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Protect your bling with engagement ring insurance

3 minute read

Has your partner popped the question? If so, congrats! Now that your loved one put a ring on it, you’re wearing a beautiful piece of jewellery that symbolises your eternal love and commitment.

For many people, purchasing an engagement ring may be the largest sum they’ll ever spend on a single piece of jewellery in their lifetime. So, how would you and your companion feel if your beloved new rock was stolen or damaged?

If something unfortunate happened to your shiny new addition it would no doubt be heartbreaking. That’s why, it’s essential to make sure it’s protected with the right kind of insurance. Here’s how to ensure you protect your forever ring.

Insuring your engagement ring

Knowing your engagement ring is covered – not only when you’re home, but also when you’re on the go – will give you the peace of mind you deserve during this special time in your life.

With CGU Contents Insurance, you can explicitly list your engagement ring on your contents policy or your combined Home and Contents policy. However, it’s important to note these two types of protection may only cover your ring when it’s worn or stored at home.

If you’re frequently on the move and want to cover your engagement ring while you’re out and about, consider selecting the Premium Cover option under CGU’s Contents Insurance policy. This covers you if your ring is stolen or accidently damaged or lost when you’re outside of the home. What’s more, your contents are covered anywhere in Australia and New Zealand for up to 90 days at a time.

Making a claim and engagement ring valuation

If something unfortunate happens to your engagement ring and you find yourself needing to make a claim, you’ll need to be able to prove its worth to establish its value for replacement. This can easily be done by providing us with:

  1. A police report
  2. Purchase receipts
  3. Photographs (taken from different angles)
  4. A certificate of valuation from a jeweller

It’s also a good idea to keep a copy of these details on file – either in digital form or a physical hard copy.

How we replace a one-of-a-kind engagement ring

The Specified Values option means if your ring is bespoke, we’ll be able to commission a jeweller to design and produce a replacement ring the best they can. And for this reason, it’s always beneficial to have photos of your engagement ring on hand.

For more information about insuring jewellery, visit CGU.

Insurance is issued by Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance. In offering these products, The Capricornian Ltd acts under its own Australian Financial Services Licence and under an agreement with the insurers, CGU. This is general information only and does not take into account your individual objectives, financial situation or needs (‘your personal circumstances’). In arranging this insurance The Capricornian Ltd acts as an intermediary for CGU, not as your agent. The Capricornian Ltd does not guarantee any claim or benefit payable under the insurance policy. We receive commission on insurance products details can be found in our Conditions of Use brochure. Before making decisions about any of these insurance products you should consider the appropriateness of the information having regard to your circumstances and the applicable Target Market Determination (TMD) and Product Disclosure Statement (PDS), available at any Capricornian branch or by calling 1300 314 900

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