Engagement Ring Insurance

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cam240
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Engagement Ring Insurance

Post by cam240 » Fri Jun 30, 2017 8:50 am

Hello Bogleheads,

I am seeking for advice/suggestions as to how to best proceed in regards to insuring my fiancee's ring. I have a homeowner's policy with State Farm. I called and they said they could insure the ring for $60 a year. I also looked at Jewelers Mutual Insurance Company. They quote me about $37 dollars a year for the policy. $0 deductible. The ring is in the range of $2000-2500. What else should I consider other than deductible to pay in case something happens and policy cost?

Thanks,
Cam240

barnaclebob
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Re: Engagement Ring Insurance

Post by barnaclebob » Fri Jun 30, 2017 8:53 am

Having to not remember to pay another company's bill is worth something. I pay about $60 a year through state farm for my wife's engagement ring and wedding band but its insured for $7-8k. I think state farm has coverage tiers so adding more jewelry to the policy may not increase your costs. I know it didn' cost any extra to add my wedding band to the policy.

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marti038
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Re: Engagement Ring Insurance

Post by marti038 » Fri Jun 30, 2017 8:56 am

When I got engaged I added a rider to my homeowner's for jewelry. It was with USAA for $27/year and covered up to $2500, but also included art (i don't have much of that).

I thought about cancelling it a few years ago, but decided it was cheap insurance so I've kept it. At $60/year I'm not sure I would. You might want to shop that price a bit.

KT785
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Re: Engagement Ring Insurance

Post by KT785 » Fri Jun 30, 2017 9:02 am

We have a State Farm Personal Articles Policy on my wife's wedding set and pay around $60 per year--appraised at around $8,000. I review the declarations every year as there is an inflationary adjustment that automatically increases the insured value. Again, this a policy specific for the rings as opposed to an endorsement/rider on the homeowners' policy.

Biggest pros for us is that we use State Farm for all other insurance anyway, policy has a $0 deductible, and the coverage applies to the rings anywhere in the world IIRC. We traveled internationally for our honeymoon so this last bit was important for us.

Make sure you have an accurate appraisal for the ring(s) and that it's provided to the insurance company so the coverage is correct. I'd initially provided the sales slip to State Farm before we got married to show the value, but a couple years later, had a new appraisal done and the jeweler (not where it was purchased) took high resolution pictures, provided a detailed written description, and the replacement value was a bit different (higher) than the sales slip I'd initially received.
Last edited by KT785 on Fri Jun 30, 2017 9:11 am, edited 3 times in total.

mmmodem
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Re: Engagement Ring Insurance

Post by mmmodem » Fri Jun 30, 2017 9:08 am

The purpose of insurance is to cover things that need to be paid for right away that will devastate you financially. Does the engagement ring need to be replaced immediately? Does the cost devastate you financially? If the answer is no to both, consider saving $60 a year to upgrade the ring for a future anniversary.

mortfree
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Re: Engagement Ring Insurance

Post by mortfree » Fri Jun 30, 2017 9:09 am

I would not insure that ring...



.

Gill
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Re: Engagement Ring Insurance

Post by Gill » Fri Jun 30, 2017 9:18 am

Agree on not insuring it. You don't want to insure for every possible risk, but only those that would devastate you financially.
Gill

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flamesabers
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Re: Engagement Ring Insurance

Post by flamesabers » Fri Jun 30, 2017 9:56 am

I agree with the others about not buying insurance for a ring. A ring isn't a liability risk, nor would losing a ring devastate you financially.

If you're really worried about the possibility of the ring being damaged or lost, I would say buy rings that you don't have to break your bank account to purchase. That way if you do have to replace the ring, it won't be a financial hardship for you.

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8foot7
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Re: Engagement Ring Insurance

Post by 8foot7 » Fri Jun 30, 2017 9:57 am

Would a $2,200 loss ruin you financially?

