Jewellery and travel insurance: is it covered?

Quick summary for busy readers:

• Many standard travel insurance policies exclude high-value jewellery entirely, or apply low sub-limits, so your engagement ring may not be covered even if you've got comprehensive cover.
• If you don't specify high-value items on your policy, you could face depreciation or a capped payout regardless of how much cover you've bought overall.
• Alternatives include specifying the ring on your home and contents policy (and confirming it's covered overseas), or taking out standalone jewellery insurance for higher limits.

 

Planning on popping the question overseas? Got some bling burning its way through your back pocket? You may want to think twice before bringing that bauble abroad unless it's sufficiently insured.

Did you know, many insurers specifically rule out cover for items of high-value jewellery? With the average engagement ring now costing a whopping $6,000, you'll want to ensure your sparkler's covered, especially if you're popping the question abroad! Although many travel insurers outrightly exclude cover for jewellery, a few companies will allow you to pay an added premium to cover your high-cost bling...

Which insurers will cover an engagement ring?

The following travel insurers provide the highest cover for jewellery on the market:

Jewellery and sub-limits:

When it comes to high value items, travellers often miss the fact that sub-limits apply to non-specified belongings.

If you don't specify your high value items, you could be subject to depreciation and may only be able to claim back a set amount regardless of your total luggage cover. It's essential for travellers to check the sub-limits of their policies to avoid getting caught out at claim time.

Alternative options to travel insurance:

If the above limits won't suffice, you could look at insuring your engagement ring under your home and contents policy. In doing so, it's essential that you specify the item on your policy and double check that you are able to travel with it overseas.

Another option is to consider a standalone jewellery insurer like Q Report. The company covers items of jewellery for up to $50,000 and offers 12-month worldwide cover with the option to renew annually.

Proposal tips:

Popping the question can be a lifechanging, course-altering moment, or a sweaty, panic-ridden one you'd rather forget. However, with the right preparation and a bit of forward planning you can carry off a destination proposal without a hitch!

Protect your bling: It's the stuff of nightmares. Packing your precious pearl, only to realise it's vanished somewhere between customs and check-in. Before you whisk away with a sizable diamond in your back pocket, make sure you have it insured.

Safety first: Find out in advance whether your hotel can provide a safe to store your precious bauble.

Pack wise: Store the engagement ring in your carry-on luggage as checking it in your luggage can be risky and draw unwanted attention. Remember to remove any liquids or electronics from your bag to minimise attention.

Bring proof of purchase: Foreign customs officials may want to see any official paperwork or proof of purchase of the ring.

Store smart: Store your ring safely in an unwrapped jewellery box as customs may want to look inside. Attach a note along the lines of 'Engagement ring enclosed, please be discreet.' Place it in the depth of your carry-on luggage to ward off your significant other's curiosity.

Location, location, location: While it doesn't need to be grand or OTT, putting some thought into a great proposal site can make all the difference. Make it a moment to remember by popping the question in a setting close to your partner's heart or during an activity you both enjoy.

Fake it: If the thought of getting 'sprung' by a customs agent or having the ring stolen is all too much, consider bringing along some surrogate sparkle to use temporarily.

Got the ring? Insure the bling!

A survey conducted by Comparetravelinsurance.com.au, reveals that more than half of consumers (53%) assume that travel insurance would cover their engagement rings while a further 23% said they were unsure.

With travel insurance, there is definitely no 'one size fits all' approach. Policies differ greatly and some will offer you adequate cover for your belongings while others won't. Travellers should take into account that not every policy will cover items of high value as standard.