Engagement Ring Insurance

[PsYTraNc3]

Getting ready to pop the question and just collected the ring

Just wondered about insurance... any recommendations? and estimates on monthly premiums.
I do not have home insurance to add the ring to.
Vehicle is insured through Budget. Is it worth giving them a try?

 

[SauRoNZA]

You might as well just get home insurance at the minimum and add it to that.

Will still be cheaper than insuring a ring alone.

****

How the **** do you propose to someone with the intention to get married...when you don't even have home content insurance?

 

[WanderingMind]

Get a quote from Kayser Baird a MyBB forumite recommended them on another Thread last year. I am with them now, they asked me about R50 less for the ring to be insured than budget. Your car should be cheaper with them as well. Brokers are just better.

 

[PsYTraNc3]

You might as well just get home insurance at the minimum and add it to that.

Will still be cheaper than insuring a ring alone.

****

How the **** do you propose to someone with the intention to get married...when you don't even have home content insurance?

Was that really necessary??
And what does home content insurance have to do with getting engaged??

 

[rorz0r]

Was that really necessary??
And what does home content insurance have to do with getting engaged??

We don't need a home brah... All we need is love and fairies and glowy things...

 

[Ninja'd]

Was that really necessary??
And what does home content insurance have to do with getting engaged??

Er... it also covers jewelry.

 

[The_Ogre]

You might as well just get home insurance at the minimum and add it to that.

Will still be cheaper than insuring a ring alone.

****

How the **** do you propose to someone with the intention to get married...when you don't even have home content insurance?

Maybe he lives with his parents? You never know...

 

[SauRoNZA]

Was that really necessary??
And what does home content insurance have to do with getting engaged??

Er... it also covers jewelry.

Maybe he lives with his parents? You never know...

That was the reason for my question.

You would expect when someone is getting married they are at a point in their lives of sustainability and therefore would have things like insurance in place.

If they don't then I have to ask the question why not because it makes me wonder if they are quite ready for it.

Beyond that...yes home contents insurance covers jewellery but only IN the house not out and about which requires additional cover.


More scary would be if someone specifically foregoes insurance...because they can't afford it...but then want to get married on top of that. Debt is the No.1 killer of marriages. You do NOT want to start a new life by in-debting yourself.

****

And I apologise for the "how the ****" I realise it can be read as an attacking/aggressive statement while I just meant it in the common colloquial use and I was asking a genuine question with the intent of giving advice (if required)...not meaning to attack you.

 

[PsYTraNc3]

That was the reason for my question.

You would expect when someone is getting married they are at a point in their lives of sustainability and therefore would have things like insurance in place.

If they don't then I have to ask the question why not because it makes me wonder if they are quite ready for it.

Beyond that...yes home contents insurance covers jewellery but only IN the house not out and about which requires additional cover.


More scary would be if someone specifically foregoes insurance...because they can't afford it...but then want to get married on top of that. Debt is the No.1 killer of marriages. You do NOT want to start a new life by in-debting yourself.

****

And I apologise for the "how the ****" I realise it can be read as an attacking/aggressive statement while I just meant it in the common colloquial use and I was asking a genuine question with the intent of giving advice (if required)...not meaning to attack you.

Point taken.

Not that it's anyone's business and just to clear things up. My reason for not having insurance is as follows:

I am quite young, grew up with not very wealthy parents who could not afford things like college etc.
I then had to work to pay for things like that myself...
I have now come quite far considering all things that were not in my favor and am now ready and more than able to afford things like a home, getting married and my first new car which i bought recently.

New car - Check
Engagement ring - Check
Funding for wedding - Check (already got the funds saved up)
Deposit for home - Check.
Ability to afford monthly repayments - Check

There are other reasons for me not having my own yet but I have provisioned for that to be in place before the wedding bells ring.
Also we have been discussing this for over 2 years and have almost everything planned already. She is expecting an engagement soon enough.

Now can we get back to the original reason for this post?

 

[SauRoNZA]

I'm going out on a limb here suspecting that you think home insurance costs a fortune.

Meanwhile it's actually very cheap and even if you just take the bare minimum which is 80k-100k for most insurance companies you at least have some cover for all your stuff for a very nominal rate every month.

To add to this in most cases if you take household insurance with your car insurance the TOTAL premium will actually be cheaper or very close to what you pay for the car alone.

So I urge you to re-quote your car and add the household insurance to that with the jewellery cover included.

On top of that I will tell you that between my wife and I we probably wear 40k worth of jewellery most days of the week and none of it is insured for out-and-about insurance because the numbers just don't make sense to me.

So unless you see it as utterly impossible to replace that engagement ring out of pocket having overinvested in the first place, you'll probably find the monthly premium for full cover will negate having it.

 

[Edwe]

Getting ready to pop the question and just collected the ring

Just wondered about insurance... any recommendations? and estimates on monthly premiums.
I do not have home insurance to add the ring to.
Vehicle is insured through Budget. Is it worth giving them a try?

Back to the original question: I found that the cheapest was to get home content insurance from Santam (cheapest at the time; YMMV) and then specifically list the ring. As a bonus, the ring is also insured when she is out and wearing it. Only time insurance does not cover it, is if it gets stolen outside the home while she is not wearing it (almost never). Unless it is some very expensive ring, this is likely your best option too. Should cost you at most a couple of hundred rand per month.

For what it's worth, I also didn't have any home content insurance when I got engaged, because I had nothing of real value to insure: I was saving all my money to get married, settle and buy furniture together instead of wasting it on furniture and gadgets for myself.

 

[Edwe]

You would expect when someone is getting married they are at a point in their lives of sustainability and therefore would have things like insurance in place.

Or they have been saving/investing to set up a sustainable household together and now that they have a big enough reserve, they are finally ready to pop the question?

 

[SauRoNZA]

Or they have been saving/investing to set up a sustainable household together and now that they have a big enough reserve, they are finally read to pop the question?

Which is why I asked the question...before giving further comment as I didn't want to make assumptions.

 

[PsYTraNc3]

Or they have been saving/investing to set up a sustainable household together and now that they have a big enough reserve, they are finally ready to pop the question?

Which is my case exactly... been saving for nearly 3 years.

Anyway, thanks everyone
I'll be looking into the suggestions given.