As we head towards the busiest time of the year for weddings, we take a look at what level of wedding insurance cover you might need. Moreover, to what extent do you need cover and what value in terms of sums insured.
There was a time when there were only two major financial investments in your lifetime. One was your home and the second was your car. Well now there is a third item that has caught up on the blind side; wedding costs. Research recently published by us showed the average cost of a UK wedding in 2012 to be around £14,500. That places it fairly and squarely in the insurance zone. By that, we mean that you would, perhaps, be irresponsible to make a financial investment of that size without taking measures to protect it should anything go wrong.
How Much Cover Do I Need?
The first thing you need to do is to work out the level of wedding insurance that you need. Cover is usually offered in tiers based on the total cost of your wedding. This means that in the event of total disaster and your wedding having to be cancelled or postponed, the policy would pay up to the maximum level towards your wedding. Of course, along with providing protection for cancellation or rearrangement, wedding insurance can also provide financial cover for lost deposits as a result of supplier failure, short term cover for the wedding gifts against damage or theft, loss of the wedding rings and much more.
When considering the type and level of wedding insurance you may wish to consider the following:
- The total amount you are spending on the wedding;
- The size of your wedding party including the number of guests;
- Whether you need cover for a UK wedding or cover for your wedding abroad;
- Any additional unusual aspects of your wedding such as if you are in the military and using ceremonial swords, or are having a marquee.
|£10,000||£79.00||£35||Visit Insurer »|
|£10,000||£80.00||£0||Visit Insurer »|
|£15,000||£100.00||£0||Visit Insurer »|
Please see the full comparison table for all levels of cover available from these insurers.
You should also establish if there are any specific risks and check that these are covered by the wedding insurance policy you’re looking to buy. Some things you might want to consider are:
- Do any close family members have a known illness or condition that might cause you to cancel the wedding? Does the policy cover you for this?
- Is there a threat of redundancy? If you’ve already been told your job is ‘at risk’ though, you probably won’t be covered anyway.
- Do you have a lot of guests travelling from abroad whose travel plans might be affected by extreme weather?
- Is your Best Man particularly accident prone and therefore do you need the Public Liability section of your policy to cover all guests?
Don’t forget, unless the policy wording states otherwise, any issues you know about at the time you take the policy out (“known risks”) generally won’t be covered.
You may find that some of your risks are already covered by more conventional insurance or by some form of consumer protection afforded by your credit or debit card if you have chosen to pay for things that way.
As far as duplicate cover, to use an insurance term, is concerned, you should check whether your existing household insurance policy covers as regards items associated with a wedding. For example, you may find that items like your wedding presents are covered against loss or damage already. However, we would recommend that you check with your insurance company to make sure. Some house insurers now offer extensions to their policies that will give cover that is specific to weddings but perhaps only for short periods, again you should check with your insurance company.
We are in a period of great consumer protection and there are many ways that things you purchase can be protected simply by using your credit or debit card to pay for things. For this reason, you may want to find out what is protected by your credit or debit card company if you decide to use them to pay for something like the flowers, or maybe the wedding cars. You may be surprised by the degree of protection you are given by these companies just because you have purchased something using their card. Deposits between £100 and £30,000 and paid by credit card, for example, will usually be covered by Section 75 of the Consumer Credit Act.
Don’t forget that it’s ONLY that particular item that’s covered though and almost certainly not any knock-on effects either. Therefore, cover provided by your home insurance or any credit card protection is no real substitute for a full wedding insurance policy.
The above are just some of the numerous things that you may wish to consider when choosing the most suitable policy for your needs. Of course the cost of the insurance typically depends on the total amount you would be covered for with insurance. With this in mind you do not want to over insure your wedding as you will be paying too much for your premiums. The same applies to under insuring your wedding in the event that the wedding should have to be cancelled or postponed. If the wedding is cancelled and your wedding insurance policy pays out say £5,000 in total and your wedding cost £10,000 then of course you have to stand to the difference.
If you shop around and compare wedding insurance online you are easily able to find an affordable policy to cover your big day. At least with wedding insurance to rely on you do not have to worry about financial loss if the worst case scenario should occur.