What’s The Point Of Wedding Insurance?


Written on August 25, 2011 – 7:35 pm | by Hunter Rankine

It seems that in this new era of austerity finances that the penny still has not dropped when it comes to the third biggest financial outlay of our lives. We will happily scour the internet to get the best car insurance deals. The same goes for house insurance. People seem to have grasped that with large financial items such as house and cars we need to protect our investment, however, when it comes to our wedding plans, we appear to be strangely reticent about taking out some form of wedding insurance.

This reticence is reflected in the latest insurance industry statistics we released during the height of the wedding season. There are some rather odd figures that fly in the face of conventional thinking.

For example, we now know that up to three quarters of couples getting married will not have any wedding insurance at all! This is a startling statistic when you consider that we also know that even with the financial downturn, an average traditional wedding will cost around £13,000, excluding the cost of the honeymoon.

Consider that along with an even more surprising statistic in that more men take out wedding insurance than women. Whilst these figures are close, it still bursts the bubble of those who suggest that women care more than men about their wedding plans. The actual figures are 55% men and 45% women. Furthermore, we also know that it is mostly one of either the bride or groom who is taking out this insurance, which shows that it is those two participants who are also making the bulk of the plans for their wedding. This is in stark contrast to say, thirty years ago, where it would almost certainly be the parents who would plan the wedding, because it would usually be them making the financial investment. We now know this because the average age of policyholders is 31 which confirm these trends.

When should you take out wedding insurance?

One important aspect of wedding insurance which obviously seems to escape wedding planners is when they should take out their policy. Figures suggest that wedding planners are taking out policies on average 8 months before the big day. What is important about this statistic is that it means that wedding planners, when they do decide to take out wedding insurance, are making that decision early on in the planning process. This is important because the most expensive parts of the wedding are also some of the most vulnerable in today’s financial climate. With a typical reception venue costing around £4,000 it is a lot of money to risk should the venue owners go bust. Taking out wedding insurance early will protect the deposits you have paid as well, so if they do go bust, you can reclaim your deposit and find a new venue.

Policies can start as low as around £20, but remember, you get what you pay for. The average cost of wedding insurance is around £50, which is not a lot when you consider that you are protecting an investment of around £13,000-15,000.

Similar Posts:

Share

Post a Comment