Insurance on engagement ring

redrum22 on 07/11/2014 - 11:10

I'm looking to get insurance on a ring a paid 8k for. I have an independent valuation document, but I'm interested in just insuring what I actually paid. I'd also like to use the jeweller of my choice in the event of a claim (not one the insurer chooses). I'm I don't have home & contents insurance which I've seen some people say they added the ring to.

I got a quote from Q Report which is 2.5% + GST ($220) annually, plus a one-off $115 + GST ($127) for the Q Report book. That is a fair bit more than I was expecting. I also read a post on whirlpool forums saying Q Report revalued it after year 1 and hiked the rate by 20%.

What have you other folks used for ring insurance?

Thanks,
Aaron

Find Me A Bargain

Comments

  • pax on 07/11/2014 - 11:25

    Do you have personal effects insurance, and quite often you can include specified items on personal effects with the values listed in the valuation?

    • endotherm on 07/11/2014 - 12:38

      …I don't have home & contents insurance…

      • pax on 07/11/2014 - 14:43

        Personal effects insurance is not home and contents insurance.

  • [Deactivated] on 07/11/2014 - 11:39

    You can include in under your home &n contents insurance with most insurers with agreed value.

  • redrum22 on 07/11/2014 - 12:24
    +1

    Thanks for the replies, but I mentioned that I do not have home and contents insurance (I assume 'personal effects' is the same thing), so I do not have a policy I can just add it to.

    • Banana on 07/11/2014 - 12:30

      You should probably consider getting one. I didn't have to pay extra with my home content policy ( so it was essentially free) after multi policy discount. That was with RACV.

    • pax on 07/11/2014 - 14:49

      It isn't the same thing and covers your personal effects from theft, damage, etc depending on the policy.

      It would cover you when away from home as well, and depending on the policy there would be limits to claiming per category of effects type (technology, jewellery, etc), but allowing for named pieces with specific values exceeding the category amount.

      I'd imagine move H&C policies don't cover when the items isn't within the address of the policy.

      Most of these policies cover you when travelling too.

      NB. I am trying to find someone offering this sort of cover independent in AU, as I knew we held a policy when in the UK.

      Pax

  • Davo1111 on 07/11/2014 - 14:22

    I don't have home & contents insurance

    It really isn't much to get. So you should probably look at that and get the ring bundled in.

    Also, read the policy carefully. very carefully

  • kumilee on 11/11/2014 - 20:10

    I work at an insurance brokerage and we have a pretty good relationship with a number of insurance. Chubb, CGU and most major insurance won't cover you for a single item. And if you try to cover it in contents insurance, they will decline to insure you if a single item is more than 30% of the total contents value. That means you'd need $15k- $20k worth of OTHER contents to get the ring as a listed item.

    Good luck.

  • JewelleryInsurance on 07/02/2024 - 14:39

    If you or anyone needs engagement ring insurance, we're happy to speak with you. https://www.centrestone.com.au

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