Insuring high value ring

[Over over under steer]

Hi all,

So I've just bought a lovely ring for my soon to be fiancee, hooray, however I am trying to work out the best way to insure it.

I paid £17,000 for it and have immediately put it on the home insurance (Direct Line) as a declared item for an additional £400 / year - pretty steep considering I have three watches already on there at around £5k each.

Any of you fine people have any experience on here with this? Any thoughts would be much appreciated.

Thank you in advance

[bristolbaron]

As a % it seems very reasonable if it’s covered in and out of the home!

[akirk]

I would talk to insurance companies more used to dealing with high net-worth individuals...
Hiscox / NFU / Chubb / etc.

you may be surprised at what is offered - at least it would give you a benchmark against Direct Line...

I have my home insured with the NFU and they had no issue with specifying values for wine / first editions / paintings / etc. - it was the norm for them...

[Over over under steer]

Thanks both, agreed it's not ridiculous considering the value of the ring, however as it will (hopefully!) be a lifetime requirement to insure for me even a small saving will add up!

Must be my Yorkshire blood coming through. I'll try Chubb etc.

Thank you again

[GR_TVR]

Seems expensive!
I have a £10k one insured for £37 a year...at the same ratio £17k would be £63, assuming a linear curve (which is probably isn't).

That's with sheila's wheels.

[Over over under steer]

GR_TVR said:

Seems expensive!
I have a £10k one insured for £37 a year...at the same ratio £17k would be £63, assuming a linear curve (which is probably isn't).

That's with sheila's wheels.

Ha! Wow that's not an insurance company I would have associated with ring insurance, but brilliant to hear, looks like a good fish around is required.

[Sheepshanks]

I can't remember the exact amount now, which isn't very helpful, but daughter's £6K ring bumped up our house inssrance while she was here out of all proportion - I'm sure it doubled the £200 premium. This was with LV=.

[Sheepshanks]

Over over under steer said:

Ha! Wow that's not an insurance company I would have associated with ring insurance, but brilliant to hear, looks like a good fish around is required.

As someone eles suggested, make sure the cover is what you need - at lower cost it might only be covered in the house!

[Over over under steer]

Shanks Sheep, I can see just opting for home insurance is the lazy and most expensive way, hence why I've been stung.

I'll shop around, but key to me is ensuring appropriate cover, theft, loss, damage etc, so I'll keep that at the front of my mind.

[ashleyman]

I insured my wife ring with AXA XL, they mostly insure art but also do valuables. It was very reasonable. We also managed to negotiate sufficient cover out of the home which is better than most - between us can easily be £20,000 in clothes, shoes, jewellery etc... with our listed valuables covered on top like watches, engagement rings and higher value pieces. The personal possessions outside the home cover is more limited if we leave the country though.

Hiscox had some restrictive terms. For example, they wouldn't cover me taking my camera abroad. Fair enough it's an expensive piece of kit but they simply said no, can't be done and there was no more negotiation. I had to rent one in the country I was travelling too.

Edited by ashleyman on Thursday 7th February 14:28

[GR_TVR]

Sheepshanks said:

Over over under steer said:

Ha! Wow that's not an insurance company I would have associated with ring insurance, but brilliant to hear, looks like a good fish around is required.

As someone eles suggested, make sure the cover is what you need - at lower cost it might only be covered in the house!

I should have clarified - that includes outside of the house.
It is also just an add on to my house insurance.

[C0ffin D0dger]

Over over under steer said:

Hi all,

So I've just bought a lovely ring for my soon to be fiancee, hooray, however I am trying to work out the best way to insure it.

I paid £17,000 for it

Hope you're getting a lot of blow jobs

[bristolbaron]

akirk said:

I would talk to insurance companies more used to dealing with high net-worth individuals...
Hiscox / NFU / Chubb / etc.

you may be surprised at what is offered - at least it would give you a benchmark against Direct Line...

I have my home insured with the NFU and they had no issue with specifying values for wine / first editions / paintings / etc. - it was the norm for them...

NFU is without doubt one of the best insurers out there in terms of claims handling. I worked in Loss Management dealing with Jewellery/Watch claims and there was no messing customers around whatsoever compared to ‘high st’ insurers. The service comes at a hefty premium though. I was with them for a few years, until I checked alternatives and found them to be 5 times higher than most!

Another option is to contact THMarsh. They insure a huge number of independent Jewellers and now do private cover - I have no idea on costs though I’m afraid.

[The Leaper]

T H March, not THMarsh.

R

[anonymous-user]

17k for a ring!

My wife had to be persuaded that the first ring she picked wasn't big enough. In the end she picked one for about £500.

Definitely a keeper.

[ladderino]

FWIW, when I tried to add an engagement ring onto our existing policy, my insurer also wanted a several hundred pound uplift - this was with M&S at the time, and in spite of me running a new quote onine with the ring included (which only made a £30 difference), they wouldn't budge.

In the end it was cheaper to cancel the existing policy and take a new one out with Hiscox.

[red_slr]

We pay £145 a year for the wifes ring (same value as OP) with Aviva. Its loss and theft cover.

For theft you have to be in the same room as the ring, or it has to be locked in an approved safe.

For loss, AFAIK, it covers loss but only whilst wearing it. I.e you are walking down the street and look down and its gone.

[Doddler]

Check the small print too, as most insurer's require an up to date valuation on the ring (normally every 3 years).

[lbc]

keirik said:

17k for a ring!

My wife had to be persuaded that the first ring she picked wasn't big enough. In the end she picked one for about £500.

Definitely a keeper.

This.

Pointless buying a ring you can't afford to lose.

[Sheepshanks]

lbc said:

This.

Pointless buying a ring you can't afford to lose.

I suppose it depends what you're used to.

Our daughter wouldn't wear the £6K ring she was bought - partly through fear of losing but also because she felt it looked OTT.

She's been married a few years and does wear it now. I'll be gobsmacked if she has it specifically insured.