Britons splash out large sums on wedding and engagement rings, but one-in-five fail to claim on insurance if they lose theirs, latest figures show. A survey by insurance provider Policy Expert reveals that couples spend an average of £1,100 on wedding rings and £851 on engagement rings.
Over one-in-ten lose the ring
However, while over one-in-ten (12%) have, at some point, experienced the potentially costly and upsetting loss of their symbol of love, almost one-in-five (18%) didn’t claim for it. This could be because around one-in-two (48%) say they haven’t notified their insurance provider of the high value items they own, and therefore may not be able to claim anyway.
Failing to specify high value items
Many insurers require policy holders to specify valuable items that may exceed the single item claim limit stipulated in the cover; so losing a ring worth more than £2,000 could negate a claim if its ownership has not been flagged up.
However, over one-in-ten (12%) aren’t aware that the terms of their cover may require them to do this. On the plus side, a sensible one-in-three (31%) say they are, and have specified their valuable items.
Many could lose thousands
Many spend much more on rings than the average, and therefore stand to potentially lose even greater sums.
More than one-in-four (26%) shell out over £1,000 on an engagement ring while for one-in-ten (10%) the figure is above £2,000. For wedding rings it’s sometimes even higher, with around one-in-sixteen (6%) spending more than £5,000, Policy Expert’s figures show.
Inadequate cover rife among couples
One way to make absolutely sure of compensation if a ring is lost, damaged or stolen is to take out separate insurance for it, or specify it on your home insurance, but nearly two-thirds (65%) say they haven’t done so.
Another third (31%) won’t be able to claim if they lose a ring when they’re out and about as they don’t have away from home cover included in their home insurance policy.
February proposal myth
The survey also indicates that December is the most popular month to get engaged (11%) rather than the Valentine’s month of February, as is commonly believed.
In fact, February also comes behind September (8%), July (8%), April (7%), May (7%) and June (7%) in the pecking order of preferred months to proposition in.
If your home is your haven, you’ll want it to have the best protection. Compare quotes from our range of handpicked insurers and tailor a policy to suit you. 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 23 February 2018