Your engagement ring is one of the most important physical representations of love that you can get, which is why keeping it safe is so important. But, of course, we’re humans, and accidents happen. That’s why getting engagement ring insurance is crucial. Whether it gets lost, stolen, or damaged, having this protection will give you peace of mind.
But with so many insurance companies out there, how do you decide which one is right for you? Rather than spend hours of headache-inducing research yourself, we’re rounding up five of our favorites to get you protected right away!
Best Engagement Ring Insurance Companies
With over 100 years of experience, Jewelers Mutual is one of the oldest engagement ring insurance companies out there. And with years of experience under their belt, they’ve proven that they’re trustworthy to keep your dream ring safe. That’s why they’ve received endorsements from organizations such as the American Gem Association and Jewelers of America. They cover everything from loss to theft to damage with a $0 deductible option.
We’re all about ease of use, and BriteCo makes things easier than ever, thanks to the ability to get a quote and purchase a policy online. This means you’ll be protected within 60 seconds. They also offer flexible payment plans, have zero deductibles, and adjust their coverage based on inflation. That means you’re covered even if your appraised value has increased up to 125% since you purchased a policy with them. Just be mindful that you will have to get it appraised before purchasing a policy, as they don’t offer the service themselves.
If your ring is of high value, you may want to turn to Lavalier for insurance. They’re a member of the W.R. Berkley Corporation and offer flexible deductibles ranging from $0 to $25,000. One of the biggest perks of the company? You get to work with your jewelry for personalized claims settlements. And much like BriteCo, you can get a quote and apply all online, giving you coverage in under 10 minutes. But before you jet off to get insurance, if your ring is valued at more than $5,000, you will have to get it appraised. And be prepared to pay your annual premium upfront.
It shouldn’t come as a surprise that GemShield is another company that offers an online application, but it can be argued that this one is the best out of them all. The policy offered is “all-risk,” which covers loss, theft, damage, and unexplained loss, and it includes repair and replacement coverage–even while traveling worldwide. However, like many other companies, you need an appraisal if the ring is valued at over $5,000. And the maximum limit is $35,000 on one single item.
If you’re looking for engagement insurance that won’t break the bank, head to WAX. They offer as low as 1% of the value of the ring, one of the smallest percentages you’ll find. And although that’s a small percentage, they offer some killer coverage–we’re talking about ensuring your ring for $1 million or more. To get a quote, you will either need to fill out their online form and wait for an email back or down their mobile app, which can be frustrating to some. However, this is a small bump to get over to get the coverage you deserve.
If, after reading about these engagement rings insurance companies, you’re left feeling more confused than ever, don’t stress. We know that it can be overwhelming. That’s why we put together a little guide on everything you need to know about engagement ring insurance so that you can feel confident in your choice!