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Meg77
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Re: Engagement Ring Insurance

Post by Meg77 » Fri Jun 30, 2017 10:04 am

I think pretty much the only way to insure your ring (or any jewelry) is via a rider on your homeowners insurance (or renters insurance) policy. $60 a year isn't much, so I'd probably pay it at least for the first year or so. Normally (or at least in my experience) there isn't any deductible associated with the ring portion of the insurance. Otherwise it may not make sense to insure it at all since most deductibles are $1500 or higher.
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Grt2bOutdoors
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Re: Engagement Ring Insurance

Post by Grt2bOutdoors » Fri Jun 30, 2017 10:37 am

I've insured my wife's ring now for the last ten years - the cumulative cost is still a fraction of what the replacement cost is. That is a cheap price to pay. Investing the total cost of ring in any fund over this time has been multiplied, while cost remains a fraction.
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Yankuba
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Re: Engagement Ring Insurance

Post by Yankuba » Fri Jun 30, 2017 10:55 am

Grt2bOutdoors wrote:I've insured my wife's ring now for the last ten years - the cumulative cost is still a fraction of what the replacement cost is. That is a cheap price to pay. Investing the total cost of ring in any fund over this time has been multiplied, while cost remains a fraction.
I'm with you. The textbook says not to insure against potential losses that aren't that large as a percentage of net worth, but peace of mind is worth something. I am happy to spend $200 per year to not have to worry about my wife's engagement ring getting lost or stolen. She can wear it anywhere (within reason).

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simplesimon
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Re: Engagement Ring Insurance

Post by simplesimon » Fri Jun 30, 2017 11:13 am

I use Jewelers Mutual - well known and highly regarded by people in the industry and on PriceScope.

SleepKing
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Re: Engagement Ring Insurance

Post by SleepKing » Fri Jun 30, 2017 11:17 am

I agree with others to not insure the ring you describe.

why3not
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Re: Engagement Ring Insurance

Post by why3not » Fri Jun 30, 2017 11:28 am

I had a standalone Chubb policy for a year on my wife's ring. Once we were married, it moved into a rider on our homeowners. I would probably not claim a $2k ring on homeowners unless it were part of larger losses.

mortfree
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Re: Engagement Ring Insurance

Post by mortfree » Fri Jun 30, 2017 11:51 am

One other point.

The ring belongs to your soon to be wife. Insuring it in your policy would not cover it if she is not on the insurance.

But I still wouldn't insure that one.

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bostondan
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Re: Engagement Ring Insurance

Post by bostondan » Fri Jun 30, 2017 1:46 pm

I agree that it does not need to be insured. I previously insured my wife's $10k ring for $150/year, but decided to stop this year for the following reasons:

1. If the ring were lost or stolen, and not insured, would it hurt me financially to replace it? No.
2. If the ring were lost or stolen, and not insured, would we even want to replace it? Maybe, but probably with something cheaper.
3. I do get some coverage through the base policy that would dampen the loss even without separately insuring the ring.

Regarding item 2, now that we're both Bogleheads we realize that diamond rings seem silly (at least to us, I don't judge others for wanting them) so we would probably buy something cheaper, like a moissanite ring, or just a smaller diamond. Or maybe even a nice looking CZ. There is no point in insuring an item that you would otherwise not replace (and be okay with not replacing it).

When my wife was pregnant she wore a $7 fake engagement ring from Amazon because it expanded with her finger. She got more compliments about that than her real ring. I think it was then that she realized that she wouldn't really need a diamond if she didn't already have one.
“There may be times when we are powerless to prevent injustice, but there must never be a time when we fail to protest.” - Elie Wiesel

AdmiralSnackbar
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Re: Engagement Ring Insurance

Post by AdmiralSnackbar » Fri Jun 30, 2017 3:46 pm

I paid cash for my wife's ring, and its loss wouldn't ruin me financially. However, I still chose to insure as it gave me great peace of mind. My wife's engagement ring is insured through Jeweler's Mutual. I did a very "un-Boglehead" thing and chose them with minimal research, mainly because I knew someone who lost a ring that was insured by Jeweler's Mutual. It was a very hassle-free process, and there were no layers of bureaucracy that are sometimes present in larger insurance companies.

Leemiller
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Re: Engagement Ring Insurance

Post by Leemiller » Fri Jun 30, 2017 4:14 pm

For another view, if it would make your fiancé more comfortable to wear the ring buy the insurance. You can always cancel it later.

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Mrs.Feeley
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Re: Engagement Ring Insurance

Post by Mrs.Feeley » Fri Jun 30, 2017 4:56 pm

Leemiller wrote:For another view, if it would make your fiancé more comfortable to wear the ring buy the insurance. You can always cancel it later.
This.

When my husband gave me an engagement ring the thought of wearing an expensive piece of jewelry every day made me very nervous. I added a rider to my apartment insurance for the ring and that put me more at ease. It didn't cost much for that little peace of mind.

