She's got the ring, but have you insured that bling?

So you’ve made her Valentine’s Day with the perfect piece of jewellery, now comes the unromantic part, insuring that little sparkler.  An exclusive survey by low cost insurance provider Budget Direct has found most Australians do not keep records of their jewellery to cover them in the event of loss or theft. 

62% of Australians have no photos of their jewellery, 64% don’t bother with valuation certificates, and 90% have no video record of their precious pieces, leaving them with the high potential of heartbreak should something happen to that favourite ring, necklace, bracelet, watch or earrings. 


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Budget Direct is warning Aussies to take a good look at their contents policies to see exactly what they’re covered for when it comes to their jewellery. Without specifying items on contents policies, limits may apply to the value of what can be claimed in the event of loss or theft. By specifying items and having the appropriate valuation documents or receipts, customers are able to claim for the sum insured. 

Claims statistics from Budget Direct show that when it came to thefts or losses of unspecified jewellery items, 13% of claims containing jewellery were underinsured.   The average underinsurance gap, between value and payout was nearly $4000 per claim ($3,936.45)

If Aussies are going to keep records it seems they do it mainly for selected jewellery items, 30% have valuation certificates of some of their jewellery, 6% for every piece of jewellery. Only 29% say they have photos of some pieces, and 9% of every piece. 

The National Council of Jewellery Valuers recommends people have their jewellery reassessed every two to three years to keep the valuation current. This type of regular assessment also picks up on any wear and tear, and ensures premiums are accurate, by taking in to account fluctuations in the price of precious metals. 

The Budget Direct survey incredibly found 55% of Australians believe the total value of the jewellery they wear on an average day is worth under $100. Only 1% of those surveyed would value the jewellery they wear on a night out or to work to be over $10,000. 

It’s hard to believe especially women with wedding and engagement rings say they’re only wearing $100 worth of jewellery on an average night out or work day, says Margueritte Rossi Senior Manager Communications at Budget Direct. 

“Our advice is to take the time to get your precious pieces valued, and what better time than Valentine’s Day as a reminder. Once they’re valued or you’ve found those receipts make sure you keep them in a safe location, just in case you ever need to make a claim.

“We’ve had some heartbreaking cases over the years. One where an engagement ring valued at $15,000 was stolen but because it wasn’t specified on the policy the customer was only able to receive a standard maximum payout,” says Ms Rossi.

Not surprisingly more males (62%) believed the value of their jewellery to be under $100 than females (47%). 

To read more on Budget Direct’s exclusive Valentine’s Day survey go to


*Source: McCrindle Research Survey conducted 2014 on behalf of Budget Direct. 1072 respondents aged 18 and over participated from all states and territories.  


For further information or interviews please contact Jonathan Kerr, Director, Marketing & Digital, Budget Direct (Auto & General) at 07 3377 8801 or

Budget Direct was established as an insurance provider in Australia in 2000.  It is part of the international BHL Group of companies headquartered in the British Isles. The group provides more than 6.8 million policies to insurance customers and administers $2 billion in premiums annually. Budget Direct offers Motor, Home & Contents, Health, Life and Travel Insurance as well as Roadside Assistance.