News
13/02/08 - Don’t Just Look At The Four C’s, Colour, Clarity, Cut & Carat, Take A Look At The Cover Too, Warns CIS
In today’s society, February 14 has become associated with several classic, romantic moments: sunsets, a box of gourmet chocolates, a dozen roses, candles, and intimate dinners all of which have been used for a stunning proposal. Although the number of marriages is still falling, 283,000 in 2006*, ten per cent of wedding proposals made this year are expected to take place on Valentines Day. With the average cost of an engagement ring now in the region of £1500, leading financial services provider Co-operative Insurance (CIS) is urging romantic ‘husbands to be’ to make sure they have arranged adequate insurance to protect their expensive romantic gesture.
Research, carried out by CIS, has shown that only 35 per cent of us actually have the correct level of cover in the form of a personal possessions policy and of those only 12 per cent have specifically noted expensive items on their policy. Personal Possessions being the type of policy that provides cover for such items as jewellery when taken out of the home, unlike standard contents cover that provides cover for items that are lost or stolen in or from the home.
The research also showed that 29 per cent of women regularly took valuable items of jewellery out of the home with them as opposed to only 11per cent of men, but 9 per cent more men took a valuable watch out of the home with them.
Those aged between 16 and 34 seem to be the most affluent with on average 21per cent either taking valuable jewellery, a valuable watch or sports equipment out of the home as opposed to only 14 per cent of those aged between 34 and 54.
James Hillon, CIS Head of Home Insurance, said, “Clearly romance and marriage aren’t dead with many engagement rings now costing us an average at least one months salary, however whilst not wanting to spoil the special occasion its important that adequate insurance cover is taken out on these expensive pieces of jewellery. Unfortunately many people don’t realise that they don’t have personal possessions cover until it’s too late. Our advice is to check your cover before going down on ‘bended knee’ and ensure that your romantic evening doesn’t end in tears”.
Date: 13th February2008
For more information please contact:
Duncan Bowker
Co-operative Group Press Office
Tel: 0161 827 5617
e-mail : duncan.bowker@co-op.co.uk
Notes To Editors:
* Sources: Office for National Statistics, General Register Office for Scotland, Northern Ireland Statistics and Research Agency.
