Brits splurge thousands on engagement rings as 3.5 million plan to pop the question in February, but a third walk around uninsured
‘I don’t care too much for money, money can’t buy me love’, sang the Beatles, which most of us would agree is certainly true.
But it’s still the case that plenty of love-struck Brits splash a fair amount of cash on an engagement ring in time for Valentine’s Day, latest research shows.
Millions propose on Valentine’s Day
Figures from insurer Policy Expert indicate that around 3.5million people – or 7% of all UK adults – get engaged in the month of February.
And some are so smitten (3%) that they propose on what many think of as the most romantic day of the year, Valentine’s Day.
Engagement and wedding ring spending
While the old idea that you spend three times your monthly salary on an engagement ring may be old hat, prospective partners still spend an average of £1,060.
One-in-twenty (5%) say they’ll spend even more, averaging over £5,000, while one-in-five (22%) are more frugal, or simply not as well off, and only spend less than £250.
Spending on wedding rings is slightly less, at an average of £768, with one-in-twenty (5%) shelling out more than £2,000.
Love’s labour’s lost…? Silly ways rings go missing
Although an engagement or wedding ring might be something someone has saved up for a long time to buy, many don’t have the right sort of insurance cover if they lose theirs, as plenty do in any number of silly ways.
Policy Expert’s findings indicate that just over one-in-ten (11%) have somehow managed to lose either a wedding or engagement ring at some point in their lives.
As you’d perhaps expect, one of the most common ways of doing so is simply by taking it off and misplacing it, such as after hiding it in a ‘safe place’ while on holiday.
Other rings are lost down sinks or drains, or in the sea or pool, and by being hoovered up or stolen or ‘hidden’ by a child… permanently.
Lack of cover
As only one-in-twenty (5%) found their ring after losing it, the problem for many is that they won’t be able to claim on insurance cover for a replacement.
Just over a quarter (28%) don’t have the type of home cover which allows for loss, damage or theft away from the home.
Another third (32%) are a bit hazy about it and say they aren’t sure if they do or not.
Many don’t claim, or don’t know they can
Plenty of ring-losers, just under two-in-three (61%), don’t bother getting in touch with their insurer, while others (7%) didn’t know they could claim anyway. Only one-in-thirty three (3%) actually do make a claim for a lost or stolen ring.
Too valuable for a policy?
Some rings are so expensive, or indeed old and fragile, that it excludes them from a home cover policy, but the vast majority (86%) of ring owners don’t take out separate, specialist cover.
Indeed, Policy Expert’s research shows that well over half (55%) haven’t even notified their insurer about any particularly valuable items they own, which they probably should if they want to ensure such valuables are definitely covered.
As an online insurer, Policy Expert help our customers to compare insurance products and find a policy that’s right for them. Customer care is at the heart of everything we do and we have a dedicated customer service team on hand by phone, email, twitter and instant chat. For more information, you can call our experts on 0330 0600 600 or visit www.policyexpert.co.uk/contact for more ways to reach us.
Published 8 February 2019