Protecting Your Big Day: Wedding Insurance
With the average price of a wedding in the UK hovering around £20,000 and businesses going belly-up over night, insurance might be just the thing to make sure the big day goes as planned.
Wedding insurance is set up to protect the bride and groom from the many “what ifs” surrounding the preparation for the walk down the isle, but what can a couple expect from their policy?
Johanna King examines the ins and outs of wedding cover, what you can expect to pay, what policies do and don’t cover and if the insurance is really worth buying.
What is wedding insurance?
Wedding insurance is exactly that – insurance to cover your nuptials in case something goes wrong.
Policies are offered by both stores and traditional insurers, and generally cover everything to do with planning up the actual event and often 24 hours after the last toast is made.
Replacement of presents, flowers, cake, rings, transport, photographs and wedding attire is included if any of the above is lost, stolen, or your supplier fails to show up.
If your outdoor wedding gets rained out or the reception hall double-books? The insurance will pay all the last-minute rearrangement expenses.
Some insurers will even go so far as to have a mini re-do of the big day - including re-renting tuxedos and buying a new cake - if the photographer doesn’t show or ruins your prints.
And if all the planning is getting you worked up, Marks & Spencer’s policy even includes stress counselling.
Ian Fleming, head of personal finance at Debenhams says: “Unfortunately disasters do occur but wedding insurance can stop a drama becoming a disaster by providing reassurance that the situation can be rectified.”
Pricing
The cost of insurance varies depending on the price tag on your wedding, which provider you choose, and how much cover you want.
Most insurers offer varying levels of cover that are based on the overall cost of your ceremony. Premiums range from as low as £30 for a £5,000 wedding to as much as £355 for a £50,000 event. The premium is paid only once.
Ele Field, insurance product manager for Greenbee, reminds couples to compare the cost of the premium to that of the ceremony, and to consider the economy when deciding if the price is right.
“Particularly in the current climate, there’s no guarantee that suppliers will still be trading,” she says.
“Most claims that come through, around 50 per cent, are around failure of suppliers.”
Make sure to look at what each policy does and does not cover. For example, all charge an additional premium to cover marquees. Some include public liability cover and cover if the company goes bankrupt in the base price, while others do not.
Also, not all policies insure ceremonies taking place abroad or couples who are not both UK nationals.
Some policies are more flexible than others. Many will stick closely to the tier system while others will give you more individualised quotes.
Ecclesiastical, for one, offers a “mix and match” system that allows a customer to select cover for the dress from the top tier of cover, cake from the bottom tier, and the venue somewhere in the middle.
Chris Pitt, spokesperson for Ecclesiastical Insurance, says his company introduced the mix and match policy last year in order to meet demand for a wide range of weddings.
“Weddings don’t follow the formula anymore,” he says.
What isn’t covered
Reimbursement of deposits if you have to cancel the celebration due to something like illness is included, but if the bride or groom gets cold feet don’t expect help getting your money back.
If costs balloon and the couple can no longer afford the wedding, the policy won’t help, but many policies will cover costs if the person paying for the wedding is made redundant.
And if any accidents arise from someone enjoying a bit too much champagne, don’t expect your insurance to cover it.
Making a claim
Most insurers have a phone number to call to make claims, with hours varying from company to company.
Mr Pitt says many claims can be solved in a matter of minutes, and monetary compensation paid very quickly. Although some claims – like flooding of the venue - require more time and inspection.
“If it’s a small claim, it’s very quick and easy to sort,” he says.
Ms Field says at Greenbee, the average time it take it settle a claim is about three months.
“What the claim is determines when it’s paid out,” she says.
Where and when to buy
Some department stores, including Marks & Spencer, Debenhams, and John Lewis through their trading partner Greenbees, offer wedding insurance. Many major insurance providers also offer cover for the big day.
Almost all major wedding insurance providers allow policies to be purchased online. Debenhams even offers a ten per cent discount for those who buy online instead of in person.
Providers recommended buying wedding insurance as soon as the first deposit on flower or a church is made, to make sure the cover can fully protect the wedding.
Wedding insurance can be purchased up to two years and as late as fourteen days before the date of “I do.”
“Sixty-five per cent purchase a policy seven months in advance - it’s not a last minute consideration but it’s not at the top of people’s minds,” Ms Field said.
Do I need it?
The answer is: it depends on the type of wedding.
If the newlyweds-to-be have home insurance and are planning a very small wedding, they probably don’t need additional cover.
Most home insurance will replace items like wedding attire, gifts, and the rings if they are lost, damaged or stolen.
It is recommended that the policy is checked, however, to ensure the level of cover is sufficient. Policies tend to have limits on the price and quantity of valuables, like jewellery, it will cover.
But if you’re planning a more elaborate affair using a variety of different vendors and venues, or you’re worried about suppliers going bankrupt, then you should consider wedding insurance.
Mr Pitt says: “A wedding is arguably the most important day of your life and it’s a big investment for brides and grooms.
“No one would drive a £15,000 car without insurance.”
Mr Fleming agrees: “In these difficult financial times insuring one of the most expensive, and hopefully happiest, days of your life goes off without a hitch, has to be a priority.”
