Author Topic: talk me out of engagement ring insurance!  (Read 3531 times)

themagicman

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talk me out of engagement ring insurance!
« on: March 14, 2015, 06:43:21 PM »
Two years ago I brought my wife's engagement ring. I spent way more than I should have (about $10k). Since then we have had a separate insurance policy on it. Its zero deductible (all they offer) and seems to be an honest company (read reviews of them fullfiling claims for any reason and is in my policy). It is costing us $10 a month.

I understand that statistically it is not a good deal for me. I understand that it is very unlikely that she losing the ring or gets it stolen. We want to cancel the policy just find it hard to justifying that its only $10 and worried about "what if".

So I was hoping that some of you all could talk me out of paying for this unnecessary expense!

Vanguards and Lentils

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Re: talk me out of engagement ring insurance!
« Reply #1 on: March 14, 2015, 06:58:20 PM »
With insurance, the insurance company wins over the people; that's what those actuaries do and that's why you pay the premium that you do. However, people get insurance in case that particular disaster would be "catastrophic" for them financially. So, think home insurance (what would you do if your house burned down) or health insurance (if you get cancer?). This element is missing from the engagement ring purchase. If it is lost or stolen, you may be upset, but financially, are no worse off than if it hadn't been. You probably wouldn't end up relying on the engagement ring as an income source - it would have just been kept as a token.

Yankuba

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Re: talk me out of engagement ring insurance!
« Reply #2 on: March 14, 2015, 07:17:14 PM »
I pay the ring insurance and it is a bit more than $10 month. If it wasn't insured my wife would worry about wearing it. So we pay for peace of mind. My aunt lost her ring - she was rafting and it slipped off her finger in the water. Another friend lost some weight and during a cold day the ring slipped off her finger. A friend of a friend lost the main diamond when one of the prongs got loose. So losses are not so uncommon. But most people on these boards poo poo the insurance - I'm in the minority.

SaintM

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Re: talk me out of engagement ring insurance!
« Reply #3 on: March 14, 2015, 07:31:06 PM »
Does your homeowner's or renter's insurance already cover the ring?  If not, can you add a rider for less?

Yankuba

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Re: talk me out of engagement ring insurance!
« Reply #4 on: March 14, 2015, 07:36:40 PM »
Does your homeowner's or renter's insurance already cover the ring?  If not, can you add a rider for less?

I called up the homeowners company but I got a better quote getting a separate policy.

VanityFIRED

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Re: talk me out of engagement ring insurance!
« Reply #5 on: March 14, 2015, 07:46:03 PM »
My wife does not have ring insurance.  We both talked about it and tried to understand why we would get it.  The ring I gave her - which she wears everyday - cannot be replaced if it is lost.  They might be able to buy an exactly similar diamond that couldn't ever be distinguished from the original, but that would not carry the same sentimental memories of the original ring I gave her.  A replacement ring would be more of a material possession than a sentimental and sacred symbol of our agreement to pursue life together.  Things in life come and go.  So with that said and understood, if she loses it, or it gets stolen, or the diamond falls out, oh well.  If that happens, we'll be just as happy replacing it with a cubic zirconium rock for $50.

lifejoy

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Re: talk me out of engagement ring insurance!
« Reply #6 on: March 15, 2015, 07:40:16 PM »
Let me ask you this... What would you do if she lost the ring and you had no insurance? Bemoan the lack of insurance, or shrug?

Spondulix

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Re: talk me out of engagement ring insurance!
« Reply #7 on: March 16, 2015, 03:31:52 AM »
I had ring insurance for years. At first it had a purpose - we couldn't afford to replace it if it were lost. I later realized that the reason I continued to kept it was to make it "less painful" if I lost the ring (or it got stolen). It's going to suck regardless. Even with insurance, I wouldn't want a ring that expensive anymore! So, I'd ask yourself if there's a monetary reason for it, or a psychological one.

MrsPete

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Re: talk me out of engagement ring insurance!
« Reply #8 on: March 16, 2015, 06:45:12 AM »
At this very moment I'm wearing my great-grandmother's wedding ring. 
She didn't lose it over the course of her entire lifetime.
My grandmother wore it and didn't lose it over the course of an entire lifetime.
I've been wearing it for about 15 years and haven't lost it. 

I know my great-grandmother had her only child in 1911, so I'm going to make a guess that this ring has been worn consistently by someone in this family for more than 100 years.  If we'd been paying $10 a month, we'd  have paid $12,000 by now -- for nothing. 

Drop the insurance. 

themagicman

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Re: talk me out of engagement ring insurance!
« Reply #9 on: March 16, 2015, 07:12:44 AM »
Thanks everyone for making such great points! This was enough for me to cancel it! I am going to call today! Thanks!

catccc

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Re: talk me out of engagement ring insurance!
« Reply #10 on: March 16, 2015, 08:38:37 AM »
My wife does not have ring insurance.  We both talked about it and tried to understand why we would get it.  The ring I gave her - which she wears everyday - cannot be replaced if it is lost.  They might be able to buy an exactly similar diamond that couldn't ever be distinguished from the original, but that would not carry the same sentimental memories of the original ring I gave her.  A replacement ring would be more of a material possession than a sentimental and sacred symbol of our agreement to pursue life together.  Things in life come and go.  So with that said and understood, if she loses it, or it gets stolen, or the diamond falls out, oh well.  If that happens, we'll be just as happy replacing it with a cubic zirconium rock for $50.

This.  I carried ring insurance for about 8 years- just stopped last year.  I hope to have this particular ring on my finger for the rest of my life, but if anything happens, a near identical, very less expensive replacement would be fine.