insurance for engagement ring

faceman

Not sure if anyone can help here. Got our engagement ring bought in antwerp valued by a dublin jeweller. They valued it 3 times more than the purchase price!!! :eek:

Is it possible to get a ring independently insured as opposed to puttin it on content insurance?

Eoin

faceman wrote:

Not sure if anyone can help here. Got our engagement ring bought in antwerp valued by a dublin jeweller. They valued it 3 times more than the purchase price!!! :eek:

Is it possible to get a ring independently insured as opposed to puttin it on content insurance?

Herself's is covered under our contents insurance, but it is specified in the policy as an item, rather than covered with everything else. That should be as good as getting it's own policy. If not, then just try the insurance forum (under biz -> personal).

olaola

Yup - it has to be specified under the contents insurance.

kmick

I have my wifes rings, my bike, the camcorder, laptop and my Canon Eos camera specified under my policy. Think it costs 100euro per year extra. Its worth it tho.

Oryx

AFAIK it has to be on a contents policy. Make sure it is covered for 'all risks' not just in the home.

englander

Not sure if they got this right - but the jewellers where we bought our engagement/wedding rings told us that we would need to get a valuation of the rings done every so often.

Apparently the insurance company wont accept an older valuation should you need to claim on insurance. I keep meaning to get in touch with insurance company about their policy on this.

I suppose, what evidence besides valuation have you got that you owned these rings ?

Eoin

englander wrote:

Not sure if they got this right - but the jewellers where we bought our engagement/wedding rings told us that we would need to get a valuation of the rings done every so often.

Apparently the insurance company wont accept an older valuation should you need to claim on insurance. I keep meaning to get in touch with insurance company about their policy on this.

I suppose, what evidence besides valuation have you got that you owned these rings ?

I suppose that makes sense as the value of diamonds probably fluctuates a good bit. If the ring is platinum, that can make the value vary a lot too as the metals market changes.

Fey!

Back to the OP: FBD insurance will cover the ring without the necessity of having house insurance with them; this is aimed at those in rental accomadation, etc. Ensure that you get ALL RISKS cover, and confirm that you're covered for all eventualites, such as having your jewellery stolen whilst on holiday.

Also bear in mind WRT the valuation that the insurance company will shop around to get the best deal on a replacement, so if the value is overinflated you'll only end up paying too much on your premium, as your premium is affected by the value.

keyes

englander wrote:

Not sure if they got this right - but the jewellers where we bought our engagement/wedding rings told us that we would need to get a valuation of the rings done every so often.

Apparently the insurance company wont accept an older valuation should you need to claim on insurance. I keep meaning to get in touch with insurance company about their policy on this.

you need to get two things checked:

(1) that the value is accurate, as these things can fluctuate

(2) that the ring is in good condition, the claws are secure, etc. it's like not getting your car serviced, and then wondering why it breaks down!

if neither of these things are done, insurance claims can be tricky.

blahblah06

we have just lost the ring and looking to claim of the insurance but dont know were to start ?

keyes

blahblah06 wrote:

we have just lost the ring and looking to claim of the insurance but dont know were to start ?

the first thing is to inform your insurance company.

you will probably need an "estimate of replacement cost", which is a qualified professional's opinion as to the value, size, quality etc. any old information you have, original receipts, older valuations, certificates, anything at all like that helps to pin down the precise figures. first thing is to talk to the insurance company, though.