Jewelery Insurance

shockrave on 16/08/2016 - 07:21
Last edited 16/08/2016 - 09:03 by 1 other user

Hi all,

I'm looking for jewelery insurance to insure a ring and I'm looking for insurance that covers us for when we are in Australia and travelling overseas. Also need one that provides cover for $10K ring.

I know you can get specific item cover for home and content insurance but I don't have or need those, so seems like an expensive way to get a ring insured.

The only one I found for standalone insurance is qreport. Any ideas if they are any good? Any other providers anyone know of?

Thanks

Financial

Comments

    • Vandross on 16/08/2016 - 10:40

      Chubb does not offer standalone valuables cover. They are not an option in OP's case as:

      • Chubb does not deal directly with consumers (brokers only)
      • Their Masterpiece product is a full blown home contents policy. Furthermore, they are a prestige insurer so if the rebuild cost of building is less than $1M, they won't even look at it.
  • Skramit on 16/08/2016 - 13:53

    Can I talk you out of it? :)

    Jewellery and personal item insurance is quite expensive all things considered - the actual risk of losing it and replacement cost of the item make it poor value over a couple of years.

    I get that it's very tempting to insure a $10k ring, especially something like an engagement ring that is special, but unless you're going to high risk places all the time where muggings are common, it's probably not worth it.

    Can I also suggest if travelling overseas and worried about it, leave the ring at home, and your personal contents insurance at home should cover it as long as it's a named item and your house gets robbed.

    You need to have an element of risk in life, and for every day wear I would not advise insurance for those items as good value, and for travel I would simply leave it locked up at home. Ask yourself when the last time was you were mugged or lost some expensive jewellery was, if it's 3 times a week then fine. but if never……. think twice before paying an insurance company for no reason.

  • shockrave on 17/08/2016 - 07:21

    If the cost is too high I may end up not insuring it. Travelling overseas isn't bad…my CBA card gives me $5K cover free for high value item, but I can't make that $10K

    I don't have a content insurance and isn't interested in one. My partner however is quite prone to misplacing losing items hence I was thinking maybe we should insure the ring

    • Skramit on 17/08/2016 - 12:01

      You live in a house and don't have contents insurance, but are looking at just ring insurance!?

  • camMMM on 18/08/2016 - 17:31

    I have my fiance's engagement ring insured with Qreport.

    Setup was easy and policy seems good.

    Wasnt cheap, but for the peace of mind - its worth it.

    • Skramit on 19/08/2016 - 10:27

      Can you possibly give a rough % idea of insurance cost vs replacement of the item cost? Just curious.

      E.G. If item is $10,000 and insurance is $200pa it would be 2%.

    • NotAMoodle on 20/08/2016 - 17:52

      This. Just this.

      We have ours through the Jewellers Qreport Insurance.

      I must've compared every policy out there and it's the best. Covers all domestic and overseas travel.

      We do travel a fair bit so it's peace of mind if anything were to happen that's for sure.

      You'll be up for about $400 per year for a $10k ring.

      Funnily enough, it's backed by Chubb as posted at the top.

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