With many a suitor likely to get down on one knee today as it’s Valentine’s Day, insurer Policy Expert is reminding happy couples to insure their newly acquired bling.
According to the provider, one in eight couples (12%) have had to deal with the emotional – and financial – heartbreak of losing a cherished engagement ring.
Given the average love-struck Brit spends a handsome £851 on their partner’s engagement ring, this is a hefty sum to lose. Even more so for the one in four (26%) who lavish more than £1,000 on their partner’s finger wear.
Over a third of Moneywise readers (36%) have spent or are planning to spend between £100 and £1,000 on an engagement ring, according to the results of a 2017 poll we ran. Please take a moment to vote in this year’s poll on the same subject.
Couples also spend an average of £1,100 on wedding bands, with one in six (16%) spending between £1,000 and £5,000, and 6% spending more than £5,000.
Despite a clear willingness to shell out for such expensive jewellery, Policy Expert says not enough couples ensure their precious metals are covered by insurance. Two thirds (65%) say they have no separate policy for their engagement or wedding rings, while one in three (31%) say their home insurance does not cover the loss of such items away from home.
Check you’re covered by your home insurance
Adam Powell, head of operations at Policy Expert comments: “With any valuable possessions, whether a watch or wedding ring, it’s important to make sure you’re properly covered under your home insurance policy.
“Many standard policies will only include cover for inside the home so it’s always best to check you have ‘away from home’ cover and that you’ve made your insurer aware of specific, high-value items. Informing your insurer only takes a few minutes and will protect your policy should you need to make a claim.”
Use a price comparison website to find the best level of cover for your needs. Note that some insurers may also require high value items to be separately declared on home insurance policies in order to be covered.
Moneywise editor Moira O’Neill’s top tip for not losing a wedding or engagement ring is to buy one you can wear all the time, one that is comfortable, and one that doesn’t have stones that stick out and catch on things meaning jewellery is more likely to fall off or become damaged.