I've heard good things about Jeweler's Mutual.

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timboktoo
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Re: Engagement Ring Insurance

Post by timboktoo » Fri Jun 30, 2017 5:01 pm

I just took out a policy with Gem Shield a week ago. I didn't do a great deal of research beforehand. They were trusted by my jeweler and I trust my jeweler.

$60 a year isn't much to pay for peace of mind. Were you to tell me that you had purchased a TV worth the amount your ring cost, I would suggest you not buy insurance for it if you could easily recover from the loss. But in the case of a sentimental item, it might be worth it to do something that brings comfort, even if it isn't financially necessary.

- Tim

ResearchMed
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Re: Engagement Ring Insurance

Post by ResearchMed » Fri Jun 30, 2017 5:25 pm

I had a really unpleasant experience with Jewelers Mutual after reading about them here.

After making an inquiry, the rep insisted that the only way they could send me the price for a particular coverage (so I could compare it with the rider on our homeowners policy) was by email.
Big mistake.
The emails and phone calls started flooding in.
I finally had to threaten to call top folks at corporate before she would stop. My simple requests,, by phone or email, were ignored.

But the policy through them was much worse.
First, it was not less expensive.
Second, they would only select a comparable item and give it to me. No choice on my part in what I'd "receive".

OUR insurance (based upon several actual losses over the past several decades) gave me the name of two recommended "non-retail showroom type" (no fancy mall floor space, etc.) jewelers, and they sent me a check.

Then *I* got to select the replacement.
And with one loss, a major ring of great sentimental value (ouch, that was painful!), the jeweler worked really hard to help me design something quite similar. I still wear that every single day, with my wedding ring on the other hand.

No way would I have wanted Jewelers Mutual to decide what to send to me, based upon the description (and perhaps photo) of a very special piece of jewelry that couldn't be exactly replicated (and would never be "the same" anyway).
At least I had something that *I* decided was "close enough for the memories".

They seemed rather sleazy in the way she described the process and *kept* emphasizing that they would absolutely NOT send me money, but only "a replacement item". The "emphasis" seemed "off"...
That might be okay for something "off the shelf", I suppose. But I felt a lot better having the choice under my control.

RM
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TxAg
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Re: Engagement Ring Insurance

Post by TxAg » Fri Jun 30, 2017 5:28 pm

My wife is getting a CZ if she loses hers :)

mortfree
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Re: Engagement Ring Insurance

Post by mortfree » Fri Jun 30, 2017 5:46 pm

$82/year for 12k insurance ($500 deductible). Added to my home insurance. $60 for 2k seems a bit high??

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Toons
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Re: Engagement Ring Insurance

Post by Toons » Fri Jun 30, 2017 5:56 pm

I would forego the insurance,
Keep the ring on the finger. :happy
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imperio
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Re: Engagement Ring Insurance

Post by imperio » Fri Jun 30, 2017 6:14 pm

cam240 wrote:Hello Bogleheads,

I am seeking for advice/suggestions as to how to best proceed in regards to insuring my fiancee's ring. I have a homeowner's policy with State Farm. I called and they said they could insure the ring for $60 a year. I also looked at Jewelers Mutual Insurance Company. They quote me about $37 dollars a year for the policy. $0 deductible. The ring is in the range of $2000-2500. What else should I consider other than deductible to pay in case something happens and policy cost?

Thanks,
Cam240
We're insured with Jewelers Mutual for 2 reasons:
1. They cover almost everything that could go wrong i.e. if I accidentally dropped a hammer on my fiance's ring and it shattered into a million pieces, they would pay for a replacement.

2. If we made a claim on the ring, it would not affect our auto/renter's policy premiums since it's a separate policy with a different company.

The above plus peace of mind, as others have said. Losing $2.5K in a moment of carelessness may not impact you drastically financially, but the same could be said for spending $37 a year (in fact, even more so). Sure losing $2.5K won't drastically affect most bogleheads, but it's not a nice feeling to lose $25 to carelessness let alone $2500.

lillypie
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Re: Engagement Ring Insurance

Post by lillypie » Fri Jun 30, 2017 6:18 pm

First, I want to applaud you for purchasing a reasonably cost ring. My ring is in that price range and when my Husband mentioned insurance, in boglehead fashion I asked him what it cost and said "we don't need insurance!" At first I think he felt bad that the ring was "cheap" and I told him HECK NO I wouldn't have it any other way and that I loved the ring.

