Buying and Protecting Your Engagement Ring – Generational Differences Edition Part I

January 6th, 2022

There is a significant difference in trends between generations when it comes to buying and protecting your engagement ring. Millennial and Gen Z buyers tend to spend big on engagement rings and opt for full-coverage engagement ring insurance. Alternatively, Gen Xers and Baby Boomers often forgo insurance, risking their investment.

Explore generational differences when buying engagement ring insurance and why a forward-focused jewelry insurer like BriteCo is a perfect match for younger generations.

Millennial and Gen Z spending habits

Both millennials and Gen Zers show a tendency toward frugality and savings. 75% of millennials track their expenses each month, and 70% of Gen Zers, aged 25 and below, have already started saving for retirement. This attitude toward their finances leads many

Younger generations and jewelry insurance

The younger generation’s focus on financial stability carries over to protecting significant purchases, such as engagement rings. Out of 758 respondents of a recent BriteCo survey, 38% reported that purchasing an engagement ring was number 1 in terms of importance and cost outside of a house and car.

According to BriteCo research, only 36% of younger generations leave their engagement rings unprotected, while over 50% of older generations opt-out of insurance for their high-value pieces.

Gaps in jewelry insurance coverage

Out of those surveyed by BriteCo, 59% fell into the millennial category, 28% fell into Gen X, and 10% represented baby boomers. 41% of all respondents did not obtain jewelry insurance for their engagement rings. Respondents state the following reasons for not having their pieces insured:

  • Too expensive
  • Unaware of jewelry insurance
  • No idea where to purchase jewelry insurance
  • Mistook a warranty for insurance coverage

59% of respondents who obtained jewelry insurance filed a claim within 10 years, proving that the younger generation who chose to have their pieces insured made a sound financial decision.

Is your engagement ring insured

Forward-focused jewelry insurance

Many millennials and Gen Zers turn to affordable, convenient jewelry insurance that is easily obtained via an online process to protect their investment. Rather than haggle with old-fashioned jewelry insurers, young generations opt for insurance carriers like BriteCo that offer a fast-onboarding process and allow affordable payments that fit into their monthly budget.

Key Take-Aways

  • Gen Z and millennials lean toward financial responsibility and protecting their assets
  • Younger generations are more likely to obtain jewelry insurance for their high-value pieces
  • Over half of people with coverage filed a claim within 10 years – proving that jewelry insurance is a sound financial choice to protect your assets
  • Obtaining full coverage jewelry insurance through BriteCo is fast, easy, and convenient

Whatever your age, it is important to protect your engagement and wedding rings from loss, damage, theft, and mysterious disappearance. Take a page out of the millennial and Gen Z playbook and opt for jewelry insurance coverage through BriteCo for financial peace of mind.

Check your price on insurance for your high-value pieces to see how affordable coverage can be.

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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.