacement value. (prudential)

Hi heididdl
I just wanted to make sure you know if your policy covers chipping, etc.
[I had mine under my homeowners for ages and just discovered that they only pay for loss or theft, not damage to the stone.
I am now insuring with Jewelers Mutual and it costs the same as the rider on my homeowners did, but is full coverage].

In includes chipping wow .....How large is your stone and what is your premium. My premium is $825 a year for a 3.66 EC...

 

[GeorgeStevens]

Never qualified as an actuary, but I know a bit about the business...

(For the others, if you want to talk like an actuary, the "rate on line" is simply the premium divided by the amount of coverage. If you buy a higher excess and higher limit, you should get a lower rate on line than if you buy a low excess and low limit.)