According to which.co.uk the average wedding in the UK costs about £20,000. That is an awful lot of money no matter how wealthy you might be. It is also an awful lot to lose if something should go wrong on the big day. Wedding insurance exists to protect you against any losses by providing coverage against any number of possible issues.
Wedding insurance should not even be a question if you are spending tens of thousands of pounds. There is no point in putting your own finances at risk when wedding insurance is so inexpensive. For just a little bit of money you can cover yourself against bad weather, unreliable vendors, theft, vandalism, or even wedding cancellation.
What Wedding Insurance Covers
Just about any expense you incur in putting on a wedding can be covered by a wedding insurance policy. Deciding how much cover you need depends on what your spending practices are. Here is a short list of the most common things covered by typical policy:
- Cancellation - Heaven forbid you should have to cancel a wedding due to injury, death, or one of the betrothed changing their mind. However, it does happen. A comprehensive wedding cover will reimburse you all your expenses up to the limits provided in the policy. For someone spending £20,000, wedding insurance offers great peace of mind.
- Loss or Damage - A policy that includes loss or damage cover takes care of things like stained or torn suit rentals, lost wedding rings, damage to rented tables and chairs, and so on. It also covers liability issues you might incur when renting a facility for the ceremony and/or reception. This is a must-have for any wedding cover.
- Vendor Issues - Since many people begin planning their weddings nearly a year or more in advance, it is not uncommon to contract with a vendor months ahead of time. If a vendor goes bust prior to your wedding, an insurance policy will reimburse you for any deposits you have already put in place. It will also help cover any additional expenses you incur in trying to line up a new vendor.
- Injury Liability - Unfortunately, accidents do happen at weddings. A wedding insurance policy that includes injury liability will protect the bride and groom, their families, and all of their guests. There may be some limits to this coverage, depending on the type of policy you choose.
There are other added covers you can include with your policy if your needs dictate as much. The key is finding a good provider willing to work with you and your circumstances. Choosing an off-the-shelf policy that does not fit your needs is not a wise idea, so make sure you find a good quality provider you can work with.
Why You Need Wedding Insurance
If you are a normal consumer, you would probably never consider driving your car on public roadways without insurance, right? We all buy car insurance because the investment we make in our vehicles is not something we can afford to lose in case of an accident. Nor can we afford to have to pay out-of-pocket if we are found liable for injuries or damage to others. Car insurance policy protects us from that.
All of those same things apply to weddings as well. Unforeseen circumstances could result in great financial loss or liability issues on your part. That is why you need wedding insurance. To give you a better idea let us look at the top 10 wedding insurance claims as listed by Confetti. Seeing what these claims are should give you a good idea of why wedding insurance is such a good idea.
- liquidation of the wedding dress shop
- damage to the wedding dress
- theft of wedding gifts
- cancellation due to illness
- liquidation of the venue
- problems with the photos
- damage to attendants clothing
- car breakdown
- loss of wedding rings
- personal liability – damage to tablecloths, etc.
A wedding day can be stressful enough, especially with both couple's parents wanting everything to go off perfectly. You do not need the added stress of out-of-pocket expenses in the event of some sort of problem. Not only that, you don't want your memories of the wedding 10 years down the road to be how much money it cost you to fix unforeseen issues. You want to remember the smiles, the joy, and the family time.
Purchasing a Wedding Insurance Policy
Like any other type of insurance policy, the key to getting the best deal is shopping around. There are couple of ways to do this, including using comparison websites. Some of them, like Money Supermarket show you a list of providers you can choose from. Others provide actual quotes from the companies they work with. There is no right or wrong here; just use the type of site that best fits your online shopping habits.
Your second option is to do a standard Internet search for companies that sell wedding insurance; they are numerous indeed. From there you can visit individual websites to check different levels of cover, see pricing information, or request a quote. This is obviously the more time-consuming method of the two but it works nonetheless. If you are not Internet savvy, you can take the time to call insurance companies over the phone.
