Wedding Insurance: Protecting the big day
Wedding Insurance: Insuring you big day
Friday, 08 Feb 2008 17:14
Wedding insurance covers the costs incurred should anything go wrong during a couple's big day. By paying a premium to an insurer you can enjoy peace of mind that if your designer dress is ruined with a red wine stain or the venue cancels at the last minute – you can at least recoup the cost, if not the hassle.
There are two kinds of wedding insurance, which cover weddings and civil partnerships.
The first covers unexpected problems which might hamper arrangements at the last minute. This might include the venue you booked going out of business. In this case an insurance policy will cover the cost of a replacement and save the day before disaster occurs.
The second kind pays out if an item is damaged – such as the wedding photos – and they cannot be replaced.
Among eventualities the average wedding insurance policy will cover are:
- Loss, theft or damage
of clothing, rings, photographs, wedding presents- Costs and expenses of cancellations
Public liability – should your wedding cause damage to another's property, for example at the reception venue- Re-taking wedding photos
- Cancellations
for example, if the venue is double booked- Costs of taxis
if transport doesn't arrive- Suppliers pulling out
due to, for example, going out of business
Some policies also even cover the costs of stress counselling for brides and grooms and their families.
Reasons to have wedding insurance
The average wedding is costing couples – according to a range of estimates – from £10,000 up to £25,000. Rates spiral – sometimes to as much as £50,000 or more if the venue is an exotic foreign destination - as people become increasingly extravagant with their plans and as suppliers and wedding services take advantage of the demand.
If the bride or groom pulls out at the last minute this money could go down the drain – unless, of course, it's insured. With dresses costing as much as £1,500 – if the garment is damaged and must be replaced or repaired and insurance claim could help a couple financially and ease the stress.
How to buy wedding insurance
The market for wedding insurance is dominated by insurers which are dedicated only to covering couples' big days as opposed to mainstream insurers branching out.
As a result it's difficult to get online comparison site quotes. Some high street retailers, such as Marks & Spencer and Debenhams, sell wedding insurance.
If you want cover for the costs of cancellations or re-arrangements up to £5,000 you are looking at paying between £48 and £60. For more expensive weddings the premiums can go up to as much as £150. There are even plans covering weddings for up to £75,000. Online prices are often cheaper than those given if the insurance is taken out over the phone.
Pitfalls
As with all insurance policies, check the small print to make sure there are no hidden conditions. For example, some insurers might insist you take out the insurance a year before you tie the knot in which case, a policy taken out six months before the big day might not pay out.
Don't sign up for a policy which covers more eventualities than you require. It's pointless forking out extra to cover the costs of a honeymoon or wedding presents being stolen from your home if these are already covered in your existing travel and home insurance policies.