Everyone, whether a high budget couple or a medium budget couple, spend a lot of money on purchasing an engagement ring. It’s like the topmost expensive item that they have ever purchased in their entire life. No matter what budget do you have, you cannot change the fact that the engagement ring is an investment. So just like all investments, its protection against loss, theft, and damage is also an important thing to do. For that, many couples invest in a supplemental policy or ring insurance that secures their jewellery.
Price of the Investment
As mentioned above, couples have different budgets for major purchases, some prefer low budget ring and some have a high budget for it and some people do not care about the price tag as the ring means so much more than that to them. Before investing in any ring insurance policy, you need to first consider the price of the initial investment. Sometimes the insurance money is more than the money you spent in the actual ring which is not a great thing to do. But if the engagement ring is very expensive, then, in that case, looking for a policy to cover loss, damage, or theft is a wise thing to do.
Most of the diamond jewelry insurance is paid yearly. There are some of the policies which offer monthly payments for your premium. If the monthly or yearly payments are more than your budget, then, in that case, investing in a policy is not a favorable choice. But if you invested so much money on the ring you purchase and have the budget to purchase a policy too, then you should go for it, in order to protect your engagement ring.
Jeweler Warranties & Coverage
Many jewelers provide warranties for a lifetime that covers issues like damage which are the results of the manufacturing process. But such types of warranty often cannot cover the damage from loss, daily wear, or theft. For this, many jeweler advice buyers to purchase coverage in order to secure their ring investment.