Wedding planning information and ideas, a wedding planning checklist

Wedding Planning Information and Advice

Engagement Ring Insurance

An engagement is a very exciting and happy time in the lives of two very special people. But amidst all of the excitement and celebrations of the engagement, don't leave yourself exposed to risk by not having your wonderful engagement ring insured. So many couples risk great upset and financial set-back by not insuring the engagement ring after it's purchase. For a comparatively low fee, your ring can be covered against almost any risk or eventuality - it's not worth your heartbreak and high replacement cost in the event that anything were to go wrong.

Insure your engagement ring, don't wait until the wedding day

Most jewellers will offer insurance cover as an optional extra at the time of sale.  Unless you have other insurance already in place at the time you buy/collect the engagement ring, this cover is worth consideration.  Your precious engagement ring will have the insurance cover in place from the time that it leaves the jeweller's shop. Once again, you may wish to consider the cover (and level and length of time of cover) provided by a credit card company if you are paying for the ring by use of a credit card.

Potentially over half of all engagement rings are not insured

Research results from financial services suppliers indicate that almost half of all engagement rings purchased are not covered by insurance. Survey results show that 42% of engagement rings are do not carry any insurance, whilst an additional 16% of engagement ring owners are not sure if their ring is covered or not (which means that it probably is not, as they haven't taken steps to include it in any existing policy).

Some of the 1.8 million people who purchase engagement rings each year risk losing their money due to lack of insurance cover. The average cost of an engagement ring is expected to reach €1,200, as the price of gold has risen significantly and is expected to continue to grow.

The number of people who don't think about insurance for their engagement rings is quite staggering. It is important to protect what is a symbol of love and essentially an investment.

Insure Your Engagement Ring Without Delay

It is important that people ensure that the engagement ring is insured immediately after purchase, don't wait for wedding insurance (which may not cover the engagement ring) or until you have arranged household contents insurance on your new home together (by which time it could be too late). Index-linked insurance cover could avoid falling into the 'underinsured' trap for many people, as the price of gold and other precious metals continues to climb. If you have had your engagement ring for a while, it may be prudent to obtain a jeweller's insurance valuation and make any necessary adjustments to the value you have covered on insurance for replacement.

Those who purchase an engagement ring and already have household insurance cover can, in most cases, add the ring to their existing insurance with as little effort as making one telephone call to your insurers.




Each engagement ring is unique and the value and suppliers will differ form couple to couple. The engagement ring insurance cover will need to be structured to match the value of your ring. There are numerous insurance companies to choose from, each offering it's own different levels of ring insurance cover. If you already have a household insurance policy, you will probably find it more economical to add the engagement ring to your existing insurance policy.

It may be prudent to enquire about the levels of insurance cover that you are able to obtain, bearing in mind that the engagement ring will be travelling around with you everywhere, both socially and whilst at your work - as well as your honeymoon and holidays, so ensure overseas cover is included.


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Engagement Ring Ins