Insuring Your Wedding Ring: Is Geico A Good Option?

GEICO offers jewelry insurance to protect your precious items from theft, loss, damage, and disappearance. The insurance covers a range of jewelry, including engagement and wedding rings, as well as loose stones being set. The policy provides comprehensive coverage for scenarios that may not be included in standard homeowners or renters insurance. GEICO has partnered with Jewelers Mutual Insurance Group, a leader in the industry, to offer this specialized insurance. The cost of jewelry insurance depends on the value of the jewelry and your location, typically ranging from 1-2% of the item's value annually.

GEICO's partnership with Jewelers Mutual Insurance Group

GEICO has partnered with Jewelers Mutual Insurance Group to offer its customers a separate jewelry insurance policy. This policy covers the entire value of a piece of jewelry or an entire collection in the case of loss, damage, or theft. The coverage costs about 1-2% of the item's total value to insure each year. GEICO's jewelry insurance offers worldwide coverage, so you can travel with your jewelry and have it protected wherever you go. The policy also offers flexibility, allowing customers to select their own trusted jeweler for repairs.

The GEICO Insurance Agency's offering of jewelry insurance from Jewelers Mutual provides easy claims in the event of damage or theft, coverage that extends to worldwide travel, and more. GEICO customers can also benefit from fast, compassionate claims with no adverse effect on homeowners or renters.

Jewelers Mutual Insurance Group was founded in 1913 by a group of Wisconsin jewelers to meet their unique insurance needs. Today, Jewelers Mutual offers products and services that enable jewelry businesses to run safe, secure, and successful operations. The group's strong financial position is reflected in its 32 consecutive ratings of "A+ Superior" from A.M. Best Company.

What is covered by GEICO's wedding ring insurance

GEICO's wedding ring insurance provides comprehensive coverage for your precious jewels. The insurance policy covers the entire value of the ring in the event of loss, damage, or theft. This includes accidental damage, such as cracking your diamond ring by hitting it on a table, as well as mysterious disappearance or unexplained loss. You can also opt for additional coverage, like protection for the loss of a diamond or gemstone.

GEICO's jewelry insurance offers worldwide travel protection, allowing you to travel with your wedding ring worry-free. It also provides flexibility in choosing your trusted jeweler for repairs and an easy claims process. You can file a claim by calling the claims department and providing the necessary information and documentation, such as a police report or an appraisal.

The cost of jewelry insurance depends on where you live and the value of your wedding ring. Typically, jewelry insurance costs around 1-2% of the ring's value annually. For example, a $5,000 wedding ring may cost around $50 per year to insure.

It's important to note that jewelry insurance doesn't cover wear and tear, pre-existing damage, or losses due to war, military action, or nuclear hazards. Intentional damage or loss is also not covered.

To get started with GEICO's wedding ring insurance, you can complete the online application, which takes about 10 minutes, and your coverage can begin as soon as your application is received.

How much does GEICO's wedding ring insurance cost

GEICO offers wedding ring insurance through its partner, Jewelers Mutual Insurance Group. The cost of this insurance depends on where you live and the value of your jewelry. Typically, jewelry insurance costs 1-2% of the value of the item per year. For example, a $5,000 engagement ring could cost around $50 per year to insure.

The GEICO Insurance Agency has partnered with Jewelers Mutual Insurance Group to offer its customers a separate jewelry insurance policy. This policy covers the entire value of a piece of jewelry or an entire collection in the event of loss, damage, or theft.

In addition to the financial protection provided by jewelry insurance, jewelry insurance experts recommend taking the following steps to protect valuable items:

• Take photos or videos of your jewelry to have a visual record in case you need to make an insurance claim.
• Have your jewelry appraised and keep detailed sales receipts, especially for new purchases.
• Store your jewelry in a fireproof safe or safe deposit box when not wearing it.
• Visit a jeweler at least twice a year for professional cleaning and inspection, especially for frequently worn items or vintage pieces.
• Get your jewelry re-evaluated or re-appraised every two years and adjust your insurance coverage accordingly to ensure adequate protection.

By following these tips and considering jewelry insurance, you can help protect your valuable and sentimental wedding rings.

Tips to protect your wedding ring

Wedding and engagement rings are valuable items, both sentimentally and financially, so it is important to do all you can to protect and care for them. Here are some tips to help keep your precious jewelry safe and secure:

Get Insurance

Firstly, one of the most important things you can do to protect your wedding ring is to get insurance. If your ring gets lost, stolen, or damaged, having it properly appraised and insured for its full replacement value can help, at least financially. Some insurance companies will even offer a replacement ring of the same kind and quality, which is a great option for anyone with a designer ring. GEICO, for example, offers jewelry insurance in partnership with Jewelers Mutual Insurance Group. Their coverage includes the entire value of a piece of jewelry in the case of loss, damage, or theft, and it generally costs about 1-2% of the item's total value to insure each year.

Take Photos and Keep Receipts

In the event that you need to make an insurance claim, it is important to have a visual record of your ring. Take photos or videos of your ring, and be sure to keep the detailed sales receipts, especially if it is a new purchase.

Clean and Inspect Your Ring Regularly

Engagement and wedding rings are typically worn day in and day out, so they can see a lot of wear and tear. To keep your ring in good condition, it is important to have it cleaned and inspected at least twice a year by a professional. In between professional cleanings, you can also clean your ring yourself using a few drops of Dawn dish detergent in warm water and a soft-bristled toothbrush. Just be sure not to clean your ring over an open drain or sink!

Remove Your Ring During Certain Activities

To avoid unnecessary wear and tear, it is a good idea to remove your ring during certain activities. This includes things like cleaning, gardening, showering, swimming, working out, sleeping, and doing your hair and makeup. Removing your ring during these activities will not only protect it from potential damage but will also reduce the risk of losing it.

Store Your Ring Safely

When you're not wearing your ring, be sure to store it somewhere safe, such as a fabric-lined jewelry case or box with dividers to prevent scratching. You can also use a safe-deposit box or a fireproof safe for added security. If you're cooking or doing dishes, it's a good idea to keep a separate ring holder in the kitchen to safely store your ring while you work.

By following these tips, you can help keep your wedding ring safe and secure for generations to come.

How to file a claim with GEICO

GEICO offers its customers a separate jewelry insurance policy in collaboration with the Jewelers Mutual Insurance Group. This policy covers the entire value of a piece of jewelry or an entire collection in the event of loss, damage, or theft. The policy can be purchased by completing an online application, which takes about 10 minutes to fill out, and coverage begins as soon as the application is received.

To file a claim with GEICO, you can use the GEICO Mobile app, their website (geico.com/claims), or call them at (800) 841-3000. It is important to report your claim as soon as possible, as accidents require a detailed investigation, and it is better to investigate while the details are fresh in everyone's memory.

When filing a claim, you will need to provide the following information:

• The state where the incident occurred
• The date and time it happened
• A general description of what happened
• Contact information for other parties involved, such as names, phone numbers, mailing addresses, and email addresses
• Vehicle locations, property owner information, and police report details, if applicable

If you are filing a claim for jewelry, you will need an appraisal or other documentation to support your claim. It is recommended that you have your jewelry appraised every two years to ensure that your coverage is up-to-date.

GEICO also provides tips on protecting your jewelry, including taking photos or videos of the items, storing them in a fireproof safe or safe deposit box when not wearing them, and getting them professionally cleaned and inspected at least twice a year.

Frequently asked questions