Engagement Ring Insurance - Wedding Professional Advice

Engagement Ring Insurance - Wedding Professionals Advice


For most of us, getting an engagement ring is a HUGE deal.  Not only are you engaged (yippee!) but now you have an incredibly important and expensive piece of jewelry to worry about.  I know when I got engaged, my ring became the most expensive thing I owned.  I was scared to wear it!  After a little research, I decided my best bet was to go with Jewelers Mutual Perfect Circle Insurance to ease my concerns.  This was the choice for me, because I could easily insure this one piece of jewelry for a reasonable yearly cost.  For about $100/year, I was able to have my ring fully insured, which was awesome peace of mind!

Unfortunately, about three years after I got my beautiful ring, I needed to test out this whole insurance business.  After my ring was stolen, I immediately contacted the Jewelers Mutual personal claim representative.  With my luck, I was terrified that somehow the ring wouldn't be covered..  But to my amazement, the representative was extremely helpful, and my ring was completely covered!  The representative not only responded to my emails immediately, but was also always willing to clarify things on the phone with me.  Now I cannot say that things don't get a little tricky and a little confusing, but bottom line, my ring was replaced!

A few things that I learned that I will share:

  1. Jewelers Mutual Perfect Circle Insurance does not work directly with most large chain jewelry stores.  My ring was from Tiffany & Co. and they would not work directly with the insurance company.  I had to pay for my new ring, and then submit my receipt.  I was then reimbursed with a check within a week or so.  So this could make things a little tricky if you are tight on money at the time.  My representative did tell me that most local jewelry stores will work directly with them, so there would not be any temporary out of pocket cost.  So there you go, an incentive to shop local!
  2. The insurance replaces your ring, it does not automatically give you a check for the monetary value of your ring.  You (or your jewelry store) will need to submit your receipt of your new purchase before you get the money.
  3. My exact ring had been retired from Tiffany & Co., so Jewelers Mutual worked with me.  I was able to choose the closest replacement to my ring, and then was able to use the difference in cost to purchase other jewelry.  It had to be jewelry, and I actually had to ask specifically for permission, but how awesome is that!  I got to use ALL of the monetary value of the ring, even though I had replaced it with something different.
  4. The whole process is a pain in the a**!  Now truly, I was just happy that I was covered at the time of the disappearance.  I couldn't have asked for anything more.  But there is a lot of time and effort that goes into getting everything worked out.  Firstly, I had to file a police report.  Secondly, I had to fill out a lot of paperwork.  Thirdly, I wrote a lot of emails and made a lot of phone calls.  Fourthly, I had to have my sworn statements notarized, scanned, emailed, and authorized.  And so on, and so forth.  But finally, I had my new ring, my new jewelry, and my insurance checks (because I paid out of pocket at Tiffany & Co. for my replacements).
  5. Ok, last one.. and probably the best.  Jewelers Mutual Perfect Circle Insurance covers mysterious disappearance!  I was so scared that I would not be able to prove that my ring was stolen, but it didn't matter! Jewelers Mutual understands that sometimes jewelry is stolen, and sometimes it is just plain lost.  So no matter how your jewelry has disappeared, it will be covered! How incredible is that?

So in conclusion, I have to give a shout out to both Jewelers Mutual Perfect Circle, especially their personal claim representative, as well as the Jacksonville Tiffany & Co.  They were both nothing but helpful, friendly, and supportive.  The whole procedure is not the most fun thing in the world, but definitely worth it.  I can't even imagine how devastated I would've have been without it.  So there you go, whether it be Jewelers Mutual or not, GET INSURANCE for that gorgeous new ring! And congrats on your engagement ;)

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