2010

05/02/10

Wedding proposals to spike on Valentine’s Day but lack of ring insurance leaves couples exposed

·       Three in five people have either proposed on Valentine’s Day or would consider doing so

·       Ten per cent of couples have lost an engagement ring in the past

·       Only a quarter of UK adults would add their ring to their home insurance policy

·       One in three have never considered adding an engagement ring to their home insurance policy

New research from Bluefin Insurance Services, one of the UK’s largest insurance brokers, has found that Valentine’s Day could prompt a surge in marriage proposals. Bluefin’s Engagement Survey 2010, which polled more than 2000 adults in the UK, revealed that 60 per cent of people consider the idea of getting engaged on Valentine’s Day very romantic and would consider asking their partner on this day, or indeed have already taken the opportunity to propose. Over half (54 per cent) said they might consider asking their partner on Valentine’s Day, whilst six per cent of those polled had already proposed – or been proposed to – on the day.

Almost a quarter of people (22 per cent) have lost an engagement ring or know of someone who has lost one. Indeed more than ten per cent of couples (11 per cent) said they had lost an engagement ring in the past. Despite these statistics, three quarters (74 per cent) said they would either not add their ring to their home insurance, that they would automatically assumed that their existing insurance would cover the ring, or that they had never even thought about the issue. Only a quarter of respondents (26 per cent) said they would consider adding the ring to their home insurance policy. 26 per cent said they would not add their engagement ring to their home insurance; one third (33 per cent) said they never thought about it; and 14 per cent of people said they would automatically assume their current insurance would cover it.

This assumption is dangerous, says Tim Mortimer, Managing Director of the Private Client Division of Bluefin Insurance Services: “Most policies will stipulate that items over £1500-£2000 need to be specified. Rings over £5500 need to be checked every two years for revaluation and for wear and tear to clasps holding the stones. Owners should also be aware that unless ‘all-risks’ cover is taken out for the loss of the ring outside of the home or abroad, the ring will not be covered.”

Women might be disappointed by the findings relating to how much is spent on an engagement ring. The days of three months’ salary being spent appear to be over, with six in ten (58 per cent) saying they would spend, or did spend, less than one month’s salary on their partner’s ring. A mere four per cent would consider spending in excess of the traditional three months’ salary. One third of respondents (31 per cent) said they would look to spend between one and two months’ salary, and only seven per cent would spend between two and three months’ salary.

Tim Mortimer, added: “It is important that people take the time to check and adjust their insurance policies to include their engagement ring. With a large number of people considering sinking to one knee on Valentine’s Day, insurance is likely to be the last thing on couples’ minds, but people with an engagement ring leave themselves financially exposed if they do not take the relevant precautions – and our research indicates, worryingly, they tend not to do so. We would suggest engaged couples do the following as soon as possible:  tell your insurer about the ring to check if you need additional cover and photograph it – this helps to process claims faster. Finally always retain your receipt for proof of purchase and if you do lose your ring inform the insurer immediately. It is worth noting that most policies are index-linked, so this will keep the value of your ring in line with inflation.”