Ideal Bride Magazine | May 2012 |
Help & Advice
To insure or not to insure, that is the question
In today's modern world where the average UK wedding costs in excess of £20,000, should we protecting our investment?
Every other financial investment we make in life is protected by insurance; we insure our homes, our cars, our holidays – why not insure our weddings? You may think to yourselves, do we really need it?
Every couple planning their wedding will have sat down and planned a budget; Covering every aspect of their day from the venue and dress to the bridal party gifts and stationery. The grand total of this budget is in effect the amount you stand to lose should you have to cancel your wedding or account for failed suppliers. Is it better to be safe than sorry?
You've decided to take out a wedding insurance policy; what can you expect the policy to cover and what can you expect to pay?
Cancellation and expenses
This covers you in the case of having to cancel your wedding due to an unexpected death, illness, extreme weather or loss of employment. As with the majority of insurance policies conditions known to you are excluded from cover.
Wedding attire
Covers you for loss or damage that is beyond repair
Supplier deposits
Cover for the loss of non-refundable deposits. In the event of a supplier going bankrupt or failing to appear.
Wedding cars and transport
Cover for the additional costs incurred for alternative transport. If you're original supplier fail to meet their contractual obligations.
Gifts
Cover for the loss or damage to wedding gifts, often for a pre agreed period before and after the wedding. Money, gift vouchers and cheques are usually excluded.
Wedding photographs and video or DVD
Covers expenses acquired in the retaking of the official wedding photographs, video or DVD should the booked supplier fail to appear or they use faulty materials.
Public liability
You would be covered against claims made by a third party
Professional counselling
Covering the bride or groom for the costs of counselling should one partner decide not to proceed with the wedding. Policies tend to exclude the cancellation of a wedding due to one partner jilting the other.
Personal accident
Both the bride and groom are covered should they have a accidental body injury during the period of insurance, that leads to death or permanent disablement.
Wedding rings
Similar to the gifts cover, this is protection against the loss or damage of the rings for a pre agreed period before and after the wedding.
Wedding cake and flowers
Provides cover for the loss or damage to the cake or flowers.
What are the costs?
There are price comparison websites out there for wedding insurance. An estimate of what you can expect to pay is between £19 to £245 depending on the level of cover you require and the provider you choose.
When taking out a wedding insurance policy you should check with the provider what they cover, how much it costs and what are the limits of cover. Be sure to speak with a number of providers to ensure you are getting the policy that is right for you.
Credits: freeimages.com
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