We have a friend that never wears her ring for fear of losing it...what is the point of that.

In other news...last week my Husband came home and looked at me very seriously and said "I lost my wedding ring". I kind of laughed and said "that is why we got it for $8.99 on ebay!" (a lovely titanium band that suited him perfectly) I will buy him a new replacement one soon.

No insurance needed...have nice date night each month instead.

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Kenkat
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Re: Engagement Ring Insurance

Post by Kenkat » Fri Jun 30, 2017 6:21 pm

Mrs.Feeley wrote:
Leemiller wrote:For another view, if it would make your fiancé more comfortable to wear the ring buy the insurance. You can always cancel it later.
This.

When my husband gave me an engagement ring the thought of wearing an expensive piece of jewelry every day made me very nervous. I added a rider to my apartment insurance for the ring and that put me more at ease. It didn't cost much for that little peace of mind.

I've heard good things about Jeweler's Mutual.
This is our reason for carrying insurance on the engagement ring. I know if it was lost my wife would have felt so guilty she would never have replaced it.

imperio
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Re: Engagement Ring Insurance

Post by imperio » Sat Jul 01, 2017 12:43 am

lillypie wrote:First, I want to applaud you for purchasing a reasonably cost ring. My ring is in that price range and when my Husband mentioned insurance, in boglehead fashion I asked him what it cost and said "we don't need insurance!" At first I think he felt bad that the ring was "cheap" and I told him HECK NO I wouldn't have it any other way and that I loved the ring.

We have a friend that never wears her ring for fear of losing it...what is the point of that.

In other news...last week my Husband came home and looked at me very seriously and said "I lost my wedding ring". I kind of laughed and said "that is why we got it for $8.99 on ebay!" (a lovely titanium band that suited him perfectly) I will buy him a new replacement one soon.

No insurance needed...have nice date night each month instead.
cam240 wrote:I also looked at Jewelers Mutual Insurance Company. They quote me about $37 dollars a year for the policy. $0 deductible.
The OP can't quite have an annual "nice date night" for $37, let alone each month! :oops: unless your idea of a nice date night is sharing a happy meal at McDonald's..... goodness me

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cchrissyy
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Re: Engagement Ring Insurance

Post by cchrissyy » Sat Jul 01, 2017 1:13 am

doesn't your State Farm policy have a certain amount of jewelry coverage already? I thought some basic amount was standard and you only needed to add extra coverage for jewelry if it was worth significantly above that base. if that is the case, and you are already covered for, oh, half of the value, I would pass on paying any extra premiums to increase coverage to the entire replacement cost.

FWIW, my engagement ring was stolen once (as part of a home burglary) and was covered in the insurance claim along with everything else. It was worth a little bit less than yours and I didn't have any special coverage for it. Also, I didn't replace it. No worries, I always preferred dollars over rings : )

AlohaJoe
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Re: Engagement Ring Insurance

Post by AlohaJoe » Sat Jul 01, 2017 1:31 am

imperio wrote:2. If we made a claim on the ring, it would not affect our auto/renter's policy premiums since it's a separate policy with a different company..
I don't think this is true. Most (all?) insurance companies report claims to agencies like CLUE, iiX, and A-Plus Property Reports. Then insurance companies look at all claims you've made with any company when setting your rates.

Did you really think you'd be able to outsmart a multi-billion industry that was among the earliest adopters of computers and data sharing? They're two steps ahead of you. :happy

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celia
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Re: Engagement Ring Insurance

Post by celia » Sat Jul 01, 2017 1:50 am

This is not meant to be mean or anything, but I think a bigger risk than a lost/stolen $2500 ring is a broken engagement.

(This means I would keep a perspective on the bigger financial picture. A ring is just a tiny part of your finances, I assume.)

HIinvestor
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Re: Engagement Ring Insurance

Post by HIinvestor » Sat Jul 01, 2017 2:14 am

We never insured my engagement ring, but I have never lost it. We have also never insured our wedding rings but they were $100 apiece, I believe. If I lost my ring or had it stolen, it would sadden but not greatly impact us financially, even if we bought the same or a "better" one.

We did have some clause or rider on our homeowners policy that covered the 1st $5,000 or 10,000 in jewelry stolen after a $1k deductible. Insurer waived the deductible and gave us a check for the maximum as we had a burglary and all the jewelry in our home was stolen.

