If you’re undecided about having wedding insurance, you might be interested in a few statistics, beginning with a recent poll on a major wedding magazine’s website.
Apparently nearly 70% of readers have already taken out wedding insurance or are planning to. Clearly that in itself suggests that the significant majority of people prefer to play safe rather than throwing their entire wedding budget on the equivalent of a roulette wheel.
But perhaps more significant is the fact that around 30% of people surveyed were not planning on taking out wedding insurance. Let’s just have a think about what those figures really mean, and reveal a few truths about weddings, wedding statistics and wedding insurance. Don’t run away just yet – you may be glad you read this.
|£10,000||£79.00||£35||Visit Insurer »|
Please see the full comparison table for all levels of cover available from these insurers.
Firstly, there have been approximately 22,000 marriages in the UK this year, with the average cost of a wedding being £23,000. That means that out of a staggering half a billion pounds spent on weddings this year, if 30% of couples chose not to take out wedding insurance, over 150 million pounds was gambled.
Here’s another figure for you whilst we’re throwing big numbers around: so far this year there have been more than 55,000 bankruptcies. It’s not been a good year, and the foreseeable forecast doesn’t make much better reading. How do these two figures relate?
Well, when you consider that each wedding on average involves 10 companies or service providers, from flowers to the cake, and from transport to caterers, that means that those 30% of couples who chose to gamble may have involved up to 66,000 service providers.
Would you really gamble 150 million pounds that none of those 66,000 service providers would be likely to go bankrupt? It’s a huge wager, and at stake is more than just the money – it could be the possibility of you being able to afford to have a wedding at all.
For the low cost of wedding insurance, it makes sense to treat a wedding as a wedding, and not a trip to the casino where the odds are only ever likely to be for better or for worse.
Source: You and Your Wedding 2009 Poll – Will You Be Taking Out Wedding Insurance. At the time of writing, 258 people had been surveyed with 70.5% saying they would be taking out wedding insurance.