Insurance Blog would like to congratulate one of our regluar contributors Kris Oldland and his new Mrs, who recently tied the knot and took the plunge!
Well we couldn’t let him get away with not writing about his experiences so as soon as he got back from honeymoon we asked him ……….
Is wedding insurance a worthwhile product or is it just another expense to add to the list?
Well, as a newly wed here is my first piece of advice for those who have decided to take that stroll down the aisle.
Within reason don’t think about the expense, this is a once in a lifetime (hopefully!) occasion, the happiest day of your life and the memories that you make on this magical day are memories that will last you a lifetime.
The second piece of advice is for crying out loud get yourself insured!
The average wedding in the UK is now apparently £17,000 you can pick up a fairly robust premium for a cost starting at around just £30. This ladies and gentlemen really is a complete ‘no-brainer’.
Set a date, make the necessary bookings, arrange your wedding insurance cover and then start paying your deposits.
Get it done early and it is one less worry. Trust me there will be plenty of other things to worry about during the build up and on the day!
Even if you are thinking of not spending quite so much then a specialist wedding policy is still worth very serious consideration – you may be planning a small, intimate affair, but it is probably fair to assume that you will be buying some of the most expensive dresses, outfits and meals you have ever bought.
However, as with any form of insurance it is important to understand what your existing exposure to risk is before purchasing additional cover.
One suggestion is that to make payments on credit card where possible (although always make sure you can clear the balance immediately). Any payment between £100 and £30,000 can be claimed back through section 75 of the Consumer Credit Act if there is a problem with goods or services.
Also, many home contents insurance policies increase cover for a month either side of the wedding of someone in the household to cover wedding gifts and sometimes items bought for the wedding. Check your home insurance policy documents for details.
What you really need to be looking for in your wedding insurance policy is cover for loss of damage to the wedding attire, such as the wedding dress, as well as presents, the wedding cake, rings, flowers and gifts for the guests.
Most often cover starts a set period before the wedding and finishes a set period after – from seven days before to 24 hours after for wedding gifts, for example – but this will vary depending on the policy. Also you’ll be relying on wedding services from a range of providers so make sure your wedding insurance can cover any extra costs you incur up to the policy limit if things don’t go exactly to plan.
Wedding insurance also covers you for deposits you can’t recover or the cost of arranging alternatives if suppliers go bust (but don’t forget that you would already be covered by section 75 if you paid by credit card so do not pay an unnecessary premium if you have an option to opt out.)
The other important area to have covered by your wedding insurance is personal liability for injury to third parties or loss or damage to third party property. Again this is often covered either by your home insurance or the hotel’s own cover etc but this can be quite important if you have the wedding in a public place such as a beach or park etc.
There are additional areas of cover, some policies offer legal expenses, personal accident or even stress counseling but these really need to be tailored to your party’s individual needs.
The Internet has made it easy to purchase and Compare Wedding Insurance online, and you can save money both by shopping around and by visiting a specialist events insurance company, who often have better value for money products with a wider range of wedding insurance covers.