The key thing to remember is that no insurance policy is worth the money you pay unless it provides you sufficient coverage. When you are shopping for wedding insurance, remember to consider the following three things:
- coverage types and the monetary limits of each
- any deductible amounts you might be responsible for
- any extra requirements and/or exclusions
Remember to get multiple quotes and compare them side-by-side. This is the only way you will know for sure which policy is offering you the most coverage at the best price. Moreover, remember as well that the lowest priced policy is not necessarily the best policy. For example, you might be able to find wedding insurance for less than £50 but is it worth the money?
Here are some coverage limits you might find in a typical mid-level policy with and approximate price of £99:
- cancellation of ceremony and/or reception - £20,000
- damage to wedding garments - £5,000
- damage to rings, cake, etc. - £5,000
- transportation breakdown - £3,000
- vendor failure - £3,000
- personal liability - £2 million
Even though the listed amounts seem like a lot of money they may not necessarily be. It all depends on your tastes and preferences. However, a policy with this type of value seems to be worth the price tag. You would want to go higher if the total value of your wedding package exceeds the limits listed here.
One last thing to think of is travel insurance to cover the honeymoon trip. Again, this may not be something you think is necessary until you run into an unforeseen emergency and you have to start spending money. Travel insurance is equally inexpensive; it should be part of any couple's wedding plans.
Making a Claim on Your Wedding Insurance
Before settling on a wedding insurance provider, be sure to ask details about making claims. For example, you want to know how easy it will be to contact the company in or to initiate a claim should it be necessary. If a provider is only available during normal business hours, Monday through Friday, it will not do you much good for a Saturday wedding.
You can do an online search for independent reviews of insurance companies to get a good idea of their claims of service. While such independent reviews cannot always be trusted 100%, they will give you a good idea of how well a given insurance company will respond to claims.
When you eventually do settle on a provider, make sure you know exactly how the claims process works so you are not caught off guard. In some cases you would contact the insurance company directly, as soon as is reasonably practical, in other cases you might contact an agent to act as an intermediary.
Finally, where claims are concerned be sure to carry a copy of your policy and the provider's phone number with you on the day of the wedding. More than one consumer has run into a problem only to have trouble contacting the insurance company because they did not have the documents with them. It is easy to fold the documents and stick them in your breast pocket, so there is no reason to be without them.
With the high cost of today's weddings, there is no better way to get financial peace of mind than a wedding insurance policy. Moreover, compared to other types of insurance, the relatively inexpensive nature of wedding cover puts it well within the reach of most people.
Do not endanger your own financial well-being by investing tens of thousands of pounds in a wedding without covering it through an insurance policy. Doing so could cost you financially, damage your relationship with your children, and leave you with bad memories that can haunt you the rest of your life.
You can begin your search for wedding insurance by looking at a few companies offering policies. Here are some of them:
- Debenhams - Offering several different levels of wedding insurance coverage including policies for overseas weddings. Basic cover starts at just £39.
- John Lewis Insurance - As an appointed representative of Royal & Sun Alliance John Lewis Insurance provides wedding cover starting at just £15.
- Cover My Wedding - This site is operated by Blue Insurance is Limited. They offer four levels of wedding cover at reasonable prices.
- Wedding Plan Insurance - A company dedicated to only one thing: wedding insurance. They are one of the more specialised companies, offering nine different plan options.
- My Wedding Insurance - This site offers several different wedding services including insurance. They are currently offering a 30% discount for online purchases.
- E&L Insurance - E&L are niche insurance specialists offering everything from wedding coverage to equine insurance. You can save as much as 35% when you purchase online.
- Dream Saver Wedding Insurance - Off-site offering not only wedding insurance but also other helpful tools including a wedding cost calculator.
- Event Insurance Services - Off-site specialist insurance cover provider offering policies for special events. Their wedding cover starts at £51.
- Insurance 4 Weddings - A site operated by Voyager Insurance Services. They offer four different levels of cover starting at £24.
- JBI International Insurance Brokers - This site comes from an insurance broker is doing in all sorts of personal and business insurance. For wedding insurance, you can get quotes online.
Some comparison websites also offer good deals on wedding insurance. Check out these sites before making your decision:
- Money UK - This site offers price quotes for as many as 92 policies from seven different providers. Direct links to providers are included.
- Compare Wedding Insurance - Offers a chart based comparison showing prices for dozens of different policies from different providers. Links to each provider are also included.