Engagement ring insurance

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BarryY

Registered User
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Having recently bought an engagement ring I added it to the home insurance policy I have. This is already about 460 per year. The ring is valued at 11,000 and the policy has gone up by 160 per year. When we initially enquired my fiance was told around 80 per year. I am with Hibernian. The cover is for loss or theft worldwide. Am I paying too much?
 
All risks is about €1 - €1.50 per hundred euro value, depending on insurer. At €11k, you would be paying €110/€165 per annum for the ring alone. if Hib are €1.50 per hundred, then €160 is right.

Given the value of the ring, I would be reluctant not to have it insured. however, bear in mind that the jewellers often give valuations for a higher figure than what you bought it for. This to give some form of psychological boost to purchaser who feels that they have got a great deal, ie buy ring for €8K with valuation of €11k, could lead you to thing that you have got a bargain.

I would sugest that you insure for the true purchase price and even perhaps a little less as i am quite sure if you went into shop toomorrow to buy an €11K ring, there would be some discount on the list price.
 
Mrs Tubbs went to get her engagement ring cleaned recently at the jewellers that I bought it from.

They were telling her that its important to get the ring valued every few years (they did say how many years but that was forgotten), because if it is stolen and lost and not recently valued you'll have problems claiming for full value from insurance.

Not sure if thats true what the Mrs was told ?
 
My wife's ring is insured for Eur 8k, which added about Eur 75 per year to our insurance premium with FBD. Therefore, sounds like the Hibernian quote is high.

Insurance figure itself sounds pretty high too, but that depends on the size of your mansion....
 
Tubbs:


Some insurers mark the policy schedule 'valuation produced' when the item is first added to the policy. They then increase sum insured every year, to take inflation into account. In the event of a claim, a fresh valuation is not required.

If the ring is expensive and could be increasing in value every year, then it would make sense to get it valued every few years ( I note your jeweller did not define the word few), but it will cost you a valuation fee every time. Is jeweller simply seeking to increase his fee income?
 
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