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Buying an engagement ring? How much to spend, and buying insurance

Updated on December 10, 2010

Thinking of proposing? Advice on how to buy an engagement ring, make sure it fits, how much to spend, and the importance of engagement ring insurance.

Many women dream of a surprise proposal and engagement ring. However, for the man, whilst the actual proposal and purchase of the engagement ring can be exciting, it can also be one of the most daunting times in his life.

It is not an easy task to pick out the perfect diamond ring for your loved one, one that fits and that you can afford.

How much to spend when buying an engagement ring

When it comes to deciding how much to spend when buying an engagement ring, the rough rule of thumb is to spend the equivalent of one month’s salary. In a recent engagement ring survey by Insurance Company Sheila’s Wheels, it was found that on average the men who took part in their survey spent £1,412 on an engagement ring.


Who should choose an engagement ring?

This is where things become tricky. In the survey, over 40% of the women said that they would like to be surprised and were willing for their partner to pick a ring for them.

However, 40% wanted to choose their own engagement ring and the remaining 20% didn’t mind either way.

Whilst 10% of the men wanted to decide on the ring themselves, the remaining 90% said they would like their bride-to-be to help them choose the ring as they wanted to make sure their partner liked it.


The importance of buying the right size ring.

Your fiancé will be spending the next few weeks showing off her ring to family and friends, and you need to ensure that you buy the correct size to ensure that the ring doesn’t slip off and get lost.

Unfortunately, when buying an engagement ring, many men deliberately buy a ring that is slightly too big for their fiancé, with the aim of making sure that they can wear it straight away.

As a result, around 56 per cent of women surveyed admitted to wearing the loose fitting rings for an average of 52 days before getting it resized because they wanted to show it off.

However, buying a ring that is too big is a dangerous strategy, which not only may result in the loss of the ring, but also, without any engagement ring insurance can result in a loss of the money spent on the ring.

Therefore, it is important to check your partner's ring size to ensure a good fit and prevent it slipping off the finger and getting lost.

If you want to make the proposal a surprise, it can be a little difficult to determine her ring size. If she wears a ring on that finger you could try to measure it or borrow it and take it to a jewelers to be measured.

Alternatively, you could take her into the jewelers to have her finger measured.

The importance of buying engagement ring insurance

From the survey, almost one in three men admitted that it had not crossed their mind to insure the ring against theft or loss, with one in four admitting they did not plan insuring it at all.

Whilst a ring that has been lost cannot be replaced due to sentimental reasons, for more practical reasons, you can soften the blow by taking out insurance to enable you to buy a replacement.

So the conclusion seems to be that unless your girlfriend is of a highly romantic nature who dreams of a surprise proposal, and doesn’t mind what ring you buy her, your best strategy would be to arrange a surprise proposal and then take her to your chosen jeweler shop to choose a ring for herself, making sure it fits and buying insurance against future loss.



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