Costs Associated With Purchasing And Insuring An Engagement Ring

Getting engaged and following through with a wedding can be a pretty expensive time in people’s lives where they will want to have the best memories of the engagement and the wedding day. Some people follow this up with parties and go on hen or stag weekends which adds to the costs. Despite the money involved on all of this, there is a clear objective here where people are marrying the one, they love, and they want to celebrate this.

The symbol of the ring is extremely important where this then let others know that you are off the market and in a committed relationship. The costs of purchasing an engagement ring can be anything from a few hundred dollars to thousands or even tens of thousands. This all depends on the material, style, designer and weight. There is also then optional costs associated with this if you want to insure it. We have detailed some of the main points about engagement ring insurance below.

Policy Scope

Insuring an engagement ring can be confusing to some people but really it is quite simple. There are different types of things that you can add to the policy which then affects the overall premium. This could include whether you just want to have the ring covered for repair and damage or you would like it covered in totality for loss or theft. Clearly, the latter will be a lot more expensive to cover especially if you have a very expensive ring. You can usually make alterations to the policy online when looking for a quote so you can see the different things that influence it. In addition, once you have taken out the policy you are not normally tied into this for a long period of time. You can come out of the policy with a defined notice period, or even make changes to it.


Like most insurance policies, there is a deductible (or excess) that is defined and agreed where in the event of a claim, you will have this amount of money taken off. If example, you have a cash claim of £2,000 and a deductible of £50 then this would be deducted, and you would receive £1,950. When initiating the policy, you can normally move the deductible amount around and see the differences that makes to the monthly or annual premium.

Other insurance Cover

You may have other insurance coverage where you could mention the engagement ring to be covered, however, it is very unlikely that it will be covered to the same extent as specific ring insurance. Make sure you check out the details correctly as this may be a blind spot and you think it is covered but, in fact, may only be covered for limited things (which generally will not include loss or theft).


There are clearly many options to weigh up here in terms of cost versus benefit and you can amend the coverage scope to suit what it is you are looking for. The loss of an engagement ring may not bring back the sentimental value but at least you could be sure that the monetary value would be credited if covered by the policy.