Report Card for the Best Engagement Ring Insurance in 2023
Independent report by International Gem Society on the Best Engagement Ring Insurance on the Market in 2022.
10 Minute Read
Our top pick for Best Overall Value in Engagement Ring Insurance: BriteCo
|Best Engagement Ring Insurance. Better price, coverage, convenience and more.|
|Former best from 20 years ago. 100 year old company.|
|Average coverage, convenience and claims.|
|Best option through a broker.|
|Classic P&C insurance company where jewelry is an afterthought with high prices.|
|Can't buy direct online. You have to go through an affiliated jeweler.|
Why get engagement ring insurance?
The busiest engagement ring sales season runs from the Christmas holidays through Valentine's Day, and this year promises to be a big one, according to wedding and jewelry industry publications. With the average cost of a wedding ring ranging from $5,000 on up, and wedding costs on the rise, we wanted to make sure you protect one of your most prized possessions --- your engagement and wedding rings.
A new consumer engagement ring survey from BriteCo alerted us to the somewhat shocking statistic that more than 41 percent of engagement ring purchasers don't get jewelry insurance coverage. Another survey by ValuePenguin was an even bigger wake-up call. It estimated that, in 2020, almost two-thirds of people didn't have insurance for their engagement rings and other valuable items. Looking specifically at jewelry in that $5,000 to $10,000 range where the average engagement ring falls, 29 percent of engagement ring purchasers don't have any insurance coverage.
Percentage of people who do not get their engagement ring insured. Here's the rub. BriteCo's survey indicated that nearly two out of three people who bought engagement ring insurance had to actually make an insurance claim for a lost or damaged ring. That means your odds of using jewelry insurance are relatively high, especially since it's likely one of the largest purchases you make and could be a major out-of-pocket expense to replace.
Is a jewelry warranty as good as getting insurance?
No. A jewelry warranty is not meant to be insurance. And we make that distinction when determining our ratings for the best engagement ring insurance companies. Jewelry insurance for your engagement ring is not the same thing as a ring warranty, which may be available (usually at an extra cost) where you bought the ring.
Warranties typically have very limited coverage. An engagement ring warranty, for example, does not cover the loss, theft, or "mysterious disappearance" of your rings. Engaged couples insure their jewelry because their biggest risk comes from the ring being lost, stolen, damaged, or, as in so many cases, simply disappearing without a clear explanation. Jewelry warranties don't cover those situations.
So here are our picks for the top six best engagement ring insurance companies. Most of these companies specialize in jewelry insurance only. One is a more typical property and casualty insurer, offering homeowners and auto insurance with jewelry tacked on.
We looked at how much a policy costs, what it covers, how easy (or difficult) it is to get a policy, what its customers say about it, and, of course, how it is rated according to industry financial standards from organizations such as AM Best and Standard & Poor's.
Our Top Pick for Best Engagement Ring Insurance: BriteCo Jewelry and Watch Insurance
While a relative newcomer to the jewelry insurance industry, BriteCo is making waves as the insurance technology innovator, with multiple advantages that set it apart from all the rest.
Jeweler's Mutual gets our second place
Jeweler's Mutual has been around for 100 years and is just about everywhere when you search for jewelry insurance on the web. It started out as an insurance company specializing in covering jewelry stores. Many years ago, it branched out into personal jewelry insurance. Until recently, it pretty much had the market to itself. Like a lot of older insurers, it carries a bit of baggage and lags behind in today's digital-first insurtech environment.
Lavalier comes in third
Backed by Berkley National Insurance Company, Lavalier is part of a large global conglomerate and offers to insure your jewelry. Lavalier has operated in the shadow of Jewelers Mutual as a secondary choice for a long while. Like Jewelers Mutual, it has also lagged behind adapting to changes in insurance technology.
JIBNA insurance is from another era
JIBNA (Jewelry Insurance Brokerage of North America) is a throwback to another era. You have to contact them to have an affiliated broker help you get a jewelry specific insurance policy. You can't just get a quote or manage a claim online.
State Farm treats jewelry insurance as an afterthought
Your typical property and casualty insurance company, State Farm will cover your fine jewelry --- usually as an additional floater or "personal articles policy" tacked on to an existing homeowners or renters policy.
Zillion comes last because it's not available directly to consumers
Zillion is a start-up jewelry insurance company that came to market a few years ago, selling insurance directly to consumers. However, since then, it has restricted its jewelry insurance policy sales through a limited group of retail jewelers.
What makes the "best" engagement ring insurance?
BriteCo jewelry and watch insurance is your best choice for jewelry and engagement ring insurance because of its unique combination of advanced online technology and personalized service. It scored much better on our report card because it meets or exceeds all the major criteria that make for a superior engagement ring insurance policy. But it's easy enough to judge for yourself by getting a custom quote in less than 60 seconds.
What would you like to insure?
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