Matthew Ashton

Written by

Matthew Ashton

3 minute read

Updated 30th April 2024

How much does it cost to insure my engagement ring?

Stand-alone engagement ring insurance carries a simple rating structure, and you can get an approved solution within minutes. Costs start from as little as £109 for 12 months, making it an affordable product for most people who own an engagement ring. The primary rating factors used to calculate engagement ring insurance are:

Rating factors

  • The ring value. Typically, 1.5% of the value of the ring is the base rating.
  • The risk postcode. Your area affects the premium for better or worse.
  • The age of the prospect. Various rates are applied for age categories.
  • The claims history. Previous claims mean less no claims discounts.
  • Insurance premium tax [IPT]. Currently, 12% of the insurance premium.
  • A broker administration fee. For Stanhope, this is £25.

Armed with these primary factors, you can quickly work out a rough cost for insuring your engagement ring by following this simple calculator (this guide does not take into account age, area or no claims discounts):

The magic formula for an estimated cost, excluding age and postcode rating is simply:

Value of Ring x 1.5% (base rate) x 1.12 (IPT at 12%) + 25 = estimate cost for 12 months cover.

IE. £10,000 x 1.5% x 1.12 + £25 = £193 estimate cost for 12 months cover

Specific costing examples taking into account age and area

How much will it cost to insure my Tiffany & Co. Engagement Ring?

You want to insure a £10,000 engagement ring, live in the lowest-rated area, are 29 years old, and have had no claims in the past five years. The rate for this would be: £183.76, including a £25 fee and IPT.

How much will it cost to insure my Boodles Engagement Ring?

You want to insure a £20,000 engagement ring, live in a middle area, are 56 years old, and have had no claims in the last five years. The rate would be: £318.80, including a £50 fee and IPT.

How much will it cost to insure my Beaverbrook’s Engagement Ring?

You want to insure a £5,000 engagement ring, live in the highest rates area, are 22 years old, and have had no claims in the last five years. The rate would be £125.80, including a £25 fee and insurance premium tax.

How much will it cost to insure my Graff Engagement Ring?

You want to insure a £250,000 Graff engagement ring, live in the lowest rates area, are 48 years old, and have had no claims in the last five years. The rate would be £3,238, including a £25 fee and insurance premium tax.

How much will it cost to insure my Van Cleef Engagement Ring?

You want to insure a £100,000 Van Cleef engagement ring, live in a moderate area, are 58 years old, and have had no claims in the last five years. The rate would be £1,301.80, including a £25 fee and insurance premium tax.

Engagement Ring Insurance Guide

For more information about insuring your engagement ring, including whether it is best to do this on its own or as part of your home insurance, you can read our Engagement Ring Guide, written by Matthew Ashton.

General Insurance Cost Examples

The insurance cost examples below are based on being between 31 and 44, having no previous insurance claims, living in a low-rated area, and residing in the UK.

  • Pragnell Skimming stone ring in yellow gold and diamonds at £12,900 – £173.24.
  • Annoushka Annoushka One of a Kind mirage ring in white gold, emerald, pink sapphires and diamonds at £16,900 – £219.20.
  • Van Cleef & Arpels Van Cleef & Arpels boucle solitaire ring in platinum and diamonds at £140,000 – £1,633.77.
  • Boodles Boodles Florentine Dolce Vita ring in yellow gold, sapphire and diamonds – £152.89.
  • Hancocks London Ring in rose gold and Pigeon’s blood Burmese rubies at £30,000 – £369.74.
  • Jessica McCormack Diamond capsule ring in yellow and white gold and diamonds estimated at £25,000 – £312.28.
  • Shola Branson Diamond bombe ring in yellow gold and diamonds estimated at £50,000 – £599.56.
  • McCaul Aegis ring in yellow gold and diamond is at £9,895 – £138.71.
  • Hannah Martin London The Euphoria (square) gold in yellow gold and diamond at £21,600 – £273.21.
  • CHAUMET Bee My Love ring in white gold and diamonds estimated at £60,000 – £714.47.

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Written by Matthew Ashton

I started working in the insurance industry in 2004. Four years later, I left to focus on theological studies, working as a youth worker and then as a ministry director in Seattle, USA. When returning to the UK, I had an opportunity to work for the late Andrew Marchington. I joined his firm as a sales advisor when it had around ten staff members. Within three years, I was Head of Ops with a staff team of over 30 people. After a chance encounter in 2019 with Rachel Living and Will Cooper, I co-started Stanhope to build a high-value home, luxury watch, and jewellery broker synonymous with trust. I love being with Donna, my wife, and four kids when not working, cramming in the odd row, or running when I can. I am fortunate to love what I do and consider it a blessing to grow the Stanhope brand.

Matthew Ashton

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