Do You Really Need Diamond Ring Insurance?

By Pelagrino & Co -

 A diamond ring is precious, often expensive, and have special significance. Diamond rings are regularly given as promise rings, engagement rings or even wedding rings. Theft, loss, and damage can be an expensive endeavor; however, the cost of this can largely be mitigated.

There are many different types of insurance available for diamond rings, and it is essential to ensure you select a policy that covers the needs of your specific ring. Insurance can be obtained through your usual insurer. However, maintenance insurance can often also be purchased from the jeweler.





There are essential issues to bear in mind when choosing an insurer. Below are some questions  you should include: 

  • Do you have a choice on who repairs your ring?

  • Where can you purchase the new ring if you take out replacement insurance?

  • What if you cannot find a suitable replacement?

  • How do you prove the ring was lost if you make a claim?

  • Does the insurance apply if the damage occurs when you are out of the country?

  • Are there any circumstances that are not covered?

Insurance should be considered for both the engagement and wedding rings, both bride and groom. Whether it is a plain gold band or one encrusted with diamonds, theft, loss, and damage are inevitable, and insurance is thus a must for peace of mind and, of course, mitigating the financial strain.

The prices of wedding ring insurance and diamond ring insurance vary greatly depending on the ring's value, the company offering ring insurance, and the coverage you select. A general rule when acquiring insurance is that between $1 and $2 per $100 value of your ring is paid annually. For example, a ring that costs you $1,000 is likely to cost between $10 and $20 per year to keep insured. However, if you live in a high crime area, you can expect to pay a bit more.

Some jewelers will offer lifetime maintenance plans for your ring. These plans generally include maintenance or defects. This is usually a once of payment and will vary depending on the value of your chosen ring. Jewelers will not call this insurance, and it will often be referred to as a ‘Care Plan’. 

A ring with a value of $1000 will likely cost around $150 for the maintenance/care plan, a $3000 ring around $300 and a $20,000 ring will cost approximately $1,300 for a lifetime plan. This care plan will include cleaning, rhodium plating (for white gold rings), and ensuring the diamond setting is nice and tight to mitigate the risk of losing the diamond.