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Keri
Expert November 2019

What would you do?

Keri, on August 24, 2019 at 10:57 PM

Posted in Married Life 27

I love love love my engagement ring. It is my great grandmother's "fashion" ring from the 60s. It was left for me, and my FH knew I wanted it to be my engagement ring. It is a classic and gorgeous 3+ carat diamond ring with platinum band. My question. It costs over $500 a year to insure. Multiple...
I love love love my engagement ring. It is my great grandmother's "fashion" ring from the 60s. It was left for me, and my FH knew I wanted it to be my engagement ring. It is a classic and gorgeous 3+ carat diamond ring with platinum band.

My question. It costs over $500 a year to insure. Multiple places have given us similar quotes. I thought of wearing just my band after a year or so and put the engagement ring back into a safety deposit box to save money. Do we put it away to cover other expenses (we plan to have try for kids within the next year)? Or do we just keep paying the insurance?

I know only we can answer what we can afford. Part of me feels like we can get by and pay the insurance. The other part of me feels like the money could pay for things of more importance in our future.

Side note: band needs to be resized. That's why the photo looks funny.

cfb_1267483.jpg

27 Comments

  • Keri
    Expert November 2019
    Keri ·
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    It is through State Farm. Other insurance agency quotes were the same. It's all based on the appraisal and two different appraisals were very close.
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  • P
    privateuser ·
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    I would definitely keep that bad boy insured. If your home/apartment was broken into and your ring was stolen, that bad boy would not be covered through normal property insurance and then you will be out thousands and thousands of dollars. If you have renters or homeowners insurance, you can try and add it on to that. It could come in a little cheaper. That ring is too beautiful and valuable to not insure properly.

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  • Keri
    Expert November 2019
    Keri ·
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    I think you are all right. It's meant to be worn. I can't think of the the $500x X amount of years.
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  • Nicole
    Super October 2021
    Nicole ·
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    Wow what an awesome story behind your ring! I am always in favor of insuring for piece of mind.... Have you checked to see if it can be bundled with renters/homeowner insurance?

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  • L
    February 2020
    Lisa Johnson ·
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    Unless you work or live in a place where wedding band theft is really common and muggings abound, I would wear it every day. It won’t do anyone any good locked up in a safe somewhere. The insurance is so expensive I would just skip it. It’s unlikely your ring will get stolen. Besides, so much of the value of the ring is the sentimental value and insurance can’t replace that anyway. I would take really beautiful pics of it at the wedding. Then in the unlikely scenario it got stolen, you still have the memories.
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  • Samantha
    Expert October 2019
    Samantha ·
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    That is a gorgeous ring! I would insure it.
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  • Keri
    Expert November 2019
    Keri ·
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    That is the cost bundled with my FH's car and home insurance. It's crazy.
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