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Expert November 2019

What would you do?

Keri, on August 24, 2019 at 10:57 PM Posted in Married Life 0 27

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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.

What would you do? 1

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27 Comments

Latest activity by Keri, on August 30, 2019 at 7:30 PM

Master December 2019
Monique · on August 25, 2019 at 12:00 AM
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I think this is something entirely up to you. In my opinion 500$ a year will not make or break the expenses needed to have a child. About 41$ a month. I would still wear it especially if it has such a large amount of significance. The ring is beautiful
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VIP May 2015
KiwiDerbyBride · on August 25, 2019 at 12:04 AM
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I’d insure it. $500 a year is under $10 per week - that’s two coffees! I wouldn’t want a gorgeous ring like that to sit in a safe deposit box in the dark.
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Master December 2019
Cher Horowitz · on August 25, 2019 at 12:36 AM
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I agree with PPs. I would insure your beautiful ring! Insurance is a wise investment
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Legend November 2019
Caytlyn · on August 25, 2019 at 12:40 AM
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I agree with everyone else, I would insure it.
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Savvy September 2019
Davis · on August 25, 2019 at 12:55 AM
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Definitely wear it!!
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Super February 2020
Jeanie · on August 25, 2019 at 3:06 AM
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I would insure it even if you only wear it on special occasions. You never know when something will happen to it, but it sure won’t be when it’s locked in a safe, so that would leave it to potentially happen on those special occasions. It also has sentimental value to you. It would be a shame to keep such a beautiful ring in hiding!
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Devoted July 2020
Monica · on August 25, 2019 at 7:11 AM
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Insure and wear it. Gorgeous ring!!
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VIP October 2020
Samantha · on August 25, 2019 at 7:37 AM
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I agree with the consensus, you should insure the ring and wear it.
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Expert November 2019
Future Mrs. Danger · on August 25, 2019 at 10:39 AM
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I would keep wearing it! Its so beautiful! $500 a year can be found in the budget. If you find that after several years you wont wear it as much, you can always pause the insurance.
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Super September 2019
ASMini914 · on August 25, 2019 at 10:48 AM
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I would insure it regardless of if you wear it, or if its in a deposit box. Having the ring, especially one of that size, scheduled on your policy is the smartest thing to do. as PP have said, the $500/year seems like a lot, but its a small amount each month. My best advice as someone who used to work in insurance claims is to have it reappraised every year or two and send the new appraisal to the insurance company so its actually insured for the right value.
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Master November 2022
Chrysta · on August 25, 2019 at 10:51 AM
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If you can afford it, I say keep wearing it! It’s a beautiful (and sentimental) ring! And when you break it down, it’s only $9/week. Let’s face it, we all spend that on silly little things like grabbing a drink and gum when we get gas, or getting Starbucks in the morning lol
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Super October 2017
Emily · on August 25, 2019 at 11:08 AM
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I would insure it regardless of if I wore it or not - so insure it and wear it! You have a beautiful piece and you should be able to enjoy it! Just be cautious about it. We have several items we pay for separate insurance on and while the bill may be high, I know how I would feel if something got lost or broken and to me it is worth it for that peace of mind.
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Super October 2020
Megan · on August 25, 2019 at 11:22 AM
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Like others are saying, I would ensure it regardless. And that stone is amazing!! It needs to see the light of day!!
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VIP March 2019
Yoice · on August 25, 2019 at 11:40 AM
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I agree with previous post. I think is worth to insure something so valuable as even if you don’t wear it can get lost or stolen. Besides something so beautiful is mean to show off.
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Devoted September 2019
Ana · on August 25, 2019 at 1:07 PM
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I would say keep wearing it just think of all the money that was saved in not having to purchase a ring.
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VIP February 2020
Lauren · on August 25, 2019 at 1:15 PM
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I would insure it & keep wearing it. It’s beautiful!!
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Dedicated October 2021
Christina · on August 25, 2019 at 6:12 PM
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Like you said, only you know what you can truly afford. Others have already mentioned but the insurance being $41/month I would say it’s a no brainer to insure it, know you’re covered and be able to wear it as you please! I think I personally would pay the insurance, and wear it proudly. Maybe leave it safe if you’re ever traveling or doing anything that might really risk any concern if outcomes, but still be covered day-to-day!
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VIP November 2021
· on August 25, 2019 at 6:32 PM
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Yup!!! If you break it down money wise it’s not much and it’s sentimental so wear it!!!!
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Dedicated July 2021
Jameelah · on August 25, 2019 at 7:18 PM
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Do you own a home? Add it to your home owners insurance.
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Dedicated December 2019
Ashlyn · on August 25, 2019 at 7:32 PM
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$500 a year?! That sounds like way too much. I also have an heirloom ring with platinum and 2ct, but it was only ~$120 a year through State Farm. I would keep looking around more. Insurance also depends on your zip code's crime rate and how you plan on wearing/storing it. If you have a small jewelry safe, the insurance company can give you a better deal. At least that's what our agent told us.
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