What Does Wedding Insurance Cover?
If you’re going to get things right, weddings take a huge amount of planning. Not only do they take time but they also cost an inordinately large sum of money. In 2008 people used to spend an average of £20,000 on their wedding. In difficult times like the ones in which we are currently living, you may have expected this figure to drop but actually the opposite is true. Couples are now spending almost £22,000, a massive investment for everyone involved. Long gone are the days when the bride’s father would pay for everything, now most couples have to find the money for themselves.
Many things can go wrong before the big day even arrives. A DJ might make a double booking or a bridesmaid might gain or lose a stone in weight. So many times I’ve heard a bride cry, “That’s it! I’ve had enough of this stress. The wedding’s off!” Rarely has it been meant, but planning a wedding can still be one of the most stressful times in your life, and that’s before you even get to the nerve-wracking big day itself.
One way of lessening the stress and worry is to take out wedding insurance. There are lots of policies available but it’s important that you take the time to do some research before taking out wedding insurance. If you’ve paid for things priced between £100 and £30,000 on your credit card, then it’s possible that you might be covered for some of the things that may go wrong. If you’re truly concerned though, for complete peace of mind you might find it useful to take out a separate wedding insurance policy.
So What Does Wedding Insurance Cover?
While individual policies do vary, they all tend to make provisions for eventualities like the cancellation of a wedding or the need to rearrange a wedding or reception if someone has an accident or becomes ill. They’ll also cover you in the unfortunate circumstance that a death occurs within the principal’s guests or family. On a lighter note, if a supplier goes out of business you would likely also be covered.
If you’re the victim of some freak event like a fire, a theft or even an accident, most policies will provide cover for the loss or damage of things like the bride’s and bridesmaid’s dresses, groom’s and male companion’s suits, gifts, wedding rings, cake and flowers etc. It’s also possible to include cover for the cost of redoing photographs and recordings, wedding cars breaking down or even not arriving, and also personal liability and legal expenses.
You should bear in mind however that you’ll be unable to make a claim for anything that you already knew about before taking the policy out. It’s also worthy to note that if either of you change your mind; being fickle is not an insurable condition! Theft is also something that’s looked at very carefully and a wedding insurance policy would usually not pay out unless the items concerned had been stolen from the locked boot of a car. Honeymoons are rarely covered as standard in a wedding insurance policy but for an additional premium, it’s sometimes possible to get honeymoon cover added to the policy.
When considering how much cover you’ll actually need, it’s important to write everything down. Don’t forget to add on the cost of things you might not even have considered, such as how much will be spent on hen and stag nights, or the cost of the invitations. It’s all too easy to think only about the venue and wedding dress, but all those additional costs can add a considerable chunk onto the amount you’ll eventually spend. Wedding gifts are also something which you should remember to add to your total insurable cost. On average, around £50 is spent on gifts these days, so if you have fifty guests attending, that’s a potential £2,500 which may need to be accounted for.
You might feel that it’s too late to start thinking about wedding insurance but you’d be wrong, it’s never too late. Although it’s possible to take out wedding insurance as early as two years before the date of your wedding, there are insurers out there who will allow you to purchase a policy as late as the day before the wedding. If you do decide to take out a last minute policy though, remember that you won’t be covered for anything that you’re already aware of.
In the unfortunate event that you do need to make a claim, make sure that you have your policy number to hand when you call the insurer. Also, remember to call within the claim window stipulated by your insurer. These claim windows can last for as little as 31 days, so be aware of this if you’re taking an extended honeymoon.