Wednesday, 5th March 2008 (3519 views)

Britons have been encouraged to check their insurance policies concerning gold jewellery after new research showed that 42 per cent of engagement rings are not covered.

The survey by Abbey Home Insurance found that a further 16 per cent of people who own gold engagement rings were not sure if it was covered by they existing policy.

But, with 1.8 million people preparing to propose this year, the company is urging those looking to pop the question to ensure their engagement rings are properly protected - especially as the average engagement band costs £1,200.

It is also encouraging those with insurance to check that their policy fully covers their gold jewellery, as rising market prices may have pushed its value over their current limit.

According to Abbey's figures, 75 per cent of Britons own valuable jewellery of some description, yet 14 per cent have no insurance for it.

Lloyd Wilson, head of Abbey Insurance, said: "The number of people who don't think about insurance for their engagement rings and other precious items is quite staggering."

Abbey Home Insurance is part of the Santander Group, the seventh-largest bank in the world.

 

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