As times are tough many people in the UK are tightening their belts to save money wherever they can. With the average wedding costing £21,000 it's easy to understand why bride and grooms to be are trying to cut back on costs of all aspects of their wedding. So does this mean that wedding insurance is a luxurious extra that can be done without?
On the contrary - with many event businesses struggling, people are wanting to protect themselves. With all the stress from planning a wedding the last thing they need is to be worried about the venue or other supplier going bust. Purchasing wedding insurance is now seen as a non optional part of the wedding planning process. As well as covering you for traditional crisis such as family illness, many policies are being taken out with an eye on the current economic situation.
What is being seen is that policy holders have been much more careful about exactly which policy they take out. Wedding insurance is being taken out to fit exactly the level of cover required, with more time taken to compare policies to find the cheapest one that gives the level of cover required. There are now more providers of wedding insurance in the UK, offering a better selection of cover and premiums so it's easier to find a policy that fits the wedding exactly.
So is it best to just go for the cheapest policy that covers the amount you want? Not quite. You'll want to compare wedding insurance providers, looking at all elements of the cover so you can decide which cover you need. For example you may have a higher spend on rings or cake than some will provide. You'll also want to find a reliable policy which is underwritten by a company with a good reputation.
It's important to look at what circumstances are covered by the policy. Generally insurance will cover you for failure of a supplier to fulfill their contract, damage or theft on the day or cancellation of the day due to family illness. They will not cover you if either the bride or groom changes their mind, illness of a distant relative, and often will not give compensation for upset caused. Often separate cover is required for weddings abroad.
Areas covered by supplier failure often include photographs, venue, flowers, wedding attire - including dress, cake and transport.
With wedding insurance now starting at under £30 it seems a small price to pay for peace of mind. As suppliers are more likely to go bust and let you down it's becoming more of a necessity when planning your wedding. It could also make a difficult decision easier when having to consider canceling the day.
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