The days of weddings being cobbled together by a few relatives or parents and the reception being held in a local upstairs room in a pub are long gone. Today, modern weddings are well panned in advance, often by the bride and groom, and the average cost is somewhere around £15,000! With amounts like that at stake, it is little wonder that modern young couples are choosing to protect their investment by taking out some form of wedding insurance.
Having decided that you need wedding insurance, you will want to be able to choose the best and most appropriate cover for your particular wedding. This will require you to sit down together and work out the costs of each of the main components of your wedding.
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Please see the full comparison table for all levels of cover available from these insurers.
The easiest way to do this is to break down your wedding into sections that will correlate with the wedding insurance policy. That way, you can allocate the respective sums insured, i.e. the cost of replacing each component should it fail, to each section and thereby use that as your sums insured for each section. As a brief guide, we will look at each major section and look at the average sums insured for each one.
So, let’s take a look at the venue. You will need cancellation cover in the event that you have to cancel the whole event due to say, the owners go bust. Alongside that you will need rearrangement cover, which is similar to the above, but just changing the actual date. Average low budget policies will give you £5,000 cancellation cover and up to £3,750 for rearrangement.
Should a main supplier fail to deliver, you will be offered cover up to £5,000. Wedding attire, which will include the wedding dress, will normally have an average of £4,000 of cover. Bear in mind that this will cover damage as well as loss of any attire especially if it is rented. Cover for gifts/presents will vary quite considerably. Obviously, you will not know in advance how much people will spend on these, but a quick look at the guest list will tell you that if you have a large number of guests, there will be more items and therefore a higher value. Look for a policy that offers the highest sum insured if you think that your gifts will be expensive. Rings, flowers and cakes are often lumped together. You should look for at least £3,000 sum insured here especially if the rings are valuable. Cars will require up to £3,000, as will the photographer should they fail.
Do not make the mistake of ignoring the public liability aspect of the policy. With today’s claim culture it is easy to attract a claim for injury to a guest with dire consequences if you do not have this type of cover. One last tip, please check the excesses for each section before you commit to buying the policy.
Article written by Chris