Are You One Of The Sensible Few Who Have Bought Wedding Insurance?

We have witnessed an unprecedented financial downturn since 2009 and there are few things which have escaped the effects of it. Until last year, the average cost of a traditional wedding was spiralling upwards towards 瞿20,000, with weddings including all the extra trimmings hitting the 瞿30,000+ mark! Despite this massive financial outlay and correspondingly the massive financial risk involved, couples were still choosing not to protect their investment by taking out some form of insurance. This insurance is, unsurprisingly, called wedding insurance. What is surprising is that there are still three quarters of all weddings taking place without any form of insurance protection. This is surprising because with the extra financial constraints that most people are suffering, the last thing you need is a large financial loss because of the failure of one of your main suppliers for your wedding.

It seems that people planning to get married still do not feel that they are at any sort of risk of losing their money, but the latest statistics we've seen would appear to make it clear that claims are on the up! This, again, is because of the financial devastation affecting particularly small to medium sized businesses up and down the country.

One of the largest parts of any wedding is the reception venue. Figures suggest that the average cost of this is still around 瞿4,000. That is a large chunk of cash to lose should the owner go bust. This is a scenario becoming more and more frequent as owners feel the financial heat. However, if we look at the number of claims as opposed to the actual value of them in cash terms, it tells a different story.

We now know that the most frequent claims are for bankruptcy or liquidation of the wedding dress supplier. This is not necessarily anything that is peculiar to dressmakers and the like, but more that most wedding dress makers are small to medium sized business. These are the very businesses that are most susceptible to financial losses in a downturn, so it is hardly surprising that these are the most likely source of losses.

Next on the list is the bankruptcy or liquidation of the caterers followed closely by the venue owners. We know from our previous statistics that the average cost of a venue is 瞿4,000. We also know that the average cost of a wedding dress is around the 瞿2,000 mark, and the average costs for catering and ancillary catering services is anything from 瞿2,000 to 瞿4,000 depending upon the size of the reception.

A basic wedding insurance policy costing from around 瞿20 can cover these items and release you from the worry of anything going wrong and costing you a fortune in replacement.