Co-op Insurance sees wedding ring claims reduce but cost of claims rise
29 June 2018
- Cost of ring claim is up 14%*
- July is the peak month for claims**
It seems as though couples across the UK are taking extra care, with claims for lost wedding rings down 14%.
According to Co-op Insurance, fewer claims (14%) were received for lost engagement, wedding and eternity rings last year, in comparison to 2016.
However, despite the reduction in accidental losses, claims were more costly in 2017 at an average of £1,033. In 2016 the value of claims were on average worth 14% less at £902.
With wedding and civil partnership season now in full swing the insurer is urging couples to ensure their precious possessions are covered, especially as the unluckiest month when it comes to wedding ring claims – July – is fast approaching.
Many Co-op customers are literally at a loss when it comes to where the rings could have been misplaced with the garden, shopping centres and running routes being common places they reference when ringing in to claims.
For others, holidays and spring cleaning have proven problematic:
Co-op Insurance customer:
‘I took my rings off to clean the house as was spring cleaning, I went to put them back on and couldn't find them. I think I have thrown them out with the rubbish – I have been through the rubbish but it could be down the drain’
Co-op Insurance claims handler:
‘Our policyholder was on holiday in Italy and after applying sun cream was swimming in the sea. He looked down and realised the ring was missing and had probably slipped off into the Mediterranean’
Ian Kershaw, Head of Claims at the Co-op said:
“Couples make a lot of effort to ensure their wedding and civil partnerships are memorable affairs, with wedding rings being the one thing they can physically take with them everywhere to remind them of their special day.
“In July, however, we seem to receive a lot of calls from devastated brides and grooms who have lost their rings and who are at a loss of what to do next. With the average claim topping £1000 this could be a costly, as well as upsetting, time for many – especially if they don’t have insurance.”
Co-op Insurance’s top tips for protecting your wedding rings
- Take pictures of your rings – should the worst happen, If you’re insured with Co-op Insurance they can arrange for replicas to be made if you can’t replace them at a shop
- Try never to take your rings off in public places
- If you do remove your rings, try and leave them in a specific place in your home – out of harm’s way
- Never leave your rings next to a sink – the risk of them falling down the plughole is high
- If you are on holiday be mindful that sun cream can make rings slippier than usual, if your rings are on the larger side it may be best to leave them in the hotel safe
Ends
Notes to editors
13.9% less claims received in 2017 than in 2016
*In 2017, July was the month where we received the most claims for accidentally lost rings
Media Contact:
Jenna Moss
PR Manager
Mobile: 07770 441 828
Email: jenna.moss@coop.co.uk
@CoopUKPress