Defaqto reminds of the importance of engagement ring insurance

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Defaqto reminds of the importance of engagement ring insurance

Mon 15th Feb 2010

Consumers who are planning to propose this weekend have been reminded of the importance of taking out insurance cover on the ring.

The firm stated that on average £1,800 is spent on an engagement ring in the UK, an amount which makes having adequate cover in place essential.

Mike Powell, insight analyst at Defaqto, advised that checking insurance policies is important to ensure that rings will be protected against loss or theft, as 34 per cent of policies do not cover individual pieces worth over £1,500 for items kept at home.

Taking the ring outside will require further insurance, which will incur an additional cost, he stated. If the piece of jewellery is worth more than £1,500 it may have to be listed separately on the policy.

For consumers heading online to buy their insurance policy, Defaqto recently praised the publication of the Association of British Insurers' Good Practice Guide, which aims to provide customers with accurate information about making their choice.

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