The Ultimate Guide to Engagement Ring Insurance

Congratulations on your engagement! As you embark on this exciting journey towards a lifetime of love and commitment, there’s one important aspect that deserves your attention: insuring your engagement ring. While the sentimental value of your ring is priceless, it’s crucial to protect it from unexpected loss, theft, or damage.

In the UK each month, there are 163,000 searches for ‘engagement rings’, compared to just 3,400 searches for ‘engagement ring insurance’. This suggests that of all the people shopping for engagement rings each month, just 2% plan to protect them!

However, that said, since the start of 2023, searches for ‘engagement ring insurance’ have grown +21%. As the rising cost of living makes us all keep a closer eye on our finances, it seems we’re not taking any chances when it comes to an unexpected cost associated with repairing or replacing a ring.

In this comprehensive guide, we walk you through everything you need to know about engagement ring insurance in the UK. From understanding the different options available to answering your top questions, we’ve got you covered.

Do I need insurance for my engagement ring?

As our guide on how much an engagement ring costs explains, the average cost of an engagement ring in 2023 is £1,455. While you’re caught up in an engagement whirlwind right now, the reality is that life doesn’t always go to plan and whether it’s accidental damage, loss or theft, it’s worth knowing that you’re covered should something happen to such an expensive piece of jewellery.

Is my engagement ring covered by my home insurance?

You may be thinking you don’t need to insure your engagement ring specifically as it will be covered on your home insurance policy. However, this isn’t always the case.

Whether or not your engagement ring is covered by your home insurance depends on how much the ring is worth and the type of cover you have. You will need to check if the ring cost falls within the single-item limit. This is the maximum amount you can claim for a single item on contents insurance. For example, if your single-item limit is £700, but your engagement ring costs £1,400 to replace, you’ll need to pay £700 of your own money to replace the ring.

If the ring is worth more than this limit you will have to list it individually on your policy, which will usually boost your premium. Alternatively, you can take out specialist engagement ring insurance.

6 benefits of specialist engagement ring insurance

Standalone cover for your engagement ring might cost more than adding the ring to your contents insurance, however, the cover will be much broader. The insurance will usually cover, accidental loss, theft, accidental damage, loss of stone, and cover abroad, which is always handy if you’re prone to losing things or the ring is highly valuable.

1. Accidental loss

Most jewellery losses occur outside of the home. Whereas home insurance won’t often cover losses outside of your home, specialist insurance will. This type of engagement ring insurance will usually replace the ring if you do lose it.

2. Theft

Unfortunately, highly valuable items such as an engagement ring are prone to being stolen by thieves. Specialist engagement ring insurance will cover theft at home and away, unlike home contents insurance which will normally just cover theft at home.

3. Accidental damage

Wearing a ring every day is likely to lead to some wear and tear. Even if a diamond is the hardest-wearing stone, it can still be damaged, especially if the shape is unusual. Fortunately, with standalone engagement ring insurance, the provider will cover repairs or replacements if needed. Accidental damage cover isn’t normally included as standard on home insurance.

4. Loss of stone

The claw that holds the stones in your ring can become worn or damaged over time, which could lead to losing stones. Some settings are more susceptible to this than others but If this does happen and you’re covered by specialist engagement ring insurance, you should be able to get the stone replaced.

5. Cover abroad

If any of the above happens outside of the UK, you will be covered with specialist engagement ring insurance. Usually, the policy will have no country restrictions, so you can relax whilst on holiday knowing your precious ring is protected.

6. Protected no claims discount

If you have to make a claim on your home insurance for your engagement ring, this will impact any no claims bonus you have, which could mean having to pay a higher premium in the future.

How much does insurance on an engagement ring cost?

The cost of your engagement ring insurance will depend on many factors, such as the value of your ring, where you live, your age, and if you’ve claimed in the last five years.

Usually, insurance costs between 1-3% of the value of the ring. To get a rough estimate you can add 1-3% to the value of your ring, plus the insurance premium tax which applies to all insurance in the UK, at 12%.

Based on an engagement ring worth £1,455, you could expect to pay around £5-£10 per month to insure it, which works out at approximately £60-£120 per year.

Considering a flat white takeaway coffee typical costs around £4, swapping a couple of coffees per month for the peace of mind offered by engagement ring cover could be a no-brainer.

What’s the value of my engagement ring?

To make sure you get the right cover for your engagement ring, it’s important to know exactly how much it’s worth.

It’s worth getting a professional valuation if you didn’t already get a valuation certificate when you bought the ring, or it’s been a long time since you purchased it. Otherwise, if you guess and underestimate the value of your ring, you may not get a big enough payout to replace or repair your ring.

Likewise, if you base it on a valuation certificate from five years ago, the ring might have increased in value since. The National Association of Jewellers (NAJ) recommend getting your engagement ring, and other valuable jewellery revalued every three to five years for this reason.

Specialist jewellers will be able to provide an Approved Valuation for your engagement ring. An Approved Valuation is a valuation completed by a jeweller who is a member of either:

• Institute of Registered Valuer (IRV)
• National Association of Goldsmiths (NAG)
• National Association of Jewellers (NAJ).

