Has your partner popped the question? Congratulations!
Between celebrating, showing off the ring and perhaps getting used to wearing something new on your finger, (not to mention planning a wedding) insurance might not be the first thing on your mind.
But an engagement ring can be a significant purchase. If it’s lost, stolen or damaged, having the right insurance cover can help ease the financial sting.
Here are a few things to think about, with some tips from our friends at CGU Insurance.
Is your engagement ring covered by insurance?
With CGU Contents Insurance, you can specifically list your engagement ring on your contents policy or combined home and contents policy.
The cover available will depend on the policy you choose and the circumstances. Some cover may only protect your ring while it’s at home, so it’s worth checking what’s included if you regularly wear your ring when you’re out and about.
If you want cover for your engagement ring away from home, CGU’s Premium Cover option provides cover for jewellery that’s stolen, accidentally damaged or lost outside the home, subject to the policy terms and conditions.
With Premium Cover, your contents can also be covered anywhere in Australia and New Zealand for up to 90 days at a time.
Keep your ring’s details somewhere safe
If you ever need to make a claim, having information about your ring readily available can make the process easier.
It’s a good idea to keep:
- your purchase receipt
- a certificate of valuation from your jeweller
- clear photos of the ring from different angles
- a copy of your insurance policy
- the ring’s make, model and other identifying details, if applicable.
If your ring is stolen, you’ll also generally need to provide a police report.
Keep copies of these documents somewhere safe, preferably both digitally and in hard copy. You don’t want to be searching for paperwork when you’re already dealing with a lost or stolen ring.
What if your engagement ring is one of a kind?
Some engagement rings are custom-made, so replacing them isn’t as simple as buying another one off the shelf.
CGU’s Specified Values option can provide cover for bespoke jewellery, with a replacement potentially commissioned from a jeweller to recreate the original ring as closely as possible, subject to the policy terms and conditions.
This is another good reason to keep detailed photos and a current valuation of your ring.
A little planning now can save a lot of heartache later
Your engagement ring is likely to be something you’ll wear and treasure for years to come. Taking a few minutes to check your insurance cover means you can enjoy wearing it without having to worry quite so much about the unexpected.
If you’d like to know more about insuring jewellery, get in touch with us.
Bank of us ABN 32 087 652 088, AFSL 236870 acts under its own AFSL and under an agreement with the issuer Insurance Australia Limited ABN 11 000 016 722, AFSL 227681 under the CGU brand. Any advice provided is general advice only and does not take into account your individual objectives, financial situation or needs (your personal circumstances). Before using this advice to decide whether to purchase a product, you should consider your personal circumstances and the relevant the Product Disclosure Statement and Target Market Determinations from CGU Insurance.
Bank of us does not guarantee any claim or benefit payable under the insurance policy. We receive commission on insurance products details can be found in our Financial Services Guide.
