How Much Does Engagement Ring Insurance Cost?

Written by: Sue Fritz | | Insuring Your Jewelry

Glass slipper

When you purchase ring insurance through Lavalier, you can choose how much you’d like your deductible to be, so your coverage fits your needs and budget. First, a quick primer on the basic terms you’ll need to know:

Deductible

The deductible is the amount you‘re responsible for if you have to file a claim because your ring was lost, damaged, or stolen. With Lavalier, you decide how much you feel comfortable paying. Unlike many other insurance policies, Lavalier allows you to select different deductibles for different items of jewelry on the same insurance policy.

Premium

The premium is the amount you pay for your insurance. In general, the higher the deductible, the lower your premiums will be. If you choose to pay a lower deductible, you may pay a higher premium.

To better illustrate the dynamic between premiums and deductibles with Lavalier, let’s look at three different scenarios.

1)    Eric and Donna

Eric and Donna of That ‘70s Show fame have practically grown up together as neighbors, friends, and eventually boyfriend and girlfriend. He’s got a pretty good job at Fatso Burger, and he knows Donna’s the one for him. Eric doesn’t have enough money to buy the kind of ring he thinks Donna deserves, so he asks his mother, Kitty, if he can propose with his grandmother’s ring. Kitty acquiesces, but demands that Eric purchase ring insurance in case something happens; after all, how responsible can two teenagers be? Eric gets the ring appraised, and it’s valued at $2,500. He turns to Lavalier for insurance. They didn’t make much from selling the Vista Cruiser to Kelso, and they’re saving up to move out of Point Place, so Eric decides to go with a low monthly premium. With Lavalier, Eric can get a $0 deductible and only pay the minimum yearly payment of $50. For just $4.17 a month, Kitty and Eric both get peace of mind, and Eric won’t have to wear the Stupid Helmet for once.

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2)    Wilma and Fred

After years of drive-in movies, concerts at the Bedrock Bowl, and late night RocDonald’s runs, Fred decides to propose to Wilma. He’s got a big evening planned, including a candlelit dinner of brontosaurus ribs at the upscale Maison-LaRock. After dinner, he’ll surprise Wilma with a gorgeous white gold 1.5 carat halo engagement ring, for which he paid $6,250 (several weeks’ worth of work at Slate Rock and Gravel!).

Fred knows he needs ring insurance – there are a lot of dangers in Bedrock, after all, and he doesn’t want to worry. In fact, he’s going to go with a $0 deductible, so if something does happen to the ring, he and Wilma won’t have to pay any extra. Fred buys his insurance through Lavalier, where he can pay a $0 deductible with a premium of only $69 for the year. That comes out to $5.75 a month. Plus, he’s going to get a Bedrock Safe installed next year, so he’ll get a home safe discount (just one of several jewelry-specific discounts available to Lavalier customers). Yabba-dabba-doo!

3)    Cinderella and Charming

A fairy tale love story that could only end happily ever after, Prince Charming proposes to former scullery maid Cinderella after meeting her at one of his grand balls. After consulting with Cinderella’s godmother and her friends Gus and Jaq, Charming decides on a $50,000 2 carat Schlumberger ring from Tiffany & Co.

He sees the way Cinderella’s stepsisters are eyeballing that gorgeous ring, so he makes sure to get a ring insurance policy through Lavalier, in case it ever ‘mysteriously disappears.’ For added protection, he insures Cinderella’s favorite glass slippers as well, which have been appraised at $20,000.*  Charming decides that with all the money he has in the royal treasury, he feels comfortable with a high deductible of $10,000 for the shoes; he’s keeping a close eye on them after the first time she misplaced one. He feels secure that he’d be able to meet a $5,000 deductible on the ring. With these two deductibles, he only has to pay $738 a year for his shoe and ring insurance, or $61.50 a month. That’s affordable even without a princely salary!

When you purchase ring insurance through Lavalier, you have several options to fit your budget. Everyone deserves to have peace of mind, and Lavalier makes it easy and affordable. Get a free quote in under a minute and purchase your coverage today!

*Note: Lavalier does not actually insure glass slippers.

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