Engagement Ring Insurance

markie g

Distinguished Member
I'm just sorting out insurance for an engagement ring.

I've been quoted £38 to add this onto my policy, which i'm about 6 months through already, so yearly total would be about £76. This seems fairly expensive... just wondering what everyone else pays for theirs and any other recommendations for 3rd party companies?
 

PsyVision

Distinguished Member
I think I had to pay an extra £6 when adding mine onto my home/contents policy and was no more than 6 months into policy.
 

PsyVision

Distinguished Member
I've a couple of years no claims I think and our policy is only £2-300 p.a. (from memory). I think it's with Legal and General.
 

MrSossidge

Distinguished Member
I thought the thread title was a reminder. It's the same way my wife would say it.
 

Mr_Wistles

Distinguished Member
Depends how much the ring is and if you are declaring if it will be taken off at all.

Without knowing how much the ring is worth (and basing off what I pay for my wife’s jewellery) the price quoted sounds quite a lot.

I pay about 1% pa of the total value.
 

markie g

Distinguished Member
Depends how much the ring is and if you are declaring if it will be taken off at all.

Without knowing how much the ring is worth (and basing off what I pay for my wife’s jewellery) the price quoted sounds quite a lot.

I pay about 1% pa of the total value.

I wasn't asked if the ring would be removed or not, just that it would be covered for accidental, theft or loss of the item. Including losing the stone.

The ring itself was ~£2000

The other confusing part is they asked for the value of the ring, is this the price paid or the cost to replace. The reason it's slightly confusing is that i bought it when it was on promotion and to buy the same ring full price again it would be +£400 of the price i paid. But obviously don't want to give them anything so they can wiggle out of paying out in a worse case scenario.
 

Mr_Wistles

Distinguished Member
You insure at the replacement cost, not the cost paid.

You could probably get it cheaper but that would mean moving insurers and after the cancellation fees would work out the same.
 

markie g

Distinguished Member
You insure at the replacement cost, not the cost paid.

You could probably get it cheaper but that would mean moving insurers and after the cancellation fees would work out the same.
Ok thanks, i'll bite the bullet this time and look at moving next renewal.
 

Mr_Wistles

Distinguished Member
There is a clause in mine that there needs to be a valuation every two years along with a setting check.

That only applies to the larger pieces though.
 

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