Insuring a ring

doodah · 15 Dec 2017 at 10:06

Trying to insure a recently purchased ring. Took out a policy with Protect Your Bubble (PYB) but upon picking up the ring, they gave me a certificate stating how much it's worth - ~£1k more than I paid. PYB say I should stick with the current policy as they will only do what I paid, however my close friend who got his wife's ring from the same place as me has his insured for what they ring is worth rather than paid (through their house insurance).

Unsure what's the best way to proceed. I live in a rented apartment with 3 others so have my own contents insurance for my room but that's with Endsleigh. As I only took out the PYB policy yesterday - I should be able to cancel the policy with no hit?

Any tips? Go with a dedicated policy for the ring or extend my current contents/take out a new contents and add the ring to it?

NewGamer11 · 15 Dec 2017 at 10:11

Remember to protect your ring folks.

doodah · 15 Dec 2017 at 10:13

Amount of chili I have eaten in my lifetime, I am well past that now

Vonhelmet · 15 Dec 2017 at 10:13

I'd see if you can add it as a specified item on your existing policy, it'll probably be cheaper than a separate policy.

And yes, you should have a 14 day cooling off period in which to cancel the PYB policy without any penalty.

[FnG]magnolia · 15 Dec 2017 at 10:16

Home content insurance almost always has a separation clause for valuables above a certain amount. I'm not familiar with your room contents insurance policy - or more to the point, the many carve outs from a normal agreement which may apply - but I'd probably start there and work up.

What ballpark figure are we talking about for the ring?

Dan Dan · 15 Dec 2017 at 10:18

Don't know what your best option would be but all my valuables are on my home and contents insurance.

£4k ring.

doodah · 15 Dec 2017 at 10:18

[FnG]magnolia said:
Home content insurance almost always has a separation clause for valuables above a certain amount. I'm not familiar with your room contents insurance policy - or more to the point, the many carve outs from a normal agreement which may apply - but I'd probably start there and work up.

What ballpark figure are we talking about for the ring?

I paid £2.3k but the valuation is around £1k more.

Aren't Endsleigh more of the basic variety/aimed at students and young people? Haven't had a chance to look into their options but get the feeling I won't get far. I do bank with Barclays so that might be an option.

Hades · 15 Dec 2017 at 10:21

My ring doesn't need insuring. No one will ever get near it or I will die defending it.

Kol · 15 Dec 2017 at 10:21

Insure for it's value. If you got given the ring by someone, would you insure it for £0 as it was nothing or for the value it's now worth?

Rotty · 15 Dec 2017 at 10:22

its nearly always better to insure as part of contents insurance

doodah · 15 Dec 2017 at 10:23

Kol said:
Insure for it's value. If you got given the ring by someone, would you insure it for £0 as it was nothing or for the value it's now worth?

True, I have requested PYB cancel my policy.

BigT · 15 Dec 2017 at 10:26

I’ve always insured jewellery through contents insurance, calling out high value items. Remember to get it insured away from the home as well as you’re more likely to lose it out and about than at home.

Firestar_3x · 15 Dec 2017 at 10:27

Rotty said:
its nearly always better to insure as part of contents insurance

Yep, we found that far cheaper when looking around to insure the other halfs watches.

Skidder · 15 Dec 2017 at 10:45

Make it a named item on your contents. I assume this is some sort of gaudy prince albert we are discussing?

Vonhelmet · 15 Dec 2017 at 10:46

Tell me this is a ring for a lady friend. Why would a man be wearing a ring costing £2k+??

Walt, are you a rapper?

GravyMonster · 15 Dec 2017 at 10:50

I wouldn't use PYB. They were horrendous to deal with when my phone screen got broken. It's funny how most of the positive reviews of them online are from people who've never had to claim.

Home contents all the way.

doodah · 15 Dec 2017 at 11:01

Yep, Endsleigh are too basic. I have cancelled and will take out another contents insurance to include the ring (hopefully Barclays).

doodah · 15 Dec 2017 at 11:05

Vonhelmet said:
Tell me this is a ring for a lady friend. Why would a man be wearing a ring costing £2k+??

Walt, are you a rapper?

Skidder said:
Make it a named item on your contents. I assume this is some sort of gaudy prince albert we are discussing?

I must be slow today as I don't understand the both of you

. It's an engagement ring for my girlfriend

Any recommendations for contents? Barclays look like a no go...

Valuable items – up to £20,000 with a further £20,000 available for individual items worth over £2,500 each (only when they're in your home – choose personal items or gadget cover for protection out and about)

Rotty · 15 Dec 2017 at 11:12

Hiscox are excellent but may be OTT for what you need

they will taylor to your needs, mine doesn't need individual items under 15k specifying for at home or away

I think their basic is £25k total valuables with a 7.5k item limit but not sure

doodah · 15 Dec 2017 at 11:26

Rotty said:
Hiscox are excellent but may be OTT for what you need

they will taylor to your needs, mine doesn't need individual items under 15k specifying for at home or away

I think their basic is £25k total valuables with a 7.5k item limit but not sure

They won't give me a quote :confused:

I can do Barclays contents + personal items for either ~£120pa or ~£170pa, the latter including accidental damage in the contents.