 

You will receive an official document that details the value of your ring and the reasoning behind its valuation.

Purchase your engagement ring with Angelic Diamonds and you’ll receive a valuation certificate, which you can use to get the right insurance for your ring.

Can you insure an engagement ring if it is stolen?

Engagement ring insurance helps cover the cost to replace an engagement ring if it is stolen. However, you can’t insure a ring after it’s stolen, or lost. If the ring was stolen inside your home, you may already have cover with your home and contents insurance, depending on if the value of the ring falls within the coverage limits.

If it was stolen or lost outside the home, then usually home insurance doesn’t cover this, and this is where specialist engagement ring insurance comes in particularly useful.

How to keep your engagement ring safe

While having engagement ring insurance is great should the worst happen, prevention is always better than the cure. Here are our top tips for keeping your engagement ring safe from theft, loss or damage.

1. Get it fitted correctly

The size of your ring finger will fluctuate depending on the temperature. However, ensuring your ring fits correctly will mean it stays in place without being restrictive even as your finger changes size.

If your engagement ring is loose, don’t just think “It’ll do”. It’s worth opting for ring resizing and being without your ring for a few weeks while it’s resized to avoid it potentially slipping off your finger when you least expect it.

2. Never wear your engagement ring while swimming

There are so many reasons why wearing your engagement ring while swimming is not a good idea. Firstly, the cooler temperatures of the water, especially seawater, will cause your finger to shrink. This makes it more likely that your ring will slip off and finding a ring in the ocean? Well, that’s like finding a needle in a haystack!

If you’re more of a pool swimmer, be aware that chlorine can corrode and blacken the metal band of your engagement ring, leaving it looking duller.

When swimming on holiday, we recommend removing your ring and storing it safely in your hotel room safe. Don’t be tempted to tuck it in your purse or a pocket in your beach bag. If you leave your items unattended, like when you’re in the water, you risk losing your engagement ring too!

3. Invest in a ring holder or dish

There’s nothing worse than the feeling of thinking you’ve lost your engagement ring. The easiest way to prevent this is to have a regular spot where you keep your engagement ring when you take it off, for example, to do the dishes.

We recommend keeping a ring dish by your sink to safely store your ring as you wash your hands or apply beauty products. Don’t leave your ring on the side of the sink; it’s just waiting to slip down the plug hole! We’d also recommend keeping a ring holder by your bed too.

Getting into the habit of keeping your ring in either of these locations when you take it off narrows down where it could be should you ever fear you’ve lost it.

4. Don’t be afraid to take your engagement ring off

You’ll no doubt want to wear your engagement ring everywhere you go, but some activities are simply unsuitable - and they may surprise you!

 

• Applying beauty products

Applying lotions and perfumes while wearing your engagement ring can cause a build-up of product within the ring itself (the diamond setting is the most common place this can accumulate). Over time, this can cause your stone to appear cloudy and dull, while the chemicals and alcohol in some products can damage the metal of your ring.

 

• Cleaning

Cleaning your home while wearing your engagement ring can cause damage to the ring itself. Chemicals and abrasives within the cleaning products can damage the metal of your ring, while tough scourers and wire wool can scratch it.

You can wear rubber gloves to protect your ring but the safest option is always to take your ring off and store it away safely.

 

• Gardening

You don’t want your sparkling new ring covered in dirt, but there are far more dangers to your engagement ring than just mud lurking in your garden. If you’re pulling out plants, the roots may get tangled on your ring and pull it off your finger. Likewise, rocks and branches can scratch the metal or your ring or even loosen the stone.

Gardening gloves will only offer so much protection, so our advice is to remove your ring while you work outdoors.

• Lifting weights

 

Heading for a workout? Leave your engagement ring at home, especially if you plan on lifting weights or using exercise machines. Gripping metal can lead to scratches on the metal and even loosen the stone settings over time.

5. Don’t choose an obvious place to hide your engagement ring when not worn

If a thief was to enter your home, the first place they’d likely look for your jewellery is your jewellery box. So, if you are leaving your engagement ring at home, hiding it somewhere unusual can leave it undiscovered in the event of a break-in.

Our suggestions include:

• A safety deposit box - the safest choice if your home has one.
• A dressing gown pocket
• In a folded item of clothing, such as the pocket of a pair of jeans
• Tucked into a shoe in your wardrobe
• In between the pages of a book and stored on a shelf
• In a DVD or video game case

 

Avoid storing your jewellery in these common places for thieves:

• Jewellery box
• Cosmetic bags
• Underwear drawer
• Under your mattress
• Bedside cabinet
• In clear view by a window or door

 

6. Consider a travel ring

If you don’t like to be without your engagement ring, why not consider wearing a travel ring in its place for when you need to remove it? Travel rings are cheap-to-buy rings that you can wear as an engagement ring when travelling, working out or other instances where you might not be able to wear your real engagement ring.

They’re popular as it shows you’re still engaged to be married, without running the risk of losing your real ring.

Now you know everything you need to know about engagement ring insurance. At Angelic Diamonds, we offer a lifetime warranty on all of our products against manufacturing and workmanship defects, so along with your insurance you’ll have extra peace of mind knowing your ring is protected.