Wedding Insurance Policy

Oct 11

The Real Cost Of Wedding Insurance Policies

With the continued growth in the cost of weddings in the UK it is not surprising to see the wedding insurance industry becoming increasingly competitive. There are now more companies offering wedding insurance than ever before, and each company is often offering a whole range of different policies – up to twelve different types of policy in at least one case.

This means that not only is it more important than ever to think seriously about wedding insurance, but also to think carefully about what you really need, and what you don’t. A typical wedding in the UK now costs anywhere between £16,000 and £25,000, which is a staggering amount of money, and often represents the second biggest financial commitment that anyone takes on in a lifetime.

What often surprises people more than anything else is the fact that what can initially feel like a fairly low budget wedding can quickly become a very expensive one. For example, things such as the Groom’s wedding outfit can cost a great deal more that you might think – often £600 just for a tails jacket. The whole suit might well cost as much as £1,000.
The venue is clearly going to be expensive, but today even a marquee can cost several thousand pounds to hire, and when you start to add in other costs that are easily overlooked such as buttonholes, complimentary drinks and the DJ you can very quickly start to see a reasonable budget looking like the Gross National Product of a small European country.

For example, if you’re planning on offering a complimentary glass of champagne for everyone for the toast, you could well be looking at £500. With photographers costing up to around £3,000 and then your car hire, Wedding Dress, bridesmaid dresses and rings you can start to see just how it all adds up. This is why wedding insurance is now so important.

You wouldn’t buy a house without having some kind of insurance in place. In fact, in the UK you’re not even able to get a mortgage for a property unless you have decent cover. The same is true when you buy a car, as you’re legally obliged to have cover.

Yet although these two major purchases require you to take out some form of cover, no one requires you to take out wedding insurance, despite the cost of your wedding being more than most people ever pay for a car, and in some cases about the same as it costs to buy a small starter home in some parts of the country!

This seems an astonishing situation, and one that needs addressing. For couples to risk around £20,000 with no protection seems madness, yet every year a staggering number of couples do just that, and often simply because no one has thought to recommend that they do take out wedding insurance.

Wedding insurance policies start from as little as £20, and can offer protection up to around £50,000, which means that whatever your budget, there’s bound to be a choice of policies and levels of cover to suit you. But it will mean that you’ll have to plan out how much you’re willing to spend, and your rough budget so that you make sure you take out enough wedding insurance cover without paying for more than you need.

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