How Much Does It Cost To Insure An Engagement Ring?

Getting engaged is a special time in any couple’s relationship. Choosing the perfect diamond ring can be a significant investment and, for many couples, the single biggest purchase they have made.

Properly insuring your engagement ring is crucial to protecting its financial and sentimental value against damage or theft. But what does an engagement ring insurance cost in Australia? The common misconception is that it is expensive, but it’s an affordable way to hedge against the risk of loss, theft, and damage to your engagement ring.

Key Factors That Impact Engagement Ring Insurance Costs

There are quite a few factors that may affect the price of insuring a diamond engagement ring. However, some are more significant than others.

The main factors that influence engagement ring insurance premiums include the following:

Ring Value – Not surprisingly, a ring’s insured value directly correlates to insurance cost. More expensive rings have higher premiums, but the premium is always proportionate to the value of the ring.

Coverage  – Some companies may only offer basic policies for damage only, or only over while you are in the home, while others may offer full comprehensive insurance for damage, loss or theft, anywhere in the world. A comprehensive policy provides peace of mind that you are covered anywhere, anytime.

Insurer – Premiums can vary between insurance companies. Get quotes from multiple providers for the best rate and make sure to compare the policy features.

Home and contents – Bundling your engagement ring with home & contents insurance may be cheaper, but be aware that coverage for your jewellery may not be as comprehensive as with a jewellery specific insurer such as Centrestone Jewellery Insurance.

Standard Australia-Wide Pricing Estimates

While individual quotes vary, the quote calculator in the link below provides a quick quote to see the expected costs to insure engagement rings at different value levels in Australia:

Insurance Calculator

Insurance never seems cheap but is worthwhile protection for sentimental and monetary value. Think of it this way, will replacing your engagement ring with something similar when it gets lost or stolen going to be any cheaper?

Tips For Reducing Engagement Ring Insurance Costs

While the premium to insure a high-value engagement ring can be daunting, there are some strategies you can implement to minimise your policy costs:

– Insure for the current replacement value, not for more than you need

– Seek quotes from industry-specific insurers for comparison

– Confirm coverage limits and exclusions align with your specific needs

– Update coverage as value changes over time, such as after the wedding band is added

A Trusted Jeweller Can Offer Guidance

Reputable local jewellers are excellent resources when seeking to insure your special ring. Centrestone works closely with hundreds of jewellers across Australia to provide comprehensive cover while you are still in store. Your jeweller can provide you with an instant quote and coverage in minutes.

At Centerstone, we specialise in engagement ring insurance and can provide you with everything from essential to comprehensive insurance.

Protect Your Investment

Engagement rings symbolize a lifelong relationship commitment. Preserving its financial and sentimental worth against all risks with proper insurance ensures peace of mind. While premium costs in Australia can vary significantly based on the ring’s value and the policy’s coverage, ensuring your ring is comprehensively covered  is a wise investment for every bride-to-be.

You can find out more about our engagement ring insurance here.