How to Insure Your Gold Engagement Ring

As tied as a gold engagement ring is to ideas and feelings of commitment and love, at the end of the day, even the most idealistic of couples has to face the truth: that the value of one of these rings goes far beyond the sentimental. As a popular choice for bridal and engagement jewellery, not to mention a precious metal in its own right, gold is in high demand in the market, which causes it to increase in value.

As such, and to avoid any unfortunate incidents which may mar the memories of the engagement, it is recommended that brides and grooms look into insurance when purchasing a gold engagement ring (or, in reality, a ring made of any type of precious metal.) There are enough horror stories of lost or stolen rings to make the money spent on an insurance policy well worth it in the long run. As much as this type of security measure may cost, it is still likely to be cheaper than a replacement ring.

Sadly, very few companies in the current insurance market offer cover specifically for jewellery, and most of the more common plans do not account for it either, leading to some unpleasant surprises for couples on holiday or moving house. This does not mean, however, that brides- and grooms-to-be are entirely devoid of options to insure their token of love; there are a few options available to them, most of which are detailed below.

Alternative Ways To Insure A Ring

Couples who seek to insure their gold engagement ring against eventualities such as theft, loss or even damage resulting from unforeseeable circumstances will be pleased to know that they are not entirely out of luck. With a little ingeniousness and a reasonable knowledge of insurance plans and what they offer, it may be possible to protect their most precious jewel.

Of course, the ways in which they can do so are likely to vary from one company to the next, which makes it paramount for future brides and grooms to consult their insurance provider first and foremost, to see what options can be offered. However, there are also a couple of policy types which almost every company offers, and which couples can use for the purposes of insuring their ring.

The most common example of one of these is a personal possessions cover policy. As the name indicates, this type of plan can be used to insure any number of personal items, and a gold engagement ring definitely qualifies. More importantly, this type of policy insures items outside the home – a clause which is of vital importance for wearers of engagement jewellery.

Another option brides and grooms can look into is getting the ring insured by the jewellers themselves. Many designers and jewellery stores offer this option, and it may on occasion turn out to be cheaper than buying an insurance policy just to protect the ring. However, it is also a less versatile and less comprehensive option than a personal possessions cover plan, which couples might want to bear in mind.

The third option is, of course, to include the ring in any other type of policy the bride- and groom-to-be may be about to acquire, although as noted above, this can at times be a risky proposition.

Nonetheless, couples will undoubtedly be relieved to know that their expensive bauble need not be left without coverage, and that there are alternatives available for insuring their engagement ring.

Frederick Holm is staff writer for the F&L Designer Guides, compiled and written to help consumers choose a unique engagement ring design. From gold engagement rings to princess cuts and engraved bands, we have ideas and opinions covering all the options. Offering advice, tips and suggestions on how to choose that perfect ring, F&L will accompany you on every stage of your search to find the right designer.

Writer and Online Marketing Manager in London.