Drop insurance on engagement ring? - Mothering Forums

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Old 02-28-2009, 08:20 AM - Thread Starter
 
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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?
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Old 02-28-2009, 10:55 AM
 
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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!
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Old 02-28-2009, 11:19 AM
 
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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!

Mightymoo - Mom to DD (6) and DS (4)
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Old 02-28-2009, 11:36 AM
 
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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.
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Old 02-28-2009, 11:38 AM
 
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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$
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Old 02-28-2009, 11:49 AM
 
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I would drop it. You could just put your own money into savings instead of insurance.
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Old 02-28-2009, 01:48 PM
 
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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...
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Old 02-28-2009, 02:29 PM
 
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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.

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Old 02-28-2009, 03:16 PM
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I would drop it. You could just put your own money into savings instead of insurance.
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Old 02-28-2009, 03:43 PM
 
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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.

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Old 02-28-2009, 03:44 PM
 
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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.

Mama to DS1 (2/08) and DS2 (9/10).
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Old 02-28-2009, 04:04 PM
 
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I would drop it. You could just put your own money into savings instead of insurance.
I agree.
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Old 02-28-2009, 04:08 PM
 
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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.

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Old 02-28-2009, 06:36 PM
 
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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.

I'm Kellie :, married to Chris , and mom to one baby girl (7/12/09).
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Old 02-28-2009, 06:45 PM
 
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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.

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Old 02-28-2009, 10:02 PM
 
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My homeowners insurance would replace mine...our jewelry rider is only about $12 a year, for all the jewelry I own...check into it!
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Old 02-28-2009, 10:11 PM
 
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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?
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Old 03-01-2009, 02:09 AM
 
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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.

Mama to DS1 (2/08) and DS2 (9/10).
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Old 03-01-2009, 02:22 AM
 
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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.

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Old 03-01-2009, 03:42 AM
 
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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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Old 03-01-2009, 04:39 AM
 
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I've never heard of insurance on an engagement ring either.

I'd totally drop it. The small possibility of something happening to it is not worth the money. At least, not to me personally. $100.00 per year really adds up. That's $1000 in 10 years, $2000 in 20. I could think of more interesting things to do with that kind of money.

But, then, we're the type of couple who doesn't do wedding bands or engagement rings. The only ring I wear belonged to my great grandmother. It's irreplaceable sentimentally. So, insuring it might give me cash ... but, it would never replace it again.

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Old 03-01-2009, 12:02 PM
 
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I agree with the pp who said it depends on the % of 1K to your ring's value. I could not believe we had to get insurance for mine, until I realized that $100 per year for life would not ever touch the value of the ring...and I had lots of peace of mind to boot. We had it as a rider on tenant's insurance before we bought a home, and I have to say that adding tenant's insurance gave me a lot of peace of mind as well, so there you have it. The real issue is would you be devastated if you could not replace the ring?

Katherine mother to DS 8/03 and DD1 9/06 and DD2 6/10
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Old 03-01-2009, 01:06 PM
 
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We've always had my engagement ring insured under our home insurance. There was one instance where we were renting for almost 2 years and we had it under renter's insurance as well. I just know something would happen if we dropped the insurance and my dh won't hear of it anyways, lol!

I'm surprised so many of you mentioned needing to get them appraised. We just have to show the papers on it when we change insurance.

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Old 03-01-2009, 01:24 PM
 
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Well, without an appraisal, there's no way to know what the replacement value would be. For instance, mine would be over twice to replace at retail value compared to what it cost to have it made. You have to get appraisals on almost any item you insure - jewelry, houses...cars not so much because they depreciate so predictably.

But if yours falls into the cap on the rider on your tenant insurance, that might be why. Generally they will insure up to whatever value and it doesn't matter what it is. But if your ring is worth more than that rider, or for whatever reason you don't have renters insurance and get a separate policy, you pretty much have to show an appraisal.

We don't have any "papers" on our rings except the appraisal.

I'm Kellie :, married to Chris , and mom to one baby girl (7/12/09).
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Old 03-01-2009, 02:01 PM
 
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I am sure your papers are the appraisal. They give that to you when you buy it. You would only re-appraise something you were given or inherited, or thought had increased in value enough to warrant another appraisal.

Katherine mother to DS 8/03 and DD1 9/06 and DD2 6/10
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Old 03-01-2009, 02:16 PM
 
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Isn't your ring covered as part of your homeowner's policy? Or renter's? Or is that what you are talking about?

My ring was over $8000.00 and I have no insurance on it. I assumed it was protected by our homeowner's ins. That's what my mom told me when I got married. But that was over ten years ago...don't know if it's different now?

I would drop the extra ins. for sure.

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Old 03-01-2009, 02:39 PM
 
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Isn't your ring covered as part of your homeowner's policy? Or renter's? Or is that what you are talking about?

My ring was over $8000.00 and I have no insurance on it. I assumed it was protected by our homeowner's ins. That's what my mom told me when I got married. But that was over ten years ago...don't know if it's different now?

I would drop the extra ins. for sure.
Um...no. Sorry but mom is wrong. Jewelry is normally capped out somemwhere between $1000-2500 for ALL jewelry with caps on one piece being lower. You must purchase an additional rider for anything over that amount. I'm 99.99999999% sure your ring is NOT covered. And without a rider no jewelry is covered if you lose it or have it stolen outside of the house.

You do need to show an appraisal that is no more than....2 years old I believe when switching insurance.
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Old 03-01-2009, 02:44 PM
 
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$100 per year for just the ring?? Just how expensive was that ring?

I pay $30/year for a personal articles policy that covers specifically my rings, his ring, and our computers.
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Old 03-01-2009, 03:20 PM
 
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$100 per year for just the ring?? Just how expensive was that ring?

I pay $30/year for a personal articles policy that covers specifically my rings, his ring, and our computers.
That's my thought, lol. We have an extra rider for my computer, but not my ring. My computer was far more expensive and I'd be more torn up over its loss. My computer has a lifetime of memories (pictures of the kids, my work, everything) on it... the ring is something replaceable. Its a symbol of our marriage, sure, but he is my marriage, not a piece of jewelry.

But if your ring is really really expensive, then its just financially makes sense to insure it. I just can't picture that because I don't live in that world where its even a possibility for us, so I can't really relate.

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Old 03-01-2009, 04:15 PM
 
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My homeowners insurance would replace mine...our jewelry rider is only about $12 a year, for all the jewelry I own...check into it!
This is I thought what we were all talking about - a rider on our homeowners insurance. Our rider costs closer to $100/year

Generally without a rider, homeowner's insurance only covers jewelry under a certain value, which our rings are over.

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