Of all the household bills I have to pay each month the various forms of insurance premiums are the ones I like the least. Much as I don't like paying for my electricity and telephone charges I can at least see where the money has gone. With insurance it's not so simple; the monthly premiums just go into a black hole never to be seen again. Obviously you are paying someone else to take a financial risk on your behalf and they aren't going to do it for nothing. It is only when disaster strikes that you realise how insurance can actually be a good idea. So what about wedding insurance - is this a good idea, after all what can possibly go wrong?
Well, if you're not planning to get married then you certainly don't need it - that's for certain. However, if you are currently planning your big day then you already know how expensive weddings can be. Mentions of wedding insurance at this stage usually illicit a lukewarm response - when you are writing out cheques for thousands of pounds the last thing you want to think about is yet another expense?
However, what if one of your suppliers goes out of business the week before the wedding; will you be able to organise a replacement and, more importantly, will you get your deposit back? What if the groom breaks his leg playing football and has to spend the wedding weekend in hospital?
OK, a bit extreme but you would be surprised how often these kind of things happen. Once you start to think about the things that could potentially go wrong a small one-off premium doesn't seem too much to ask after all.
How Much Does it Cost
Wedding insurance premiums are based upon a scale of maximum claims and priced accordingly. Basic cover can be arranged for less than £30 and rises in relation to the sums covered. A comprehensive policy covering the costs of an average wedding will usually cost less than around £50. So arranging suitable cover may not be as expensive as you thought?
What's Covered?
Details will vary from policy to policy, but as a guide: most premiums will provide a sum to cover the cost of rearranging the wedding if the need arises, an amount to cover potential damage or loss of your dress and/or the groom's outfit; cover for loss or damage to wedding rings, loss or damage to wedding gifts, failure of suppliers and personal liability insurance should you be held liable for an accident or injury during the event. Additional cover can also be arranged for items such as ceremonial swords and marquees.
As with all insurances there are exclusions and, again, these will vary from provider to provider and you should check these carefully before paying any premiums. Generally speaking you will not be covered for a change of heart, or if you simply didn't have a great time - there are some risks in life that no one can cover after all!
Should I take-out wedding insurance?
At the end of the day it's not compulsory, if you want to take a small risk then it is your choice. Minor things are certain to go wrong but total disasters are rare events. However, in the current economic climate and bearing in mind how economical basic cover can be, it's certainly something you should think about.