I have purchased an extra policy or anything specifically for an item of jewelry and don't plan to. We now keep our jewelry in our safety deposit box, for the most part. My engagement ring remains on my finger except it goes into my safety deposit box when we travel outside the US.

imperio
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Re: Engagement Ring Insurance

Post by imperio » Sat Jul 01, 2017 1:55 pm

AlohaJoe wrote:
imperio wrote:2. If we made a claim on the ring, it would not affect our auto/renter's policy premiums since it's a separate policy with a different company..
I don't think this is true. Most (all?) insurance companies report claims to agencies like CLUE, iiX, and A-Plus Property Reports. Then insurance companies look at all claims you've made with any company when setting your rates.

Did you really think you'd be able to outsmart a multi-billion industry that was among the earliest adopters of computers and data sharing? They're two steps ahead of you. :happy
It's not about trying to outsmart anyone. :happy Let me use an example.

Say you bundled your auto and homeowners policies together with State Farm - they give you a bundled quote. If you total your vehicle, you should expect that bundled premium to increase upon renewal. However if you had your auto policy with Geico and homeowners policy with State Farm, do you think your homeowners premium will increase if you total your vehicle and made a claim with Geico? Probably not. Most people bundle auto and homeowners because they get a substantial discount for doing so, but not so much when adding a jewelry rider for a particular item.

The benefits of separating jewelry insurance from homeowners is well covered on other jewelry/watch forums, maybe not so much on here. :sharebeer

VaR
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Re: Engagement Ring Insurance

Post by VaR » Sat Jul 01, 2017 5:53 pm

There are lots of marital/psychological reasons for this insurance being valuable.

As others have said upthread, the replacement policy and situations covered are important. I recommend choosing based on those important aspects rather than just price of the policy.

For instance, I bet that "mysterious disappearance" is the most common situation. Also regarding coverage amounts you want to make sure the insurer isn't going to lowball you on coverage amount. And from my experience the stated coverage amount is not the amount that they will write the check for, so find out beforehand.

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Nicolas
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Re: Engagement Ring Insurance

Post by Nicolas » Sat Jul 01, 2017 6:15 pm

No engagement ring for my wife, wedding ring was $50. Mine was $15. Of course this was a lotta years ago (we were teenagers and poor). No insurance needed. We're still married.

Ninnie
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Re: Engagement Ring Insurance

Post by Ninnie » Sat Jul 01, 2017 9:05 pm

I would insure it for one, maybe two years at most. That way if anything calamitous happens, the cost pain won't be too fresh. But I agree it's not worth continuing insurance after that for a $2500 item.

NYCguy
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Re: Engagement Ring Insurance

Post by NYCguy » Sat Jul 01, 2017 9:38 pm

I bought the insurance for our first 5 years of marriages then realized it was silly. I dropped the insurance. I still have the wife and the ring 18 years later. Happy with both.
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Grasshopper911
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Re: Engagement Ring Insurance

Post by Grasshopper911 » Sat Jul 01, 2017 10:52 pm

cam240 wrote:Hello Bogleheads,

I am seeking for advice/suggestions as to how to best proceed in regards to insuring my fiancee's ring. I have a homeowner's policy with State Farm. I called and they said they could insure the ring for $60 a year. I also looked at Jewelers Mutual Insurance Company. They quote me about $37 dollars a year for the policy. $0 deductible. The ring is in the range of $2000-2500. What else should I consider other than deductible to pay in case something happens and policy cost?

Thanks,
Cam240
We use Jewelers Mutual on all of our jewelry. We've heard good things about it and are pleased with the value.

You will find rates change significantly depending upon deductible. We have a deductible of around 10% of the replacement value on our jewelry (watches, rings, earrings...). Our jewelry varys significantly in value and we have a different deductible on each item (only insuring the big ticket items that are outside of our homeowners).

Not sure if it is the best financial move, but it gives us peace of mind and we are ok paying 10% deductible to get things replaced to keep payments down.

