According to research published at the weekend, only 1 in 3 couples planning their wedding purchased a wedding insurance policy for their big day. Those that did purchase wedding insurance spent an average of £46 on their cover which works out as less than a quarter of one percent of the average wedding cost, currently around the £20,000 mark.

The study, carried out by cashback giant Quidco, surveyed 1,079 UK adults aged between 18 and 64 who had either married in the last 12 months or who were engaged to be married. It found that only 1 in 4 were now using credit cards or a loan to fund their wedding, with the vast majority (84%) relying on savings or getting a contribution from family or friends (60%). A third had asked relatives for practical help such as making the wedding cake or invitations.

Despite the general economic downturn, it would seem that prospective Brides and Grooms are not compromising with their wedding arrangements and at the same time are getting creative with ways of financing their big day to avoid having huge loans to pay back.

Nicola Frame from Quidco commented – “Rather than start married life in debt, brides and grooms on a budget are thinking creatively to keep their wedding costs down, by selling things on eBay, getting cashback on their spending and asking friends and family to chip in with homemade cakes and invites. But even on a tight budget, the big day is usually a major financial investment which involves a myriad of suppliers, so the small amount you save not buying insurance could turn out to be a false economy.”

Indeed, at only £46 the average cost of wedding insurance is little different to the cost of feeding just one additional guest. As with any non-compulsory insurance policy, you need to work out whether it’s right for you or not. But it’s perhaps worth looking into though, just for the peace of mind.

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