Insuring Mens Titanium Wedding Bands

Your mens titanium wedding band is not exactly a cheap piece of item that you wouldn’t be too concerned about losing. Just like you would buy insurance on your car or house, you want to properly insure your mens titanium wedding bands.

In fact, there are many insurance companies that offer jewelry insurance that includes wedding bands. Like common insurance policies, jewelry insurance protects your wedding bands for loss by theft, fire or other disasters. But the actual details of compensation vary greatly.

In general, jewelry insurance offers compensation in three board forms; in your jewelry’s actual cash value, replacement value or agreed value.

Actual Cash Value

Like the name suggest, the actual cash value insurance pays out based on the cash value of your wedding band. But the payout is not the price you paid for your mens titanium wedding band, but the current market worth of your ring. This may work for or against you depending on the prevailing market conditions. But the trend for precious metals like titanium has been to increase as the years go by. Therefore insurance companies will typically charge you higher premium for this type of coverage plan.

Replacement value

Replacement insurance policy allows for the replacement of your lost mens titanium wedding band with another ring band of similar quality or equivalent to the amount insured under the policy. This replacement ring band is usually chosen by the insurance company so it may be necessary to have your own appraisers to make sure that the replacement item is as it should be.

Insurance companies prefer this type of policy because it entertains less hassle, and can usually spend less than what is insured to help you replace your wedding band. This is because large insurance companies have a lot of buying power and can always buy replacement rings well below the market rate. But of course, your premium remains tagged to the market insured value regardless of how cheaply the company can replacement them for.

Agreed value

The most common type of insurance form for mens titanium wedding bands is the agreed value compensation. This form of protection compensates your loss according to the agreed terms between you and your insurer. The payout can be in the form of cash, replacement or anything you can think of.

Based on what you prefer as the payout, the insurer will do their calculations and offer you the premium to be paid. Because both the premium value and compensation value are agreed upon by both parties, this form of policy is seen is the fairest type and therefore most commonly used.

But of course, because each contract is slightly different based on the agreement terms, companies have to spend more on managing the contract and this added cost is naturally included in the premium to be paid.

It is very important that you keep your original jewelry description, certificates and even receipts as proof of your ownership and wedding band value. This is especially is you are having an actual value or replacement value policy.

If your mens titanium wedding band is specially design, you may also want to keep a copy of its design diagram for replication in the future, or at least keep several pictures of it from different angles.

But no matter how much protection your insurance can offer the payout in cash or in item will never be able to truly replace your wedding band. Your wedding band is a unique piece of jewelry that has great sentimental value since it signifies your marriage vows. Insurance can only lessen the loss, so its best to not lose or damage your wedding band in the first place.