Insurance is never something we like to consider. Whether it’s the ever-increasing cost of car insurance or the dark shadow of life insurance, it’s not something we like talking about. We never like to think about those occasions that might cause us to claim but we are always thankful that we’re covered when the time comes. Wedding insurance is a growing market in the UK, and this is driving down the cost as competition kicks in. But what does a policy actually cover, and is it really worth it?
The main thing a policy will cover is the cancellation of the ceremony and the reception. This can be due to the illness or death of somebody within the wedding party, damage to the venue, poor weather or even redundancy of the bride or groom. This is obviously the worst-case scenario and the part of the policy you really don’t want to be claiming for.
The more likely areas you may require to claim are thing such as damage to the wedding dress, bridesmaids dresses or groomsmen clothes leading up to the big day, car and transport cover, or failure of suppliers. If any of these events were to happen you would receive a payout that would allow you to re-book with an alternative supplier and limit the impact that this would have.
But it’s the little things that really make a big impact with wedding insurance. For example, if your photographer was to have problems with your photos and they were to be lost, a policy could provide you with a payout that would cover the re-taking of your photographs. While not ideal, you would still have photographs of your big day.
The loss, damage or theft of wedding gifts is also generally covered as standard, whether they are on show at the reception, being looked after my a close relative or being transported home, most policies pay out up to £250 per item, up to a specified limit, for your gifts.
As the market for wedding insurance market isn’t huge in the UK it can be difficult to get a good comparison. The few comparisons sites we’ve seen don’t actually compare that well so you will probably have to do the investigative work yourself. The big names such as John Lewis and Debenhams offer comprehensive policies from a trusted brand and are well worth a look. Weddingplan Insurance offers a policy that has lower limits but still covers the basics and at a reasonable cost.
As with all insurance purchases, ensure you read the small print to make sure you are happy with the cover you are buying, and are aware of all of the exclusions. The terms and conditions for all policies will be available to you before you purchase so spend some time reading through these.
One final thought. The average cost of a wedding in the UK in 2010 has been put at between £17,000 and £21,000. While you may see wedding insurance as an additional cost, don’t be tempted to buy cheap. If the unthinkable does happen, you want to make sure all costs are covered and you aren’t left with a hole in your bank balance.