When you buy a precious jewellery, needless to say, it is a major investment. Especially with gold, platinum and diamond jewellery, you can expect a higher ROI in the future. But we will also be wearing them occasionally or even daily. From wear and tear due to regular use to losing the item- a lot can happen to your jewels. It is heart-breaking when something unfortunate happens to your precious jewelleries and there is no way to get it back. However, these days, there are specialized insurances for your diamonds specifically so that you can retrieve the monetary loss at the least. Read on to learn all about it.
What is jewellery insurance?
Jewellery insurance is devised to protect and safeguard your precious jewels against theft, damage, losing it, or any similar mishap that may occur someday. The insurance will cover partially or fully the monetary value of the item. The coverage entirely depends on the policy and the premium you have selected. The premium gets calculated based on the price of the jewellery
Why insure your diamond engagement ring?
The last thing anyone would want is losing their precious oval cut diamond engagement rings or any such jewellery. But with insurance, should the mishap happen, you can recover the monetary value. Here are few reasons to choose an insurance for your diamond or other precious jewels:
- Stay stress-free and hold on to your peace of mind when your valuable accessories are insured.
- Even damages and repairs get covered by certain insurances. This solely depends on the policy you have chosen.
- Accidents happen and we often do not notice in time if a piece of the jewellery goes missing. With an insurance, you can get replacement for such parts too.
- The insurance scheme is much more cost-effective than getting a replacement after thievery or losing the item without any insurance.
Cost of jewellery insurance
The insurance premium gets calculated based on the total price of the jewellery and the coverages that are provided by the policy. Usually the premium required is 2-3% of the total price of the jewellery. If the policy is covering lose, theft, damage repairs and even maintenance- the premium amount would be higher.
Tips to insure a diamond engagement ring
To get the maximum benefits out of the insurance, here we have a few tips for the buyers.
- Get the engagement ring insurance or any other jewellery insurance as soon as possible. Ideally, you should get it along with the jewel while buying it. Top jewellers have tie-ups with insurance companies for the same.
- Choose the coverage provider wisely. It is better to get an extension of insurance that specifically protects your jewel. Covering it under home insurance or other scheme would affect the entire policy.
- While getting the insurance, clarify every term and condition in details. Ask important questions before you sign the documents. Here are few things you can ask-
- Can you choose who repairs the ring?
- If you have insured for replacement, can you choose where to buy the ring?
- What happens if the replacement is not satisfactory?
- How to prove the jewellery is lost to make the claim?
Lab Grown diamond rings are equally precious and should be insured and treated like organic diamonds. The above-mentioned tips are all applicable to both organic and lab-grown diamonds. Keeping these in mind will help you ensure optimum safety for your favourite jewels.
