Engagement Ring Warranty vs. Insurance – What’s the Difference?

So you’re in the market for something sparkly. Congratulations! Maybe you’re planning to propose, upgrade your wedding rings to celebrate...
Woman holding up an engagement ring

So you’re in love. Deep in love. Head-over-heels in love. Madly in love.

You’re smitten. Taken. Spoken for. Appreciated. Absolutely awestruck.

You’re all of that…and more.

Because you’re so very madly deeply in love, you’re also in the market for something sparkly to signify and celebrate your love.

Maybe you’re planning to propose, angling to upgrade your wedding rings to celebrate your anniversary, or just looking to treat yourself to a little something special. Whether it’s a brand-new diamond engagement ring, a necklace for a certain special occasion, or some why-not-and-just-because diamond earrings, your pending purchase is more than just a transaction. Much, much more.

Let’s face it. You’re about to make a big-time investment—and purchase something that could potentially last for not just years…but entire generations. So naturally, you want to do everything in your power to best protect these treasures—in the best way possible. But just what is the best way to ensure such protection for your valuable, valued diamond engagement ring

Crossing your fingers and hoping for the best just won’t cut it. (Obviously.) You’ve probably already done some Googling…and come across quite a few things that address either purchasing jewelry insurance or buying a warranty to protect your jewelry. And now? Well, you’re just…confused. Maybe even extremely confused. Rest assured. Here at Zillion, jewelry insurance is what we do, what we love, and what we know. It’s in our DNA. You might even say it’s our passion. So please allow us to provide some insight…

Isn’t jewelry insurance the same thing as a warranty?

This is a common and easily understood question we hear at Zillion. At first glance, it’s easy to confuse engagement ring insurance or another jewelry insurance policy for a jewelry warranty and vice versa, but there are differences. In fact, there’s some seriously significant (and potentially quite costly) differences. Not to worry: we’ve broken it down into easy-to-understand-and-digest terms—with zero professional knowledge needed! That’s what Zillion is here for. 

What is jewelry insurance and why do I need it?

A diamond is forever…until it’s simply not. We don’t ever seem to hesitate to purchase car insurance, health insurance, and homeowners insurance. But for some reason (or reasons), quite a few people completely overlook one of their most delicate and prized possessions—their jewelry. Jewelry insurance exists for one simple reason: to protect your valuable rings, necklaces, earrings, bracelets, and other valued items from loss, theft, damage, or natural disaster.

What does jewelry insurance cover?

The best jewelry insurance policies (like the ones we offer) cover your engagement ring, diamond earrings, and other important accessories. This way, whenever you decide to don your jewelry, you can proudly and naturally wear it with confidence. Let’s look at some of the major things that jewelry insurance covers. And remember, the best jewelry insurance will cover just about everything! Including:

Theft

In a perfect world, you wouldn’t need insurance to cover cases like theft. But the world just isn’t perfect. Far from it. Some of the greatest stories ever told are tales of stolen jewelry, so we know all too well that this is a very real concern. If you purchase jewelry insurance and someone later nabs your prized piece or pieces, your policy will help you replace your missing items.

Loss

Here’s another scenario. You’re on vacation, and you accidentally leave your diamond necklace sitting on the hotel sink. In fact, you forget all about it—until you get home and realize that it’s now long gone. Not good! However, if the necklace was purchased along with a jewelry insurance policy from a high-quality jewelry insurance provider like Zillion, you can have your lost piece replaced. 

Damage

Or how about this one? You’re rearranging your living room…and you forget to take your wedding ring off. While moving a heavy table, you hit your ring against its side—and you do some real damage to the embedded gemstone. If you have a jewelry insurance policy in place, there’s simply no need to worry. Jewelry insurance will cover the cost of repairs, so your ring can look as good as new again

Force Majeure (Acts of God)

It can be devastating when things beyond your control (such as fires, floods, tornadoes, and hurricanes) cause serious damage to or result in the outright loss of diamond engagement rings and other beloved jewelry items. Losing a piece of jewelry that’s important to you can add insult to injury. But if that item happens to be covered by the best jewelry insurance, you can rest a little easier knowing that it can also be replaced. 

What is a jewelry warranty?

Engagement ring

Now that you have a solid understanding of what jewelry insurance entails, let’s take a closer look at a jewelry warranty. A warranty is essentially an extended service plan that’s offered by your jeweler. A jewelry warranty will typically cover minor wear and tear that happens to a piece of jewelry after you’ve had it for a while. Warranties generally cover issues like small scratches, prong replacement, and re-tipping. They may also pay for preventative maintenance such as diamond/stone tightening, cleaning, or buffing out minor scratches or scuffs that result from wearing your jewelry every day.

Keep in mind, though: Warranties do not typically protect and replace your jewelry if it becomes damaged, stolen, or lost. Many people purchase warranties thinking their jewelry will be covered, but that’s usually not the case at all. This is not to say that a warranty is a bad thing to have! For what they cover, jewelry warranties are a strong option to consider when you’re buying new pieces. 

Which do I really need, jewelry insurance or a jewelry warranty?

Hand holding at the beach with an engagement ring

Like any important and expensive purchase, it’s wise to buy an insurance policy to protect your jewelry investment. This is especially true for something like engagement ring insurance. Think of it this way: would you rather spend a little money out of pocket to resize your ring— or shell out thousands to replace it?

If your wedding and engagement rings get stolen and you’re able to drop $10,000 to purchase new ones, a jewelry insurance policy might not be worth the money. (Also, are you Beyoncé?)

For the rest of us who are decidedly not Beyoncé, investing in the best jewelry insurance available is well worth the investment—especially if you’d like to pass your rings, necklaces, and other expensive or even invaluable items down to future generations. Jewelry insurance represents a smart choice to protect these pieces and ensure they stay beautiful for years to come.

And while it’s true that the financial impact of having to replace an expensive piece of jewelry can be significant, your valuable items are more than just dollar signs. That engagement ring is a promise. Your anniversary earrings are symbols of your love and commitment. Insuring these treasured possessions makes financial sense, but knowing that your jewelry can be replaced–exactly as it was–is truly priceless. From the stone quality to the setting; from special engravings to your exact ring size; a jewelry insurance policy will replace your jewelry, detail-for-detail. So you’ll get it back just the way it was—before it was lost, stolen, or damaged.

Insure your engagement ring with Zillion

If you’re in the market for a beautiful new piece of jewelry, consider covering your item with jewelry insurance from Zillion. We make it easy to protect your jewelry with incredible policies that’ll give you peace of mind and let you wear it with confidence. Shop now for your beautiful new engagement ring, earrings, or other accessory. Each item purchased with our online retail partner comes with the option to add on engagement ring insurance or any other jewelry insurance coverage at an unbeatable price!

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Zillion partners with jewelers to offer their customers lower rates on jewelery insurance. If you don’t see your jeweler on our list, we’re sorry, we won’t be able to offer you a quote for insurance.