Getting engaged is a major milestone in many people’s lives and it is usually a memorable moment when the proposal happens. Many people think extremely creatively as to how they will propose, whilst others going for the more romantic option and going down on one knee. No matter what way it is done, when this happens, it will be a moment that won’t be forgotten easily.
There is usually a lot of thought in advance put into the engagement ring which can also be extremely costly. Some people spend many thousands of pounds (even tens of thousands) on an engagement ring, to help emphasize their love and commitment to the other person. This is a massive outgoing in terms of expenditure and one that people should not take lightly. Protecting this investment is obviously something one should consider doing. Here are some of the suggestions below on how you could help protect this.
Depending on the level of insurance that you take out and the overall price of the ring, this will determine the premium that is due for the cover. Another influencing factor will be the “deductible”. This is the amount of money that will be deducted in terms of a claim. For example, if you are claiming for a lost or stolen engagement ring valued at $5,000 and the deductible is $250, this will be deducted from the claim settlement and you will receive $4,750.
If you lose an engagement ring or one gets stolen then it could be difficult to get any replacement ring that has the same sentimental value as the original one, however, the money you receive for this could go a long way in this. In addition, as an engagement ring is normally kept on most of the time, it is prone to be damaged. The insurance cover will allow people to then get immediate support if this does happen and the repairs can be covered (minus any deductible agreed as part of the policy).
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