Selecting that perfect engagement ring can be thrilling for couples, but you’ll also want to protect the investment with proper ring insurance. Here are essential steps for Australian couples to follow and get their engagement ring insured.
Basic insurance covers damage, while comprehensive adds protection against theft or mysterious disappearance. Comprehensive is strongly recommended for engagement rings for complete peace of mind. If the budget is tight, start with basic coverage and upgrade later.
Insurers will need a certified appraisal stating the current replacement value for underwriting. Appraisals for rings over $10k must be done by a qualified jeweller. Get an appraisal immediately after purchase and update periodically.
Shop quotes from several top insurers. Compare premiums, coverage inclusions/exclusions, and deductible options. Insurers consider factors like value, owner age, claims history, and security protections.
When comparing quotes, it is just as essential to make sure to compare quotes from reputed and trusted insurers. Insurers like Centerstone have an established reputation, and thus not only are our quotes competitive, but they also come backed by the fact that we make good on our agreement with customers.
Ask insurers about discounts like bundled multi-policy, group affiliation, home security systems, or claim-free discounts. Discounts through some banks/credit cards may apply too. Every bit of savings helps.
If you plan on buying an engagement ring or deciding on one, you should contact insurers to find out what factors they consider when applying for a discount. Since all insurers and their policies are different, this isn’t always a simple matter of using your credit or debit card since numerous other factors are at play.
Insuring high-value jewellery separately under your Contents/Home policy can minimize the impact on premiums. But a standalone policy may provide better coverage for the ring’s specialised needs.
Read the fine print to ensure limits on theft claims and exclusions for risks like mysterious disappearance meet your needs. Understand if damage from activities like travel or sports is covered.
As they say, the proverbial devil is in the details. At Centerstone, we are open and transparent with clients. Our team explains everything and is there to answer questions. Thus, you can signup for insurance based on an educated decision instead of a hunch.
Insurers may request details on how the ring is secured – safe, alarm system, etc. Some offer discounts for various security measures. Keep your insurer updated on any changes.
Make timely premium payments to avoid lapses in coverage. Set payment reminders for annual or installment premium due dates. Policies typically renew automatically. However, always make sure that you are aware of when they renew and that you have enough money to cover the annual premium payment.
If the unfortunate need for a claim arises, report it immediately per your insurer’s guidelines for starting the documentation and claims process. Provide details on when and how loss/damage occurred.
By following these steps, Australian couples can ensure their cherished engagement ring investment receives the protection it deserves. Your insurer and jeweler are excellent resources for guidance specific to your coverage needs and ring details. However, you can often get a better price and more coverage when you work with insurers like us, who specialise in insuring engagement rings and diamond rings, amongst other luxury items.