Press Release Summary = It is quite scary how naive people are when it comes to insuring jewelery, like engagement rings. Compare the Market have done some research into the lack of insurance on your \"Bling\" and discovered some shocking statistics.
Press Release Body = IT'S STAGGER-BLING!
* £35 billion worth of uninsured engagement rings in UK * 18 per cent of couples think existing home insurance provides cover * 38 per cent women choose their own due to partners bad taste * On holiday is top spot for asking the big question
It may be their most treasured possession but new research out today reveals 50 per cent of women in the UK are supporting the weight of more than £35billion worth of uninsured bling on their wedding finger!
With Valentine's Day fast approaching, online insurance comparison site, COMPAREtheMARKET, believes thousands more will be added to this pile of unprotected gems as 28 per cent of newly engaged couples don't realise they need to take out extra insurance to cover their engagement ring.
In fact, 15 per cent admit to not even considering insuring it, mistakenly believing it will already be covered by their current home insurance (18 per cent). What's more an amazing 29 per cent of women are still walking around with uninsured gems after 10 years, even though a quarter admit losing their ring would be their worst nightmare.
With 9 per cent of absent minded British girls admitting to leaving their ring at the gym or on the kitchen worktop - one in 10 even loan it to their mates for the day - insuring it could help save money, heartache and maybe even a divorce!
The proposal itself is also fraught with potential mishaps, made all the more likely with the current trend of going down on bended knee abroad (7 per cent).
One in 10 blokes think their suitcase is the perfect place for hiding their prized purchase before popping the big question - this is particularly worrying considering the number of suitcases lost each year!
Other bizarre hiding places for this uninsured bling include:
* In the sock drawer * Amongst Christmas decorations * On the cat's collar * At his mates house
COMPAREtheMARKET commissioned the research to coincide with the launch of its home insurance price comparison product, a one-stop-shop offering a range of competitive quotes from over 15 big name insurance schemes.
Jeremy Moll, managing director of COMPAREtheMARKET said: "Even though engagement rings factor highly on our list of most treasured possessions, it's surprising to learn how many couples don't make provisions for them if the worst should happen.
"With Valentines Day likely to see more proposals taking place, I'd strongly urge couples to get the right cover for their precious metal. When you think about the time it takes to choose the perfect ring, it makes sense to take the time to ensure it is properly protected."
Unsurprisingly, Northern blokes are more practical than their Southern counterparts when it comes to protecting their investment - twice as many check they had adequate insurance cover once the lucky lady said yes!
Corinne Sweet, relationship psychologist, added: "It's understandable that couples get caught up in the whirl of romantic and other emotions surrounding marriage proposals and forget practicalities, such as insurance. Men often fear rejection, or wobble at making such a big commitment; women want glam perfection, or a sparkling sign of true love, and recklessly show off their gems. Being sensible about keeping the ring safe is often the last thing on both their minds. Yet, losing it, uninsured, would definitely create a major relationship crisis, even before they've got up the aisle".
The research also shows that, while popping the question is still regarded as the man's job, women are increasingly showing a lack of trust in their bloke to choose the right bling. A massive 38 per cent now pack him off with strict instructions of what type of engagement ring to get.
And although girls claim to treasure it, 11 per cent of women confess they don't think their partner spent enough on their ring, wishing they had a 'Posh' sized diamond to flash to their mates. In fact, two thirds of females in the South have upgraded their original for a more expensive version, while Northern ladies are more than satisfied with their sparkler.
Visitors to COMPAREtheMARKET only need to enter their details once, which are then automatically saved, allowing quick access to a range of quotes whenever required.
Jeremy added: "Our site is designed specifically to address the needs of the busy consumer, giving competitive quotes fast. It couldn't be more simple and we hope people will be more inclined to regularly compare the market for the best deal especially when it comes to such a significant investment as an engagement ring."
At present COMPAREtheMARKET provides car, van and home insurance. It plans to offer motorcycle insurance in spring and travel insurance in time for summer. For more information visit www.comparethemarket.com.
2025
