As Engagement Season Approaches 41% Fail to Insure One of Their Biggest Life Purchases says BriteCo Survey

Most don't understand the high risk of losing or damaging their engagement ring, thinking insurance is too expensive or not knowing how to get insured
Published: Nov. 17, 2021 at 9:00 AM EST

EVANSTON, Ill., Nov. 17, 2021 /PRNewswire/ -- BriteCo jewelry insurance (brite.co) released today a new engagement ring research report highlighting consumer spending and buying influences entitled, Buying and Protecting Your Engagement Ring: 2021 State of Art Survey and Report. Among the 758 survey respondents, 400 had purchased an engagement ring in the past 10 years:

Among respondents who purchased an engagement ring, nearly two out of three or 60% spent from...
Among respondents who purchased an engagement ring, nearly two out of three or 60% spent from $2,500 up to $10,000+ with a median price overall of $3,250. Buying an engagement ring ranked as the number one biggest purchase outside of a home or auto for 38% of respondents, ahead of wedding, honeymoon, medical or college costs.
  • 60% spent from $2,500 up to $10,000+ on their engagement ring
  • 38% said the engagement ring was their biggest purchase outside of buying a home or a car (bigger than wedding, honeymoon and college!)
  • 41% did not get insurance coverage for their engagement ring, feeling insurance was too expensive or didn't know how to get insurance
  • 59% of those who did buy engagement ring insurance actually used it to make a claim for a lost or damaged ring
As Engagement Season Approaches 41% Fail to Insure Their Engagement Ring says BriteCo Survey.

"We've found there a lot of misconceptions among some engagement ring buyers when it comes to understanding jewelry insurance coverage," said BriteCo founder and CEO Dustin Lemick. He noted that while some people purchase a warranty along with the engagement ring, jewelry warranties don't typically include coverage that only jewelry insurance provides such as protection for loss, theft, damage or what's known as mysterious disappearance.

Adding an engagement ring to a homeowners or renters policy is usually subject to a deductible as well to make the insurance more affordable, Lemick explained. "Our survey shows that 72% of jewelry buyers have deductibles that are very high, with more than 62% subject to out-of-pocket costs that go from $2,500 to $10,000."

The bottom line, according to Lemick: "With a strong likelihood you will need to make an engagement ring insurance claim someday, there is no reason why you shouldn't check out your options from a company that specializes in jewelry insurance.

The full report and an infographic of the survey results are available at https://brite.co/engagement-ring-survey/

For newly engaged couples looking to insure an engagement ring and wedding band, BriteCo provides a fast, easy and affordable way to get an instant quote for replacement jewelry insurance in 60 seconds or less at www.brite.co.  By providing basic information, answering five questions, and selecting payment options, a customer can be fully insured worldwide for loss, theft, damage, or disappearance in under two minutes.

Backed by Glencar Insurance Company, an A+ carrier with the highest financial strength rating determined by AM Best, BriteCo policies are available as low as $5 per month. Licensed in all 50 states plus DC, BriteCo engagement ring insurance customers get:

  • Full replacement coverage at 125% of appraised value
  • No deductibles on standard policies
  • Additional person insured at no extra cost
  • Preventative maintenance coverage
  • Option to pay monthly by credit or debit card, with a 5% discount if premiums are paid annually.

"We've taken what has been a time consuming, often confusing process in the past," Lemick emphasized, "and made it as easy and frictionless as possible for anyone to get the peace of mind knowing their precious engagement ring is fully insured at a very affordable price."

About the Survey

Survey was conducted online with 758 respondents in October 2021. Among the survey respondents who bought an engagement ring, the vast majority were men (86%), but also a significant portion were women (14%). Interestingly, 90 percent of the respondents were still married to the person they bought the ring for. More than half or 59% of our engagement ring buyer respondents represented millennials aged 24-40, followed by 28% of 41–56-year old's, and 10% of the boomer generation ages 57-75.  More than half or 53% earned $100,000 in household income annually, and 53% had purchased their engagement rings within the past 4 years.

About BriteCo

Established in 2017 by a third-generation retail jeweler, BriteCo (www.brite.co) is a leading, U.S.-based insurance technology company obsessed with revolutionizing the jewelry appraisal and insurance industry. First to introduce a free streamlined, cloud-based jewelry appraisal platform supporting thousands of independent retail jewelers across the United States, BriteCo continues to innovate by democratizing the process of buying A+ rated jewelry insurance for consumers with an easy-to-use online application and affordable subscription-like monthly payment option.

While making one of the major purchases of their lives, it is shocking that close to half or...
While making one of the major purchases of their lives, it is shocking that close to half or 41% of respondents did not get jewelry insurance coverage for their engagement rings.

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SOURCE BriteCo

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