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BriteCo Survey Released New Engagement Ring Research Report

As engagement season approaches 41% fail to insure one of their biggest life purchases says BriteCo survey.

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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.
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.

(PRESS RELEASE) EVANSTON IL — BriteCo jewelry insurance released 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:

  • 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;

“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 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.

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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.”

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