Engagement ring insurance - a must?

lmtd

I have thought about insuring my ring since the proposal but I'm not sure if it's really necessary.

It seems expensive and like there is not much pay-off in the case something happens to my ring (knock on wood). I don't really see anything happening to the ring since I never take it off unless I am having it cleaned (which I do once every other month at the store where my fiancee bought the ring). 

The ring is the "Classic" by Van Cleef and Arpels - 1ct brilliant cut diamond (perfect clarity and 100% colorless) on a platinum band. It's absolutely stunning so I feel as though I should get insurance, but again I just don't feel like it is necessary...

Thoughts? Suggestions? I need some help here ladies!!

[Deleted User]

Yes, you need to get it insured. There are things that could happen to your ring while it's still on your finger (washing your hands and it slips off into the sink, etc.), so even if you never take it off, you should still insure it.

aMrsin09

Yes, get it insured.

Insurance is not that expensive.  i think a lot of people use Jewlers Mutual?  It's on-line.  and it's $10 for every thousand of appraised value or something like that.

I have all my jewelry on my rentors/homeowners and have the "give us the appraisal and we writet you the check" version and it only added $100 a YEAR to my premiums.

aMrsin09

The ring is the "Classic" by Van Cleef and Arpels - 1ct brilliant cut diamond (perfect clarity and 100% colorless) on a platinum band.

And not to sound too snotty, but for the price of that ring, insurance should not seem "too expensive"

redheadfsu

Get insurance. The prong could stag/break & there goes the diamond. Insurance is usually not expensive.

LarissaAnn

Yes, it's a must.  And it's not expensive; do it as a rider on your homeowner's or renter's insurance.

julezlee

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_just-engaged-proposals_engagement-ring-insurance-must?plckFindPostKey=Cat:Wedding%20BoardsForum:683Discussion:474e75b6-c152-40ae-b9f0-ff87a686654fPost:5f9f90f7-da26-4561-9d22-78a5b19d47c4">Re: Engagement ring insurance - a must?</a>:
[QUOTE]Yes, it's a must.  And it's not expensive; do it as a rider on your homeowner's or renter's insurance.
Posted by LarissaAnn[/QUOTE]

Ditto this and everyone else.  Insurance is a lot cheaper than buying a brand new ring. 

I <3 Seabass

I have my ring insured but I've heard of people not insuring their rings because they can afford to replace it in the "unlikely" event that something happens to it.

So if you feel like you would have no problem buying a brand new ring if something happens to it then I guess you don't need to insure it. But, honestly insurance really doesn't cost a lot and IMO it's more than worth it, especially since you can't predict what your financial situation will be like in the future.

http://www.soulfulengagements.com/1/post/2009/10/your-engagement-ring.html

blondeintgeragrl

Insurance is not that much, mine is insured for about $16,000 and it is about $100 a year.  I have USAA which is fairly lower then alot of insurance, but even if it was doube the cost for other insurance companys, it is still worth it.

I deffinitly wanted to insurance mine since it was purchased for half of its cost through a family member. If somehting happened I know we would never be able to afford the replacement at the cost.

Things happen. My friend ran over her e-ring when he had it in her lap, it fell out of the car, and was ran over. Another friend had a sidestone fall out because the prong was deffective.

Insure it!

azbride11

I agree with everyone who has posted so far.  I waffled for a minute, I think because it is easy to tally up all the money being spent on the wedding and wonder if one little thing can wait.  I was also surprised to hear a lot of my married friends did not have theirs insured.  My thing is that if you (or your FI)  think the ring matters enough to get great clarity, size, color, etc, then why would you not protect that investment?  It's like buying a great car but only putting liability on it because you are a great driver.  You just have to do it because you can't predict what would happen.  Mine was only $90 a year and so worth the peace of mind.  Hope this helps!

lmtd

Thank you all so much- I had no idea it could be so inexpensive. I was under the impression that the insurance would cost about $200 + a month which is why I was so "eehhhhh maybe this could wait" 

Again, thank you all and good luck with your planning!!

beccaed09

Yes, it's a must. It's not alot compared to how much your ring costs, and unless your FH wants to buy you a new ring if it goes down the drain I would say YES

janedoe1113a

Yup, insuring your e-ring is a must.  I pay $20 a year as a rider on my renter's insurance.  Unless you can afford to replace your ring if something happens, then you need it. 

saisongbird

Get the ring insured, as all the other ladies are saying.  G-d forbid something horrific happens (mugged, robbed, etc) or it falls off, you're going to be devastated.  Spend the 200/year and get it insured.

