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Drop insurance on engagement ring?

post #1 of 48
Thread Starter 
I'm thinking about dropping the insurance rider on my engagement ring. It is only about $100 per year, but since I've been married almost 9 years now, I realized that we have spent $900 so far on it! I think it made more sense when we first got married. Now I think that if anything happened to the ring, we probably would replace it with something less expensive or just not replace it.

On the other hand, I feel like Murphy's law will come into effect and something will happen to it right after we cancel the policy! What do you all think?
post #2 of 48
Quote:
Originally Posted by HipGal View Post
On the other hand, I feel like Murphy's law will come into effect and something will happen to it right after we cancel the policy!
Um...yeah....that would how I would think too!
post #3 of 48
Murphy's law happened to me! I had my ring insured from the time we got married for the first 4 years of our marriage, when I lived in WA state. Then we sold our house and moved to MA and in order to reinsure it under our new policy, we had to get it appraised and we were lazy and it just didn't happen.

Well, I went up shopping for a weekend in north conway. We had been to about 10 stores and were meeting back at my car, I was there with a friend and I was chatting (thank goodness) and I happened to look down and see only my wedding band was on my finger (no engagement ring!)

I almost threw up, since I knew it wasn't even insured! An all out ring hunt ensued, luckily we had 8 women to look, I even ran across 4 lanes of traffic willy nilly to get to the stores on the other side of the street we had been at earlier. Luckily my mom started searching the last store we'd been in and found it under a rack. It was a horrible experience really.

So anyway now its properly insured!
post #4 of 48
My engagement ring and wedding band cost $139 in 1974. I love my rings but they were impractical to wear chasing little kids, washing dishes, and cleaning. In 1987 I bought a plain gold band for $50 and wear it constantly. If you would feel awful if your rings were lost (who wouldn't?) I definitely recommend the gold band instead.
post #5 of 48
We were poor when we got married, so I have a cheap ring. Its my preference. So I'd vote no insurance if you aren't going to require a fancy ring. I mean, Murphy's law could kick in...But it might take a while, and setting aside 100$ a year in the meantime means you'd be able to replace with something. But I am so not the person to ask...OUr combined wedding bands and my engagement ring only came to 300$
post #6 of 48
I would drop it. You could just put your own money into savings instead of insurance.
post #7 of 48
I worry about this too. My ring was insured and then we had to change insurance companies and the new one needed an appraisal, plus it was more expensive. We've never gotten around to it but every once in a while I think about doing it. It was pretty expensive so I doubt we could afford to replace it right away...
post #8 of 48
I second the PP. My fancy ring is for grown up events and I wear a plain band everyday. I don't have it insured either.

Funny how that ring SEEMED SO important back then...I wear the plain band proudly.
post #9 of 48
Quote:
Originally Posted by pbjmama View Post
I would drop it. You could just put your own money into savings instead of insurance.
:
post #10 of 48
I would get another quote, mine is an extra $5/year with my renters/car insurance.

mta. How many years of $100/year would it take for you to save up the replacement cost? For mine, at $5/year, it would be so much more than my lifetime of $5/year payments to save up to replace it, and it's not a particularly expensive ring.
post #11 of 48
Depends how much you paid. I keep insurance on my ring because I would NEVER EVER be able to replace it with something comparable. If that 900 you've already spent is a large portion of the value of the ring, I'd cancel. If it's a small portion, keep paying.
post #12 of 48
Quote:
Originally Posted by pbjmama View Post
I would drop it. You could just put your own money into savings instead of insurance.
I agree.
post #13 of 48
Quote:
Originally Posted by polyhymnia View Post
I would get another quote, mine is an extra $5/year with my renters/car insurance.

mta. How many years of $100/year would it take for you to save up the replacement cost? For mine, at $5/year, it would be so much more than my lifetime of $5/year payments to save up to replace it, and it's not a particularly expensive ring.
See for me it would take several lifetimes to save up for it.
post #14 of 48
Quote:
Originally Posted by mightymoo View Post
See for me it would take several lifetimes to save up for it.
Me too. If I had to replace it at full retail value it would take me till after I was long dead at $100 a year. My ring is my most favorite material possession and I never take it off. For us the insurance is well worth it.

I do think it depends on the value of the ring. If it would only take you a few years to buy a new one, then drop the insurance.
post #15 of 48
I've never even heard of insurance on a wedding ring. Wow! But then, I've never been married, just engaged a couple of times and the first time, we could have replaced that ring at any time and the second ring was a plain gold band (*exactly* what I wanted) that also would have been pretty easy to replace.

I agree that it depends on how much the original price tag was and especially if it was custom or something, that'd need to go into my calculation.
post #16 of 48
My homeowners insurance would replace mine...our jewelry rider is only about $12 a year, for all the jewelry I own...check into it!
post #17 of 48
interesting Ive never heard of insurance on a wedding ring, except for the filthy riches 12 K rings LOL.
i will have to check my HOI to see if Jewlery is covered. My engagement ring was only $1000, although I do have some Levian jewlery. I dont have my original wedding band either.

Im curious, if you lost it and had to replace it, would you buy such a expensive ring?
post #18 of 48
Quote:
Originally Posted by polyhymnia View Post
I would get another quote, mine is an extra $5/year with my renters/car insurance.
I think it depends on the value. We had to purchase separate insurance or pay higher home owners insurance premiums. We pay about 100/year, and I think that's a good price.
post #19 of 48
Quote:
Originally Posted by mightymoo View Post
I had my ring insured from the time we got married for the first 4 years of our marriage, when I lived in WA state. Then we sold our house and moved to MA and in order to reinsure it under our new policy, we had to get it appraised and we were lazy and it just didn't happen.
LOL. Totally OT, but we moved from WA to MA too...last year! I miss the west coast, but am starting to adapt, little by little. We may have chatted about this before, but I can't remember. Anyway, wanted to wave hello.
post #20 of 48
My engagement ring is expensive (At $100/year it would take well into retirement for us to save up for a new one) and absolutely irreplacable... but not insured. I also, NEVER, EVER, EVER take it off. I swim with it on, I shower with it on, I garden with it on, I do everything with it on. I know that's not the recommended way to do it, but I figure that it's a diamond -- it's not like it's going to get scratched. And if I need to replace the setting, we can do that. I do get it cleaned and examined fairly regularly, though, to make sure the settings are still tight.

Mainly this is because I'm paranoid that if I were to take it off, one of my kids would try to flush it down the toilet. But also because I figure if I've got it on my hand then the only way it would be in danger is if I were mugged or someone were to hold me up for it. Which seems like a vanishingly small enough possibility to not be worth spending a lot of money to rider or insure.
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