Romance can be expensive.
More than one in four women can expect to receive jewellery as a gift on Valentine’s Day and for some that could be an expensive engagement ring.
Research completed by Allianz Insurance plc has found that the average cost of an engagement ring is £573.00 but one in five women can expect to receive a ring costing between £750 to over £3,000.
Protecting an engagement ring in case it’s lost, damaged or even stolen will be far from the mind of a nervous proposer, but according to Allianz’s research it is worth thinking about both before and after the question is popped because:
- More than one in ten women (12%) have had to replace an engagement ring completely
- 72% of those women who replaced their engagement ring said they had either lost it or the ring was damaged
- More than half of women take their rings off before they swim or do the gardening
Jewellery is covered by home contents insurance but only while actually in the home and as jewellery, such as wedding and engagement rings, are worn virtually all the time, people should think carefully about purchasing extra cover so that these items are protected.
Alan Gairns, Allianz’s product manager, commented: “Engagement rings are precious items both emotionally and financially so it makes sense to arrange adequate insurance cover. When the claim is the result of something happening in the home, insurers will generally have a limit on what they will pay for a claim on a single item like a piece of jewellery. So if you are burgled and the ring or some other item of jewellery is stolen having the right level of cover is important.
“With an item of jewellery you wear a lot, like an engagement ring, it makes sense to extend the cover to outside of the home. As we found many people take their jewellery off when they go swimming, participate in sports or go to a Spa. Again a limit will apply to a single item and you should discuss this with your insurer.”
It is clear from the research that there are likely to be many women who risk having inadequate cover for their engagement ring. Further research found that 83% of woman who have an engagement ring had no idea how much it’s currently worth. We recommend updating your valuation every 3-5 years and, at the same time have any stone settings checked. The latter may be a requirement of your insurance policy.
Allianz’s research found that not everyone can expect an item of Jewellery. The traditional Flowers (78%) and Chocolates (69%) are the most likely Valentine’s Day gift but clearly men do not always get it right which explains why more than one in five women who described themselves as a “bit disappointed” in their Valentine’s Day gift.
The research also found that some people like to give their loved one a rather more ‘unusual’ gift. It can only be imagined how the women felt who received a gift from the list below although we are sure it was given with the best of intentions:
- A musical chicken
- New teeth
- A wooden bucket
- A pineapple
- A shopping trolley coin