Insuring your ring and other considerations before you propose

Once you have found the perfect engagement ring for your special someone, there are a few important things to consider before you get down on one knee. Things like ring insurance might come as a surprise, but it is necessary for guaranteeing peace of mind on these single high value items. Often, covering the cost is also a vital element of any proposal, and the options available aren’t always obvious. Let’s look through some of the necessities to think about when it comes to planning the perfect proposal.

1.     Finance for engagement rings

While many people choose to save up for diamond rings, some will opt for finance to spread the cost of their jewellery. As with any finance item, it can be crucial to ensure that you read the small print and you pay on time. Some jewellers will offer a zero per cent finance rate, but clarity on the exact nature of these agreements is key to ensuring that you get a good deal. Finance can be a useful option depending on your situation, or maybe you have found the perfect ring, but you’ll require a bit of extra help to secure it for your special someone. There are various online calculators which can help you to calculate a sufficient loan amount, but it’s important to be realistic if you are looking into this option. Most retailers will have a price threshold before finance options are available, and typical time frames are six, 12, 24 and, 36 months. Often, customers can apply for finance quickly and easily at online checkouts, which takes the stress out of waiting for a decision to be made.

If taking out a finance agreement would best suit your needs, then looking into the terms and conditions is certainly advised, to cover the cost for your treasured piece.

2.     Insurance for engagement rings

For peace of mind on the off chance of theft or damages, jewellery insurance is an excellent option. Possessions can be added to an existing contents policy, or specific jewellery cover can be taken out. The latter is more commonly applicable when the cost of your item(s) is less than £1,000-£1,500, as this is usually covered by standard contents policies. For example, the policy holder will choose an amount to which cover is provided, so a £50,000 policy would insure your home contents as well as your special pieces of jewellery. Furthermore, a single item limit will usually apply to each item and if the cost of the item itself exceeds the single item limit amount (around £1,000 to £1,500), then these valuables should be listed separately in a quotation. The expensive, sentimental nature of jewellery makes it a common item to want to insure. By adding your engagement ring to your home insurance policy, you are essentially futureproofing it for years to come.

3.     Finding the perfect ring: important questions

It’s important to have a solid idea of what you’re looking for, and you should find a trusted retailer for making the big purchase. Consider using an online retailer. Often they are more competitively priced as they don’t have the same overheads as high street retailers. Online reviews are widely available nowadays, making it easier than ever before to evaluate your choice based on the experiences of others. On receipt of your ring, ensure that you review the supporting paperwork, including any diamond certifications and keep these safe in case you need them in the future.

By taking all of the above into account, you can ensure that you make a purchase that your loved one will treasure for years to come.

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