Sapphire Engagement Rings Become More Popular

Many British women believe that Sapphire engagement rings will become more popular due to Kate Middleton’s engagement ring – an interesting fact revealed as we approach the romantic Valentines Day.

According to new research from Allianz Insurance, as well as 33% of British women believing that the sapphire engagement ring will become more popular, some 42% believe that people are moving away from yellow gold.

Although the price of an engagement ring is rising, with the average now costing over £3,000, around a third of women who are engaged have lost their ring.

As Mark Bishop, from Allianz Insurance says: “The loss of an engagement ring can be very upsetting and while you can’t insure against the sentimental loss, there are ways you can minimise the financial damage.

We found that one in three people don’t have their engagement rings insured even though it’s easy to add a ring to a home insurance contents policy or take out specialist cover when you buy.”

Top reasons for loss of the ring include

• Fell off doing  the gardening or washing up
• The ring was accidentally thrown away in the rubbish
• Was lost on holiday
• Went missing whilst exercising
• The ring fell off whilst shopping

To cover the cost should the ring be lost, it is wise to consider taking out insurance. As Mark Bishop also comments “We recommend newly engaged couples get their rings properly insured as soon as they are purchased.

With 72 per cent of women admitting that they do not know the accurate value of their engagement ring, we suggest having your engagement ring valued at regular intervals to make sure it’s insured for its full replacement value.”

With gold and silver prices rising substantially, reviewing your wider jewellery values is worth considering to make sure your level of home contents insurance is adequate.

MoneyHightStreet.com comment: If you are going to insure your ring, be careful to make sure it is fully covered under your policy. There will be a specified individual limit on the policy. This will vary from insurer to insurer and even within different policies offered by an insurer.

For example an individual item limit may be set at £5,000. In this case if your ring is valued over this amount you will need to make sure it can be listed as an individual item on the policy and specifically valued.