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Cost To Insure An Engagement Ring

How Much Does It Cost To Insure An Engagement Ring?

26 Jul 23

Getting engaged is a fascinating time in any couple’s relationship. Thus 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. Rings over $10K typically require appraisal documentation.


Coverage Type – Basic policies only cover damage, while comprehensive plans add protection for loss or theft. Comprehensive costs more but provides peace of mind.


Deductible Amount – As with other insurance policies, selecting a higher deductible amount decreases the annual premium. But it means you pay more out-of-pocket when you file a claim.


Insurer – Premiums can vary between insurance companies. Get quotes from multiple providers for the best rate.


Discounts – Bundling your ring with home/contents insurance or insuring through certain credit cards may qualify you for multi-policy or membership discounts. However, this will vary from one insurer to the next.


Standard Australia-Wide Pricing Estimates

While individual quotes vary, the table below provides a general overview of average expected costs to insure engagement rings at different value levels in Australia:


Ring Value………..Basic Coverage…………Comprehensive Coverage










As shown, comprehensive insurance can easily be 2-3x the cost of basic coverage. 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 insurance for a pricey engagement ring may be inevitably higher than cheaper rings (as you can see in the table above), there are some strategies you can implement to help minimise your policy costs:

– Only insure for the current replacement value, not the original retail price

– Increase your deductible amount to lower the premium

– Inquire about discounts for bundled policies or group affiliations

– Seek quotes from several highly rated insurers for comparison

– Confirm coverage limits and exclusions align with your specific needs

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


A Trusted Jeweler Can Offer Guidance

Reputable local jewelers are excellent resources when seeking to insure your special ring initially or over time. Often, they work closely with insurance representatives and can refer you to cost-effective options that provide ideal coverage. Their expertise ensures you get the right policy.

However, at Centerstone, we also provide quotes for 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 range significantly based on the ring’s value and coverage, this financial safeguard is a wise investment for every bride-to-be.

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