[Deleted User]

Good god get insurance RIGHT away.  He spent all that money on the ring and you think insurance is too much?!  Really?

You never know what might happen.  A girl on my local lost her stone, the prongs broke and it fell out. 

LoLoWedsM

Also as an fyi if you insure it through your homeowners and want to add more jewelry you might be able to get a discount for quantity.

tehyashima

My fiance wouldnt even let me wear my ring until it was insured. Its a family set, older, but still beautiful. The setting is really high, and I could swear i'm the most clumsy person ever so it might get snagged on something. It wasnt really that expensive to insure and to me, it was worth the piece of mind knowing I had a backup just in case. 

And just a second thought...to all those people who are being rude...These boards are just for this. Asking questions about things we arent sure of. It may seem common sense to you, but being honest, I didnt even *think* about ring insurance until my fiance brought it up. So even though i'm sure you are perfect in every way, there really is no need to be mean. 

janedoe1113a

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_just-engaged-proposals_engagement-ring-insurance-must?plckFindPostKey=Cat:Wedding%20BoardsForum:683Discussion:474e75b6-c152-40ae-b9f0-ff87a686654fPost:99d51576-981b-4dee-a54c-f36a297b286c">Re: Engagement ring insurance - a must?</a>:
[QUOTE]And just a second thought...to all those people who are being rude...These boards are just for this. Asking questions about things we arent sure of. It may seem common sense to you, but being honest, I didnt even *think* about ring insurance until my fiance brought it up. So even though i'm sure you are perfect in every way, there really is no need to be mean. 
Posted by tehyashima[/QUOTE]

No one was being rude.  Everyone was just stressing the importance of getting your ring insured.  It's irresponsible to own something so valuable and not have insurance on it.

thejennygirl

i understand what u are saying b/c my e-ring is apprasised at 25k and all my $45.00/ month will give me if its lost or stolen is like 1/10 of that (gotta love fine print!) i would much rather put that $45 away in a savings account or something rather than paying it to the insurance company but i gues my opinion is looked up as crazy but to each her own. good luck

janedoe1113a

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_just-engaged-proposals_engagement-ring-insurance-must?plckFindPostKey=Cat:Wedding%20BoardsForum:683Discussion:474e75b6-c152-40ae-b9f0-ff87a686654fPost:2753838d-da47-41c0-b2d8-152a655573b0">Re: Engagement ring insurance - a must?</a>:
[QUOTE]i understand what u are saying b/c my e-ring is apprasised at 25k and all my $45.00/ month will give me if its lost or stolen is like 1/10 of that (gotta love fine print!) i would much rather put that $45 away in a savings account or something rather than paying it to the insurance company but i gues my opinion is looked up as crazy but to each her own. good luck :)
Posted by thejennygirl[/QUOTE]

Have you looked into other insurance companies?  Mine pays me the full amount if I file a claim.

duckie1905

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_just-engaged-proposals_engagement-ring-insurance-must?plckFindPostKey=Cat:Wedding%20BoardsForum:683Discussion:474e75b6-c152-40ae-b9f0-ff87a686654fPost:2753838d-da47-41c0-b2d8-152a655573b0">Re: Engagement ring insurance - a must?</a>:
[QUOTE]i understand what u are saying b/c my e-ring is apprasised at 25k and all my $45.00/ month will give me if its lost or stolen is like 1/10 of that (gotta love fine print!) i would much rather put that $45 away in a savings account or something rather than paying it to the insurance company but i gues my opinion is looked up as crazy but to each her own. good luck :)
Posted by thejennygirl[/QUOTE]<div>
</div><div> Mine does not cost $45 a month, it is actually more like $45 a year as a rider on our renter's insurance.  Like navy said, check around for other insurance companies.  If something happens to mine I get full appraisal amount back plus any appreciation.</div><div>
</div><div>It's great to want to save money but if you have a ring valued at $25 k and something happens to it a good insurance policy will make sure that you don't blow your savings trying to replace it.</div><div>
</div>

