Is ‘I DO’ the words you use when asked if you need Wedding Insurance?
Torn in transit bridal gowns to washed-out receptions, you only need to watch an episode of one of the car crash TV programs to learn just what can go wrong at a wedding. So if you are one of the couples planning on spending a fortune on your big day in 2017, it makes sense to take out wedding insurance.
While the recession may be over this doesnt mean the risk of companies closing down has been reduced. The average cost of a wedding fell by over £6000 from 2008 to 2013, guarding against the inevitable is no less important.
What is wedding insurance?
An insurance policy that covers you if something ruins your big day or it has to be cancelled or postponed. The financial loss can be recovered from your insurer.
Do I need wedding insurance?
This depends on how much you are spending on your wedding. If you believe you need added protection over and above any existing cover you might have or your worried about things going wrong it might help for peace of mind.
If you have paid with a credit card for anything costing between £100 and £30,000, if anything goes wrong you should be able to claim your money back from your credit card provider, using section 75 of the Consumer Credit Act. This applies even if just the deposit was put on your card.
According to consumer rights group Which?, this includes problems with goods or services that constitute a breach of contract – such as your reception venue being double-booked or the wedding cake not being delivered. Similarly you could try using the chargeback facility if you paid by Visa or Mastercard for goods worth under £100, although your provider is not legally obliged to chase money from the retailer on your behalf.
What does stand-alone wedding insurance cover?
All policies are different, but typically they cover the cancellation or rearrangement of a wedding or reception due to accident, illness or bereavement within the main wedding party, or if a supplier goes out of business. Most policies also cover loss or damage (due to accident, fire or theft) to the main wedding outfits; presents, rings; the cake and flowers; as well as the price of having to retake photographs and video; failure of wedding cars; and personal liability and legal expenses.
The amount you can claim if things go wrong depends on the level of cover you purchased. For example, if you buy Debenhams’s gold policy (£58.88) you’re covered against cancellation for up to £10,000; but its Diamond cover (£205.58) will pay out up to £60,000 for cancellation.
What isn’t covered?
You can’t purchase make a claim for a situation that you already knew about, if either partner changes their mind, or if you decide you cannot afford to go ahead with your plans. Most insurers have strict rules on theft too, so double-check what’s included. For example, some will not cover theft of outfits from a vehicle unless they are in a locked boot.
Honeymoons are not covered as standard, although some providers will bundle yours in at extra cost. So bear in mind that you might have to buy separate honeymoon cover or take out a travel insurance policy.
Can I add other optional extras?
Most insurers allow you to add cover for expenses such as marquee cover, ceremonial swords cover, and public liability cover. You can also usually extend cover for an overseas wedding.
How much should I insure my wedding for?
Create a spreadsheet and add either actual costs or realistic estimates for your big day. Include venue hire and food and drink, while the dress and other outfits can easily add up. Don’t forget to add the wedding rings, flowers, cake, transport, honeymoon, the cost of stag and hen parties – even stationery.
Also, don’t forget the wedding gifts, average wedding gift was worth £51. With the average UK wedding hosting 100 guests, a couple will typically receive £5100 worth of gifts on their big day.
How much does it cost?
From as little as £40, to more than £200 for comprehensive cover.
How do I choose which policy?
Work out how much you are going to spend on each wedding item, then find a policy that covers everything on your list at the right amount for each individual item.
Can I take out wedding insurance for a civil partnership ceremony?
Yes, most wedding insurers will insure you in exactly the same way they would for any other type of wedding.