An engagement ring is more than just a piece of jewellery; it's one of the most sentimental pieces that will be received in a lifetime and is a symbol of love, commitment, and the beginning of a lifelong journey together. Given its significant emotional and financial value, protecting this precious investment may be a priority. Unfortunately, many people overlook the importance of engagement ring insurance until it's too late. In this journal, we’ll explore the all-important question of whether to consider insurance for your engagement ring.

We sat down with Q Report Jewellery Insurance to answer some frequently asked questions about jewellery insurance to give you more information to explore your options.

Why You May Want to Consider Engagement Ring Insurance
The joy of receiving an engagement ring is often accompanied by the anxiety of keeping it safe. These rings are typically among the most expensive items a person owns, and they are also highly susceptible to loss, theft, or damage. Without proper insurance, these situations could result in significant financial loss, not to mention the heartbreak of losing something so meaningful. This is where specialised engagement ring insurance comes in. You should consider the PDS and Policy Wording for a full list of terms, conditions and exclusions of your chosen insurance to determine if the insurance product is right for you.

What is Engagement Ring Insurance?
Engagement ring insurance is a policy designed specifically to cover some of the risks associated with owning such a valuable item. Q Report’s dedicated engagement ring insurance policy provides coverage that has benefits that are tailored to the unique needs of ring owners. This type of insurance typically covers loss, theft and damage.

Why Someone May Want to Consider Q Report For Engagement Ring Insurance?
Hogans Family Jewellers are Q Certified Jewellers, meaning they can refer their newly engaged couples to Q Report, who offer specialised jewellery insurance policies. While there are several options for insuring your engagement ring, Q Report offers some of the most comprehensive policies and customer-centric service  available. Here’s why you may want to consider Q Report for your engagement ring insurance:

1. Worldwide Coverage: Q Report provides worldwide coverage, giving you peace of mind while you’re travelling. Whether you’re traveling for business or enjoying a holiday, your ring is covered. Please consider the PDS and Policy Wording for a full list of terms, conditions and exclusions.

2. Theft Coverage: In the unfortunate event of a robbery, burglary or falling victim to pickpocketing while travelling overseas, if your insured jewellery is stolen, with Q Report, it’s covered. Even though you might think that these situations are unlikely to occur, they do happen, and getting a policy with Q Report will cover your valuables if it does. Please consider the PDS and Policy Wording for a full list of terms, conditions and exclusions.

3. Loss Coverage: Many people lose their rings or jewellery every year while swimming, doing dishes, or completing daily activities. These typical scenarios occur far more often than you may realise. Q Report has got you covered if your jewellery is accidentally lost.

4. Damage Coverage: It’s the unforeseen that can lead to a ring being bent out of shape, the claws holding the stone getting pulled and a stone falling out. And we’ve seen our fair share of luxury watch faces getting smashed. You want to wear and enjoy your jewellery and beautiful watches every day. However, accidents do happen, and Q Report's standalone jewellery insurance gives you comprehensive coverage against accidental damage. So, you can wear your jewellery and enjoy it, just like you should.

5. Mysterious Disappearance Coverage: Losing your jewellery can occur anywhere, at any time. It is more likely to happen in our day-to-day lives when we least expect it. From losing a stone to the entire piece itself, whether mysterious or simply irretrievable, rest assured that it is not the end of your love story.

6. Agreed Value Policy: One of the standout features of Q Report policy is their agreed value policy. This means that in the event of a claim, you will be covered all the way up to this agreed value for the repair or replacement of your item. 

7. Annual Revaluation: Jewellery prices can fluctuate, and Q Report offers an annual revaluation of your ring at no extra cost. This ensures that your policy keeps pace with the current market value of your ring, so you’re never underinsured.

8. Low, Fixed $100 Excess: In the event of a claim regardless of loss, damage or theft, the fixed excess fee is $100, making it easier to cover what you lost.

9. Jeweller of Choice: Q Report allows you to return to your original jeweller for repairs or replacement, ensuring continuity and satisfaction with your service. Meaning you can return to Hogans Family Jewellers if your engagement ring is lost, damaged or stolen.

10. No Impact Claim: In the event of a claim, regardless of loss, damage or theft, Q Report will not increase your premium due to making a claim, as they don’t believe in charging you more just because you made a claim. 

11. Personalised Service:Q Report prides itself on offering personalised service to every client. Their team understands the emotional and financial significance of an engagement ring and provides compassionate, professional support throughout the whole process.

How to Take Out a Q Report Policy?
Getting a Q Report policy is a straightforward process. You can start by requesting a quote online or contacting our team at Hogans who can assist you with the valuation and policy application. The process is quick and hassle-free, and in most cases, your engagement ring, or any other jewellery for that matter, can be insured on the same day you collect it.

Once your policy is in place, you’ll receive your contract of insurance which details the agreed value of your ring and your product disclosure statement (PDS). This document is important to read and keep safe, as it will contain all the terms, conditions, inclusions and exclusions of a Q Report policy.

Your engagement ring is a cherished symbol of love and commitment, and it deserves to be protected. Insuring your engagement ring with Q Report ensures that you have comprehensive coverage that is specifically designed for engagement rings. A Q Report policy covers you for loss, theft and damage. Consider the PDS and Policy wording for terms, conditions and exclusions of the policy.

Don’t leave your precious investment to chance. Take the step to cover your engagement ring today with Q Report and enjoy the peace of mind that comes with knowing your ring is covered against life’s uncertainties.

This article is advisory in nature and is offered as a resource to be used together with your professional insurance advice. It is an overview only and is not intended as a substitute for consultation with your insurance advisor or other professional advice.

Q Report Jewellery Insurance issued by Jewellers Loop Pty Ltd (AR number 295163) and underwritten by Chubb Insurance Australia Limited (ABN 23 001 642 020, AFSL 239687) (“Chubb”). Abvil Pty. Ltd. (“Hogans Family Jewellers”) receives a commission for any policy issued as a result of this referral. Hogans Family Jewellers does not provide any financial product advice, and this referral does not constitute a recommendation or endorsement of the insurance policy by Hogans Family Jewellers. Before making a decision, please consider the Product Disclosure Statement and the Target Market Determination available from the Q Report website.