New engagement ring buying survey reveals purchasing and jewelry insurance practices

November 17th, 2021

BriteCo has just released new research we conducted in October to help engagement ring purchasers make more informed decisions for one of the biggest spending decisions of their lives. The survey report entitled, Buying and Protecting Your Engagement Ring: 2021 State of Art Survey and Report, provides insights from 758 survey respondents, of which 400 had purchased an engagement ring within the past 10 years:

Focusing on the engagement ring buying experience, along with jewelry warranty, insurance and care practices, survey highlights revealed:

  • Nearly two out of three or 60% spent from $2,500 up to $10,000+ on their engagement ring
  • More than one third or 38% said the engagement ring was their biggest purchase outside of buying a home or a car (more than spending on wedding, honeymoon and college!)
  • More than 40% of engagement ring purchasers (mostly men) did not get insurance coverage for their engagement ring. Why didn’t they get insurance? They thought insurance was too expensive or simply didn’t know how to get insurance for their engagement ring.
  • Almost two out of three or 59% of those who did buy engagement ring insurance actually used it to make a claim for a lost or damaged ring. That’s a very strong indication of the likelihood of needing insurance and how valuable insuring your ring can be.

What is most concerning is that far too many people do not insure one of the biggest purchases of their lives. They assume that they’ll be able to safeguard and take care of their engagement and wedding rings but their own admitted behavior suggests that odds are they will lose or damage a valuable piece of jewelry at some point.

Why don’t more engagement ring purchasers get specialized jewelry insurance?

My experience at BriteCo and in more than 13 years of selling thousands of engagement rings to young couples demonstrated to me how little most people understand about jewelry insurance in general.

For example, some assume that their homeowners property insurance policy will cover a lost wedding or engagement ring. What they don’t realize is that most property and casualty insurance policies limit coverage for personal items such as jewelry to $1,000 or $2,000. Only when a ring is lost or stolen do they discover their insurance will not pay for a full replacement. On top of that, most homeowners policies have significant deductibles so that any claim will likely result in out of pocket costs.

Another common misconception among engagement ring buyers is thinking that a ring warranty is the same as jewelry insurance.  A typical ring warranty does not cover replacement if a ring is lost, stolen or damaged. That kind of protection is what specialized jewelry insurance is designed for and why more knowledgeable buyers look to a reputable jewelry insurance company for complete coverage.

We founded BriteCo on the premise that getting engagement and wedding ring insurance should be as easy and affordable as possible by offering an instant quote for replacement jewelry insurance in 60 seconds or less on our website at brite.co.  Giving basic information, answering five questions, and selecting payment options, a customer can be fully insured worldwide for loss, theft, damage, or disappearance in under two minutes.

Backed by Glencar Insurance Company, an A+ carrier with the highest financial strength rating from AM Best, BriteCo policies are available as low as $5 per month. Licensed in all 50 states plus DC, BriteCo engagement ring insurance customers get full replacement coverage at 125% of appraised value with no deductibles on standard policies. You can insure an additional person such as a fiance at no extra cost and our policies even include preventative maintenance coverage to help you avoid damaging or losing a stone.

You can read the full report as well as download an infographic of the survey highlights here.

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About the Author

Dustin Lemick is the Founder and CEO of BriteCo and a third-generation jeweler with over thirteen years of retail jewelry experience. He holds a Graduate Gemologist degree from the Gemological Institute of America (GIA) and has in-depth knowledge and expertise in appraisal systems, diamond and gemstone markets, retail pricing models, insurance replacement models, and jewelry quotation pricing systems.
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BriteCo Inc. is a licensed insurance agency in all fifty states and the District of Columbia.
Please see the Licenses section of this website for more information. All insurance policies underwritten and issued by Glencar Insurance Company and administered by BriteCo.