Johanna King
Taken From MyFinances.co.uk
Wedding insurance is set up to protect the bride and groom from the many “what ifs” surrounding the preparation for the walk down the isle, but what can a couple expect from their policy?
Johanna King examines the ins and outs of wedding cover, what you can expect to pay, what policies do and don’t cover and if the insurance is really worth buying.
What is wedding insurance?
Wedding insurance is exactly that – insurance to cover your nuptials in case something goes wrong.
Policies are offered by both stores and traditional insurers, and generally cover everything to do with planning up the actual event and often 24 hours after the last toast is made.
Replacement of presents, flowers, cake, rings, transport, photographs and wedding attire is included if any of the above is lost, stolen, or your supplier fails to show up.
If your outdoor wedding gets rained out or the reception hall double-books? The insurance will pay all the last-minute rearrangement expenses.
Some insurers will even go so far as to have a mini re-do of the big day - including re-renting tuxedos and buying a new cake - if the photographer doesn’t show or ruins your prints.
And if all the planning is getting you worked up, Marks & Spencer’s policy even includes stress counselling.
Ian Fleming, head of personal finance at Debenhams says: “Unfortunately disasters do occur but wedding insurance can stop a drama becoming a disaster by providing reassurance that the situation can be rectified.”
Pricing
The cost of insurance varies depending on the price tag on your wedding, which provider you choose, and how much cover you want.
Most insurers offer varying levels of cover that are based on the overall cost of your ceremony. Premiums range from as low as £30 for a £5,000 wedding to as much as £355 for a £50,000 event. The premium is paid only once.
Ele Field, insurance product manager for Greenbee, reminds couples to compare the cost of the premium to that of the ceremony, and to consider the economy when deciding if the price is right.
“Particularly in the current climate, there’s no guarantee that suppliers will still be trading,” she says.
“Most claims that come through, around 50 per cent, are around failure of suppliers.”
Make sure to look at what each policy does and does not cover. For example, all charge an additional premium to cover marquees. Some include public liability cover and cover if the company goes bankrupt in the base price, while others do not.
Also, not all policies insure ceremonies taking place abroad or couples who are not both UK nationals.
Some policies are more flexible than others. Many will stick closely to the tier system while others will give you more individualised quotes.
Ecclesiastical, for one, offers a “mix and match” system that allows a customer to select cover for the dress from the top tier of cover, cake from the bottom tier, and the venue somewhere in the middle.
Chris Pitt, spokesperson for Ecclesiastical Insurance, says his company introduced the mix and match policy last year in order to meet demand for a wide range of weddings.
“Weddings don’t follow the formula anymore,” he says.
What isn’t covered
Reimbursement of deposits if you have to cancel the celebration due to something like illness is included, but if the bride or groom gets cold feet don’t expect help getting your money back.
If costs balloon and the couple can no longer afford the wedding, the policy won’t help, but many policies will cover costs if the person paying for the wedding is made redundant.
And if any accidents arise from someone enjoying a bit too much champagne, don’t expect your insurance to cover it.
Making a claim
Most insurers have a phone number to call to make claims, with hours varying from company to company.
Mr Pitt says many claims can be solved in a matter of minutes, and monetary compensation paid very quickly. Although some claims – like flooding of the venue - require more time and inspection.
“If it’s a small claim, it’s very quick and easy to sort,” he says.
Ms Field says at Greenbee, the average time it take it settle a claim is about three months.
“What the claim is determines when it’s paid out,” she says.
Where and when to buy
Some department stores, including Marks & Spencer, Debenhams, and John Lewis through their trading partner Greenbees, offer wedding insurance. Many major insurance providers also offer cover for the big day.
Almost all major wedding insurance providers allow policies to be purchased online. Debenhams even offers a ten per cent discount for those who buy online instead of in person.
Providers recommended buying wedding insurance as soon as the first deposit on flower or a church is made, to make sure the cover can fully protect the wedding.
Wedding insurance can be purchased up to two years and as late as fourteen days before the date of “I do.”
“Sixty-five per cent purchase a policy seven months in advance - it’s not a last minute consideration but it’s not at the top of people’s minds,” Ms Field said.
Do I need it?
The answer is: it depends on the type of wedding.
If the newlyweds-to-be have home insurance and are planning a very small wedding, they probably don’t need additional cover.
Most home insurance will replace items like wedding attire, gifts, and the rings if they are lost, damaged or stolen.
It is recommended that the policy is checked, however, to ensure the level of cover is sufficient. Policies tend to have limits on the price and quantity of valuables, like jewellery, it will cover.
But if you’re planning a more elaborate affair using a variety of different vendors and venues, or you’re worried about suppliers going bankrupt, then you should consider wedding insurance.
Mr Pitt says: “A wedding is arguably the most important day of your life and it’s a big investment for brides and grooms.
“No one would drive a £15,000 car without insurance.”
Mr Fleming agrees: “In these difficult financial times insuring one of the most expensive, and hopefully happiest, days of your life goes off without a hitch, has to be a priority.”
Johanna King
Taken From MyFinances.co.uk
