Wedding Insurance – Big Day, Small Cost

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Despite the current financial trends, people are still getting married. The only slight difference is that they seem to be trimming their costs. We know this because recently released statistics have shown that for the first time for years, the average cost of a traditional wedding has fallen from a high of around £20,000 to £15,000. What has surprised many in the insurance industry and the media is that only about one quarter of those getting married are taking out any form of insurance protection. Furthermore, what is even more surprising is that the most likely person to take out that insurance is the man rather than the woman. This is in contrast to most of the other wedding related purchases and decisions, which tend to be made by the bride to be.

Another interesting statistic to come out of all this is that people are using comparison websites more and more to establish the best deals for wedding insurance. It seems that the penny has finally dropped, so insurers are gearing up for a boom in wedding insurance policies as people become more aware of the risk they are taking by spending huge amounts of their hard earned on their wedding arrangements.

Originally, policies could only be taken out up to 12 months prior to the event, however, with the realisation that wedding planners are planning up to two years ahead, insurers are now often providing policies that can be taken out up to two years ahead, although you may occasionally find there are small additional costs involved.

		Visit Debenhams » 5 levels of cover with policies available from £39.
		Visit Dreamsaver » 4 levels of cover with premiums from £24.
		Visit Ecclesiastical » Choose from five tiers, or mix and match to suit your needs.
		Visit InsureForWeddings » Four levels of wedding insurance cover starting from just £19.99.
		Visit John Lewis Insurance »
		Visit Weddingplan » 9 levels of cover with premiums from just £18.49.

You can now get a basic policy for as cheaply as around £20 from some insurers, but we would suggest that you work out your budget first and then find a policy that adequately covers those liabilities. You should also add a small percentage to each of your estimates to cover for underestimations as you do not want to be hit with an under insurance charge if you make a claim. Most wedding insurance policies offer a tiered method of cover. That means that in its simplest form, you can just choose the overall budget for your wedding and pay for that level of insurance. This avoids that time-consuming and painstaking job of working out the cost of each aspect of your wedding and trying to estimate the cover required for each one individually.

Be aware that there are certain things that are considered additional cover by some insurers but not all. Public Liability cover (for the Bride and Groom anyway) is included by most insurers these days, but you should still check anyway. Things like marquees, ceremonial swords and extending public liability to cover all guests will require additional cover and therefore additional costs.

Finally, remember that changing your mind or you decide you cannot afford it do not constitute a valid claim under wedding insurance.

Article written by Adam. See his Google+ profile.

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