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What is Engagement Ring Insurance?

We understand that your engagement ring is one of your most prized possessions. Our comprehensive range of insurance policies give you the peace of mind to wear your engagement ring when you want and where you want. Whether it’s a purchase from Boodles, Graff, Tiffany, Cartier, Beaverbrooks or any other – it’s important to ensure you have a comprehensive engagement ring insurance cover in place.

Engagement ring insurance is a specific stand alone insurance product which comprehensively protects your ring. With Stanhope, you can choose from either a standalone bespoke policy or inclusion within our High Value Home Insurance policies. We will offer a recommendation depending on your unique needs, in other words, our experienced team will provide you with the policy that best suits your needs.

If you’re looking for an indicative premium, take a look at our engagement ring cost calculator.

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Why do you need engagement ring insurance?

As per our engagement ring guide, buying or receiving an engagement ring is one of life’s special occasions. If you are going overseas to propose or are planning a long engagement, it is important you have the right level of cover in place.

A standard home insurance policy will not cover any jewellery outside of the home, you need to add personal possessions at an extra cost for this. Additionally, if your item is valued over £10,000 then most household products cannot cover it.

An engagement ring is worn every day and is therefore vulnerable to loss, theft and above all accidental damage. A comprehensive engagement ring insurance policy will give you peace of mind to enjoy wearing it no matter where you are and regardless of the value.

Main benefits of an engagement or eternity ring policy

  • Instant cover available whilst waiting in the jewellers.
  • Worldwide Coverage up to 30 days included as standard.
  • Comprehensive cover for Accidental Damage, Theft, and Loss.
  • Cover available up to £10,000,000.
  • Cash or replacement option in the event of a claim.
  • No excess to pay in the event of a claim.
  • Minimum premium is £9.33 per month (or £109 for the year)
  • Hassle free quote and buy – takes less than 5 minutes!
  • Replacement of home security, up to £1,000, in the event of a theft from the home

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Alternatively, please contact an insurance advisor on 01730 777 600.

What is the basis of settlement and why is it important?

Typically at the point of claim, most household insurance products will replace an engagement ring with a gemcard voucher. This means you can only replace a lost or stolen engagement ring at certain stores nationwide, reducing the likelihood of a like for like replacement. With a specialist engagement ring policy, you will benefit from a comprehensive basis of settlement, including:

  • Have your item repaired or restored if possible, or
  • A replacement of item, as per approved valuation document issued to us, or
  • A cash financial settlement up to the amount on the schedule if a replacement is not possible (details of cash settlement varies depending on product selected)

In other words, with a specialist engagement or eternity ring policy, you’ll be put the same position as you were, prior to the loss, should the worst happen.

Our claims are handled on a dedicated Stanhope claims helpline, ensuring the best possible service.

Engagement Ring Insurance Guide

For more information about insuring your engagement ring, including whether it is best to do this on its own or as part of your home insurance, you can read our Engagement Ring Guide, written by Matthew Ashton.

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Engagement Ring Insurance FAQ’s

Will you help me keep this a surprise?

In short, yes! Many clients contact us before they propose to their partner. We handle each enquiry with great care, ensuring not to spill the beans on the big occasion. Whether you have not proposed yet or you do not want your partner to know the true value of the ring – don’t worry, we’ll have your back.

Do you have any safeguarding tips for my engagement ring?

The safest place to keep your engagement ring is on your finger or in a bank safe. We would recommend having a safe at home that is anchored to the ground or wall should their be an occasion when it’s not worn. That said, a safe requirement usually kicks in when an individual item value exceeds £50,000.

Do I need a valuation for an engagement ring?

If you make a claim on an insurance policy for loss, damage or theft then you will be asked to provide a valuation or receipt. For a high value item like an engagement ring, it is best to have a valuation certificate. The price of diamonds and gold often fluctuates and so you don’t want to rely on your receipt in case your jewellery item has increased in value since you purchased it. We recommend obtaining a professional valuation from a member of a professional guild or union. You can also get a valuation from a specialist or high street jeweller.

What are the common exclusions on an engagement ring policy?

Stand alone insurance policies attract, for the most part, much lower annual premiums than standard household insurance policies. Which, when combined with the high risk of accidental loss away from the home, attracts increased underwriting scrutiny. As a result, a stand alone insurance will typically:

  • Not offer cover for those aged under 21
  • Exclude items when an approved valuation cannot be submitted within 28 days of policy inception
  • Not cover watches on on their own but only as part of a jewellery and watch collection
  • Refuse to offer cover if there have been more than two jewellery claims within the previous 5 years
  • Decline to quote if the item has been owned for many years but has not been insured

Can you cover me if I live at a different address to my fiancée?

Yes we can. We will put your fiancée as the main proposer on the insurance schedule and their address as the risk address. We will note your address as the correspondence address, alongside your email address and telephone number, to ensure all correspondence gets sent to you!

Can I pay for my policy on a monthly instalment basis?

Yes you can. We use Close Brother Premium Finance and currently charge 7.75% interest (22.92% APR) – correct as of 20.09.2022. We request 20% deposit up front and then remainder is spread across 9 x monthly payments.