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CWRadio
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Re: Engagement Ring Insurance

Post by CWRadio » Sun Jul 02, 2017 7:25 am

Say the ring is lost and you do not want a replacement due to Sentimental Reasons. Will the insurance company pay you the cash value of the insurance policy or just pay you the cost of replacing the same ring? Example: The ring is appraised at $20,000 and you insurance it for $20,000. It is lost and the insurance company can find the same diamond and setting for $15,000 (maybe in a different jewelry store in a different state). Thanks Paul

edge
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Re: Engagement Ring Insurance

Post by edge » Sun Jul 02, 2017 1:52 pm

For very expensive jewelry you can get separate insurance.
Meg77 wrote:I think pretty much the only way to insure your ring (or any jewelry) is via a rider on your homeowners insurance (or renters insurance) policy. $60 a year isn't much, so I'd probably pay it at least for the first year or so. Normally (or at least in my experience) there isn't any deductible associated with the ring portion of the insurance. Otherwise it may not make sense to insure it at all since most deductibles are $1500 or higher.

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Mrs.Feeley
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Re: Engagement Ring Insurance

Post by Mrs.Feeley » Mon Jul 03, 2017 3:54 am

CWRadio wrote:Say the ring is lost and you do not want a replacement due to Sentimental Reasons. Will the insurance company pay you the cash value of the insurance policy or just pay you the cost of replacing the same ring? Example: The ring is appraised at $20,000 and you insurance it for $20,000. It is lost and the insurance company can find the same diamond and setting for $15,000 (maybe in a different jewelry store in a different state). Thanks Paul
I suspect so much depends upon the policy and the insurance company. When my parents' home was burgled their homeowner's insurance company had my mom sit down with a jeweler they contracted with and flip through jewelers' wholesale catalogs to pick out jewelry that was similar to what was stolen. My mom's jewelry was older, better made, and more substantial than what was in the catalogs. But the policy said something about replacement value being determined by what was currently widely available in the retail market. The insurance company ultimately sent her a check for the retail price of the pieces she picked out in the catalogs. This was some time ago and she did not have appraisals on any of her jewelry, though she did have some receipts.

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dia
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Re: Engagement Ring Insurance

Post by dia » Mon Jul 03, 2017 7:01 am

bostondan wrote: When my wife was pregnant she wore a $7 fake engagement ring from Amazon because it expanded with her finger. She got more compliments about that than her real ring. I think it was then that she realized that she wouldn't really need a diamond if she didn't already have one.
That's great I love your comment Bostondan. Diamonds are overrated and overpriced (great marketing strategies by the retailers for sure), although I admit my wedding set is beautiful and the diamonds are my best friends. ha ha.

I have a fake diamond ring set in a very unique, simple design made by a jeweler at an art show. I think when I bought it, it cost me about $200 mainly for the design work, the small amount of gold and mostly silver. I get MORE compliments on that ring then ANY other piece of jewelry I have ever owned. Every time I wear it--men and women both notice it and love it. Because the imposter diamond is set using a tension setting, the stone looks like it could be vulnerable, so many ask, "is that a real diamond?" The stone is not a huge fake-looking sized stone, it is very modest size--comparable to maybe less than a 3/4 carat. Well, if you have to ask, I guess you can't tell, huh? (BTW, I think asking someone if their diamond is real, is HORRIBLY rude).

Enough said. Why spend a big pile of hard-earned $$ on diamonds? Investment? Not necessarily-- if you needed to sell it I guess you could, but would you get the full price back plus any additional? Maybe if you are Liz Taylor and selling her billion dollar unique pieces, but the average Joe --not likely.
Success is walking from failure to failure with no loss of enthusiasm. --Winston Churchill

Jags4186
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Re: Engagement Ring Insurance

Post by Jags4186 » Mon Jul 03, 2017 7:16 am

CWRadio wrote:Say the ring is lost and you do not want a replacement due to Sentimental Reasons. Will the insurance company pay you the cash value of the insurance policy or just pay you the cost of replacing the same ring? Example: The ring is appraised at $20,000 and you insurance it for $20,000. It is lost and the insurance company can find the same diamond and setting for $15,000 (maybe in a different jewelry store in a different state). Thanks Paul
The thing to keep in mind is that appraised values are usually higher than the retail cost you paid for the ring for this very reason. Since diamonds are a commodity their prices fluctuate wildly. My appraiser valued my wife's ring $4000 more than we paid for it for insurance purposes. This allows for headroom incase she loses her ring and diamond prices are higher than they were when we purchased. I guess I did a good job finding a deal :wink:


As it turns out, diamond prices are lower now than when I purchased so maybe I didn't do that good of a job :?