knj92107

i understand what u are saying b/c my e-ring is apprasised at 25k and all my $45.00/ month will give me if its lost or stolen is like 1/10 of that (gotta love fine print!) i would much rather put that $45 away in a savings account or something rather than paying it to the insurance company but i gues my opinion is looked up as crazy but to each her own. good luck

Of course this seems crazy - you're getting ripped off!  You should look into different insurance because there are a lot better policies out there than this.  I have a Personal Articles policy through State Farm - it is $60 a year and covers the entire value of the ring no matter what happens to it, whether its lost, stolen, stone falls out, I get robbed or even "mysterious disappearance."   

phoeny_moonstar

I would insure the ring defintely.

kd.joseph

I didn't have to think about it, the FI put it on his homeowners long before I was aware he had bought it. And as soon as we bought my wedding band it went on. Same goes with his ring when we buy it next month. If something happened to mine I'd be devastated,but I'd sure feel better knowing it's taken care of.

lharri12

Absolutely!! My sister somehow got a chip in her diamond, and it was replaced for free.  You don't want to risk that.  You would be so upset with yourself if something happened to it.  Like health insurance, you hope you won't need to use it, but if you need it, you'll be so glad you have it.

blondi92008

hmmm....my fiance doesnt have a reciept? do you have to have a proof of purchase to have a ring insured?

justice1023

"hmmm....my fiance doesnt have a reciept? do you have to have a proof of purchase to have a ring insured?"

We didn't have a receipt for my original one, so I just had to have it appraised for the value. I did have to put a special 'floater" on my renters insurance for it but it was the best decision I've made so far. Our home was robbed on the ONE DAY I wasn't wearing my ring...I was devestated but my insurance covered the entire replacement cost. My FI used that money to have my new ring custom made for me.
Get the insurance; it's worth every penny if you get the right policy.

lyndausvi

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_just-engaged-proposals_engagement-ring-insurance-must?plckFindPostKey=Cat:Wedding%20BoardsForum:683Discussion:474e75b6-c152-40ae-b9f0-ff87a686654fPost:2753838d-da47-41c0-b2d8-152a655573b0">Re: Engagement ring insurance - a must?</a>:
[QUOTE]i understand what u are saying b/c my e-ring is apprasised at 25k and all my $45.00/ month will give me if its lost or stolen is like 1/10 of that (gotta love fine print!) i would much rather put that $45 away in a savings account or something rather than paying it to the insurance company but i gues my opinion is looked up as crazy but to each her own. good luck :)
Posted by thejennygirl[/QUOTE]

I'm sorry, I have a tough time believing you have a $25k ring and you do not find insurance necessary.. At $45 per month it is only $540 a year.  You would have to pay out 47 years worth of premiums to pay for the ring before inflation. I do not buy it.

Btw -  my home content insurance for $40k is $1500... that does not include my property insurance that is another $2400.
$540 is a deal.

phut_action

If your ring is expensive, then definitely insure. I didn't get insurance for my engagement ring (at least not yet) because it was inexpensive (what can i say, i have very simple taste!) but I have a heirloom ring from my great aunt that I'm getting insured, because that one is worth quite a bit. 

eloved

You definitely should get it insured, I haven't yet but am planning on doing so very soon, it is really important but don't feel bad that you haven't yet With everything else to think about it has been the last thing on my mind and something, although pretty inexpensive, I don't want to spend the money on right now! lol But I will!

katebh

I agree with everyone else....absolute must! In fact, I have all of my "real" jewelry insured. That way I can wear it without constantly worrying about it. I can also travel with it.