People buying a new car do not think twice about insurance. That is because they are now accustomed to the fact that as well as being legally required to have it, they accept that it is sensible and prudent in any case. On a larger scale, those buying a house also accept that household insurance is a requirement, although not necessarily a legal one at the moment. So it is a surprise that with a traditional wedding today still costing an average of 瞿15,000, albeit down from the 2010 high of 瞿20,000, many couples are still not taking out any form of wedding insurance to protect what is almost certainly their third largest financial expenditure of their lifetime.
These facts come from recently released statistics from insurers and other wedding orientated bodies. There are also a few interesting anomalies, like the fact that it is more likely to be men rather than women who take out wedding insurance. There must therefore be an underlying reason why people planning to get married are not protecting their investment. Apart from lack of media interest, there is a general perception that wedding insurance is not really necessary. People getting married are often so wrapped up in their organising that they forget that they are spending thousands of pounds without having any kind of protection if things go wrong. And things can and do go wrong. When they do, it can be a costly exercise.
The current financial climate has meant that hitherto safe businesses are now going to the wall at a frightening pace. That means that the venue that you paid your 瞿4,000 deposit to can easily go bust and you will not get a penny of it back! Similarly, those companies that offer the ancillary services, like florists, caterers and so on are all subject to the same financial risks. So doesn't it make sense to pay a relatively cheap insurance premium and be able to forget about it?
Before taking out any wedding insurance, there are a few things you should consider first. If you use your credit card to pay for anything, like the deposit on your venue for example, you may find that you already have some protection in the form of the Section 75 of the Consumer Credit Act. In simple terms, this covers you for anything termed a breach of contract, like the venue being double booked, and you may be able to get your money back that way.
Finally, check whether your household insurance already covers you for certain aspects of a wedding, usually a month before and after the event, but check with your insurer.
Although a credit card or home insurance may offer a certain degree of protection, neither is a real substitute for a full wedding insurance policy. With the average wedding costing a small fortune, for the sake of a premium starting from around just 瞿20.00, be sensible and protect your 'investment' with wedding insurance.
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