Jags4186
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Re: Engagement Ring Insurance

Post by Jags4186 » Mon Jul 03, 2017 7:21 am

dia wrote: Enough said. Why spend a big pile of hard-earned $$ on diamonds? Investment? Not necessarily-- if you needed to sell it I guess you could, but would you get the full price back plus any additional? Maybe if you are Liz Taylor and selling her billion dollar unique pieces, but the average Joe --not likely.
I mean, I don't necessarily disagree with you, and I was probably socially shamed into buying one for my now wife, but the reality is why buy _______ with a big pile of hard earned money. People drive around in BMW X5s instead of Honda CRVs. People buy 5 bedroom houses when there are only 2 or 3 people in the family. People spend $1000s eating at nice restaurants instead of cooking their own food. People upgrade to the latest iPhone every year for $700+ instead of buying the two year old model for $199 or less. People do all sorts of things with their money. It's my position that if you do everything in moderation you should be fine. Yes, people drop $10k + on diamond rings, but if that is the only significant jewelry purchase one makes in their entire life...is that such a bad thing? I mean it's one of the few purchases you will make that literally will never require any upkeep besides a little cleaning you can do yourself to keep it doing what it's meant to do...looking pretty on a lady's finger.

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dia
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Re: Engagement Ring Insurance

Post by dia » Mon Jul 03, 2017 7:55 am

Jags4186 wrote:
dia wrote: Enough said. Why spend a big pile of hard-earned $$ on diamonds? Investment? Not necessarily-- if you needed to sell it I guess you could, but would you get the full price back plus any additional? Maybe if you are Liz Taylor and selling her billion dollar unique pieces, but the average Joe --not likely.
I mean, I don't necessarily disagree with you, and I was probably socially shamed into buying one for my now wife, but the reality is why buy _______ with a big pile of hard earned money. People drive around in BMW X5s instead of Honda CRVs. People buy 5 bedroom houses when there are only 2 or 3 people in the family. People spend $1000s eating at nice restaurants instead of cooking their own food. People upgrade to the latest iPhone every year for $700+ instead of buying the two year old model for $199 or less. People do all sorts of things with their money. It's my position that if you do everything in moderation you should be fine. Yes, people drop $10k + on diamond rings, but if that is the only significant jewelry purchase one makes in their entire life...is that such a bad thing? I mean it's one of the few purchases you will make that literally will never require any upkeep besides a little cleaning you can do yourself to keep it doing what it's meant to do...looking pretty on a lady's finger.
Oh please don't take it that I was trying to tell you that you were wrong to buy the jewelry--Not AT ALL. I have a beautiful diamond ring and I would love to pass it on once I'm gone and I have diamonds passed on from my grandparents, that are extremely important to me and I think of them when I wear it, etc. My engagement ring is very special to me and let me be honest with you--had my fiancé bought me a fake, or something cheesy looking--I would have been very upset. It's all about tradition, right? My comment was more about the irony of the whole thing and the fact that I experienced the same thing that the other poster had. When you get older I guess your take on things change. You get so practical--maybe TOO practical.

I like the fact that you probably spent on the ring taking into account your income, level of comfort, etc, right? That's key. My fiancé (at the time) was very much like you--he bought a nice ring, but not over the top, a ring he felt comfortable paying cash for, good quality and modest. A guy I work with just took out a loan and spend $20k on a ring--what the heck? I could think of a billion places to invest 20k and the funny part--he has to TELL everyone he spent $20k and show pics of the ring. If I saw it on her finger I wouldn't know if he spent 20k, 100k, or 2k, nor would I care. With some people you have to wonder what the ring is all about-- is it tradition or to show off. But that's the case with all the things you mention, right? Do people own all their toys or do the toys own the person? Enjoy life, spend within your means--simple as that.

Enjoy the ring, congrats on your engagement, you sound like a very financially responsible person (which is rare at least in my own family) and are setting yourself up for success.
Success is walking from failure to failure with no loss of enthusiasm. --Winston Churchill

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Re: Engagement Ring Insurance

Post by dia » Mon Jul 03, 2017 8:01 am

Nicolas wrote:No engagement ring for my wife, wedding ring was $50. Mine was $15. Of course this was a lotta years ago (we were teenagers and poor). No insurance needed. We're still married.
Congrats! I like that your wife's ring was 3x the cost of yours....as it should be, lol.
Success is walking from failure to failure with no loss of enthusiasm. --Winston Churchill

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