The Price of Love: Couples spend an average of €3,624 on Engagement Rings
15% of unmarried adults would not want a ring if engaged/married
11 February 2025, Dublin: New research reveals that the average spend on engagement rings in Ireland is €3,624. A nationwide survey* of 1,000 adults on behalf of Aviva Insurance Ireland DAC (Aviva) has highlighted that, of the 600 respondents who own engagement rings, the majority of couples spent between €1,000 and €5,000 on a ring, with almost a quarter (24%) attesting to this. Some 18% claimed that the engagement ring cost up to €1,000, with 9% admitting the cost as between €5,000-€10,000. Only 1% of respondents said the cost was between €15,000-€30,000, while 2% revealed that the cost of the romantic gesture was between a staggering €30,000-€50,000. The survey further revealed that among unmarried respondents, 15% indicated they wouldn’t want a ring if or when the time comes.
Additional findings from the Aviva survey revealed:
- Some 8% respondents “haven’t a clue” how much was spent on their ring, as they weren’t involved in buying it
- The majority (36%) of those who spent up to €1,000 on an engagement ring were aged 55+
- The 1% of respondents who had engagement rings of between €15,000-€30,000 were aged 35-44 (2%) or 55+ at 1%.
However, despite these significant romantic “investments”, more than half (53pc) disclosed that their rings are not insured.
At an average of approximately €3,600, it’s clear that there are engagement rings of significant value in many Irish households. What’s more many of these rings could have appreciated in value over the years, seeing them soar, not just in sentimental, but also financial value. Despite this, insurance cover seems surprisingly low. Less than half of respondents (47%) with an engagement or wedding ring have taken out insurance on them. The 53% who disclosed that their rings are not insured claimed that they either had never thought to do so (39%) or that they would not be worth enough to insure (14%).
Julie Frazer, Underwriting & Product Lead, Aviva said
The Aviva survey found:
- Just over 1 in 5 (22%) insured their ring immediately after purchase
- An additional 25% insured their rings “eventually”
- The 39% who claimed that they had never thought to ensure the rings was highest amongst those aged 25-34 at 51%.
"It seems that insuring valuable rings simply hasn’t crossed the mind of many people. But these precious and often valuable items do get lost, stolen, and damaged frequently as they are, for the most part, worn every day. Without insurance, the loss, theft, or damage of such a valuable item could be devastating,” added Julie Frazer.
The Aviva survey found some interesting gender, age and regional differences:
- 53% of men have insured their rings, compared to 41% of women
- Women are more than twice as likely as men to believe their rings are not worth insuring (20% v 9%)
- More than half (51%) of those aged 25-34 (i.e. those most likely to be relatively newly engaged / married) admitted that they have never considered insuring their rings
- Regional disparities show 58% of Dubliners have ring insurance, in stark contrast to just 37% in Connacht/Ulster
“Engagement and wedding rings hold deep sentimental value in Irish life. And, while some people might spend more ‘modestly’ than others but, in the main, engagement and wedding rings, as our survey shows can also represent a significant financial investment. While jewellery may be fully covered as part of homeowners’ contents insurance in the home, it will only be up to a certain value, with the amount varying depending on your insurer. Higher value items, which many of respondents to the survey have would need to be itemised separately on the policy. These items should also be listed separately if people want to ensure they are covered outside of the home environment,” concluded Julie Frazer.
*The research was carried out by iReach Insights on behalf of Aviva