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Abbey comments on engagement ring insurance

The recent rise in global metal prices could leave many couples out of pocket, Abbey claimed yesterday.

Even conscientious customers who insured their engagement rings when they proposed could be caught out by the wholesale increases - as they could be left uncovered if they pass a certain level.

Abbey also revealed that around 42 per cent of engagement rings in the UK are uninsured - and an extra 16 per cent of couples are unsure as to whether or not the jewellery is covered.

However, according to insurance experts at the firm, only 27 per cent of rings are covered by existing home insurance - with the remainder of policyholders therefore obliged to take out extra protection.

Head of Abbey Insurance Lloyd Wilson commented: "The number of people who don’t think about insurance for their engagement rings and other precious items is quite staggering.

"Rising precious metals prices could…result in lack of full cover, so we would recommend that people review their home contents insurance at least every six months to ensure that all their valued items and heirlooms are fully covered."

Around 1.8 million romantic Britons are predicted to propose to their partners this year.

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