The Best Engagement Ring Insurance of 2023

After reviewing more than a dozen jewelry insurance providers, we determined that BriteCo has the best engagement ring insurance overall.

BriteCo’s policies protect engagement rings against many covered perils, including theft, robbery, accidental damage, mysterious disappearance, and some natural disasters, like hurricanes and earthquakes. It also covers some preventive ring maintenance, like prong re-tipping, bent or broken prong repair, and stone tightening. Plus, coverage is available for engagement rings valued up to $150,000. We also found that BriteCo premiums for engagement rings were about 3% below average. And the company received far fewer complaints than expected over the last three years.

You’re eligible for discounts if you have a home safe or central station burglar alarm. And if you pay your premium upfront, you can get a 5% discount. BriteCo also adjusts your coverage annually, in light of inflation and changing gemstone and metal prices. 

But while BriteCo provides online quotes and an online application, quotes require your contact information, unlike many competitors. 

Of the best insurance companies we reviewed, Jewelers Mutual works with a nationwide network of jewelers, which means getting your ring repaired or replaced could be a more seamless experience relative to companies with a smaller network.

Jewelers Mutual has an easy online quote and application process. After answering a few questions about your ring, you’ll get an instant quote, and can continue with the purchase process if you’re ready to buy a policy. You don’t need to provide your contact information upfront. Additionally, Jeweler's Mutual is one of the few companies that doesn’t have an appraisal requirement when you purchase a policy. 

Like most of the engagement ring insurance companies we reviewed, Jewelers Mutual allows you to pay your premium in monthly installments. But if your annual premium is less than $200, you must pay the full premium upfront. 

Jewelers Mutual has been in business since 1913 and is endorsed by several reputable jewelry organizations, including the American Gem Society and Jewelers of America. The company has been insuring fine jewelry for more than 100 years and is one of the oldest jewelry insurers in the industry.

Out of the engagement ring insurance companies we reviewed, WAX had the lowest premiums. We found that coverage for engagement rings cost about 7% less at WAX relative to other providers. Plus, WAX’s engagement ring insurance policies are underwritten by Chubb, which has 140 years of experience in the insurance industry. You can get unlimited and robust coverage for a variety of perils, including accidental breakage. WAX is particularly suited to those who have a valuable jewelry collection (or are building one) that they’d like to schedule coverage for.

To get an engagement ring insurance quote from WAX, you have two options: you can fill out an online form and wait for the quote to be emailed to you, or download the mobile app. We found this moderately irritating when other companies provide quick, no-commitment quotes. There is also no customer service phone number listed on the website. 

But after this hurdle, you can use the app to apply for a policy, submit claims, and get new pieces covered—just snap a picture to add the new jewelry to your policy. In some states, you can even take out a loan against your collection. Appraisals are required for pieces worth more than $100,000.

Applying for insurance can be time-consuming, but GemShield makes it easy to get a quote and apply online in just a few minutes. Out of the providers we reviewed, GemShield has the best online application experience.

To get a quote from GemShield, you’ll enter your ZIP code and your ring’s estimated value, then choose a deductible between $0 and $1,000. You won’t be asked to provide any contact information until you start the application process.

However, one of the downsides of GemShield is that your engagement ring must be appraised if it’s valued at more than $5,000. You can insure individual rings for up to $35,000, with a maximum combined policy limit of $100,000 (some exceptions granted subject to review). 

GemShield’s jewelry insurance policies provide robust engagement ring coverage for a variety of perils, including mysterious loss, theft, earthquakes, and floods, even when traveling abroad. If something happens to your ring, you can work with any jeweler of your choosing to repair or replace the item.

Lavalier offers lots of discounts that can help you save money on engagement ring insurance. You can get a discount for having a home alarm system, keeping your ring in a home safe, providing a certified gemstone grading report, and storing your jewelry in a bank vault or safe deposit box. You can also choose a high deductible (up to $25,000) to get a lower rate.

Lavalier insures engagement rings for up to $50,000 each, with a combined maximum policy limit of $150,000. But before you can get a policy, you must get your ring appraised if it’s valued at more than $5,000. While Lavalier insures many types of rings and other jewelry, the company may choose not to insure fine watches on a standalone basis. (According to the company, this is due to a recent increase in loss activity.)

Getting an engagement ring insurance policy from Lavalier is quick and easy. You can get a quote in 60 seconds and apply online in just 10 minutes. But when you’re ready to purchase, you must pay your annual premium upfront and in full. Lavalier is the only one of the best companies we reviewed that doesn’t offer monthly payments.

Chubb is a reputable insurance company that specializes in insuring high-value properties and personal items, which is why we named it the best engagement ring insurance company for high-value rings.

Chubb offers high coverage limits for wedding band or engagement ring insurance, and new rings or jewelry pieces are automatically insured for 90 days on your policy.

If something happens to your engagement ring, Chubb makes it easy to file a claim online. Once the claim is approved, you’ll receive the payout in just 48 hours. You also have the option to take the settlement in cash, rather than using the money to repair or replace your ring.

To get an engagement ring insurance policy from Chubb, you’ll need to contact an agent. Chubb does not have online quotes, and you can’t apply online, either. If your ring is valued at more than $100,000, you will also need to have the ring appraised before you can purchase an insurance policy.