How to Insure Engagement Rings and Diamond Jewellery

How to Insure Engagement Rings and Diamond Jewellery

Whether you’re buying loose diamonds, diamond jewellery, or a diamond engagement or wedding ring, you’re making a significant investment - one that you’ll likely want to protect.

At GS Diamonds, we always recommend insuring diamond rings and jewellery to protect their sentimental and financial value against damage, theft, and any other unfortunate event.

A lot of buyers claim that jewellery insurance is too expensive. However, in the event that something happens, not protecting your jewellery assets can be far more costly.  


What is Diamond Insurance and How Does it Work?

Diamond jewellery, engagement, and wedding ring insurance covers the cost to either repair or replace your diamond jewellery in the event that it gets damaged, lost, or stolen. Just like house or car  insurance policies, jewellery insurance in Australia requires you to pay for ongoing coverage. 

Depending on your insurance plan, you may be required to pay a deductible upon the claim’s approval before the company can help you pay for the repair or replacement item. As a general rule, the higher the deductible, the lower your annual premium costs - but the higher your out-of-pocket expenses when you make a claim.


How to Insure Engagement Rings and Diamond Jewellery

To insure engagement rings and other pieces of diamond jewellery:

  1. Get an appraisal - a detailed description of the ring or item to be insured and its total value. 
  2. Request and compare quotes using information from your jewellery appraisal. 
  3. Apply for coverage from your preferred Australia jewellery insurance provider.
  4. Choose your deductible amount - the out-of-pocket fee you’ll pay when filing a claim.
  5. Purchase your premium to activate your coverage and receive benefits. 

Once you’re covered, you can make an item claim should your jewellery be lost, stolen, or seriously damaged. When the claim has been processed and approved, you will receive repairs or a replacement from your jewellery provider, paid by the insurance company. 

The Insurance Process

Why Do You Need to Insure Engagement Rings?

An engagement ring is usually quite a big investment. To ensure that the ring is protected in the event of loss or theft, insurance provides peace of mind that you won’t be out of pocket and your insurance will cover you. 

Accidents happen to everyone, and in the unfortunate event that one affects your treasured ring or jewellery, your insurance coverage will:

  • Protect you financially in the event of serious damage, theft, or loss
  • Store all details and records of your insured items for instant retrieval when needed
  • Insure your jewellery with worldwide travel cover
  • Protect your other jewellery under the same policy
  • Cover you for remakes or repairs from your jewellery provider following an item claim

With diamond ring insurance, you can receive a like-for-like replacement in the event that your ring is lost, stolen, or damaged. All you need to do is make an item claim with your jewellery insurance provider, and the jewellers at GS Diamonds can remake the lost ring with the same ring and diamond specifications as the original. 

How to Insure Engagement Rings and Diamond Jewellery
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How Much Does Jewellery Insurance Cost in Australia?

In Australia, annual diamond jewellery insurance premiums will typically cost about 1–2% of the item’s total value. So, if your diamond engagement ring costs $5000, you will probably pay $50 to $100 every year for insurance. 

Insurance policies will ultimately be determined by: 

  • The value of the item - when dealing with particularly expensive jewellery, you’ll also require official appraisal documentation.
  • The extent of your coverage - basic jewellery insurance policies may only cover damage to the item, while more comprehensive policies will include protection for loss and theft. 
  • The deductible amount - this is the amount you’ll pay in the event you have to make an item claim. Choosing a higher deductible amount will decrease your annual premium rate, but you’ll pay more if you have to make a claim.
  • Number of items - Some jewellery insurance providers allow you to cover multiple items under one policy, or apply for multiple policies at the same time. 
  • Additional discounts - Often, if you bundle your jewellery insurance with other items or pay for insurance through certain methods, you may qualify for discounts that lower the annual premium prices. 

How to Insure Engagement Rings and Diamond Jewellery
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How Valuable is Valuable Enough to Need Insurance?

During the sales process, we often get asked if the item is valuable enough to require jewellery insurance. 

This is subjective - the total value of the ring, as well as sentimental and emotional attachment, are both contributing factors. However, we usually advise that customers get jewellery insurance with any diamond jewellery purchase. 

Our advice to you is to look at the item you’re thinking of insuring and carefully consider its monetary and sentimental value. Whether it’s an engagement ring you’re going to propose with or a wedding band you plan to wear for the rest of your life, you need to ask yourself: if you lost it tomorrow, would you be able to replace it right away? 

If the answer is no, then it’s probably worth taking out diamond or jewellery insurance.


Insure Your GS Diamonds Engagement Rings and Jewellery

Diamond rings and jewellery hold not just financial value, but enormous sentimental worth, especially in the case of engagement and wedding rings. To protect yourself and your items, jewellery, engagement, and wedding ring insurance is necessary. 

For trustworthy, comprehensive Australian jewellery insurance, we recommend going with Centrestone. With no excess fees, a dedicated claims team, fast coverage, and flexible policies, they are by far our favourite company for insuring your treasured engagement and wedding rings and other jewellery from GS Diamonds. 

If you have any additional questions regarding engagement and wedding ring insurance and other forms of diamond jewellery coverage, don’t hesitate to ask us when browsing our collection of diamond jewellery in-store or online. 

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