As we head towards Spring, the wedding planning season is getting into full swing. At least thinking about something so happy does remove some of the gloom that the weather has seen fit to deliver!
The average cost of a wedding in the UK is expected to exceed £20,000 this year. That is a huge sum of money – and yet only around 25% of couples insure their big day. Organising a wedding is akin to organising a military operation and given the number of different suppliers involved, there is plenty of scope for something to go wrong! From caterers to musicians, florists to dressmakers – not to mention the venue itself – loss in monetary terms can be devastating, notwithstanding the stress of finding alternative suppliers who can help.
Having insurance really does make sense, and premiums will cost only a fraction of your total wedding spend. Top wedding claims recently have been shown to be for a supplier going bust, closely followed by the loss of the wedding photos and damage to wedding outfits.
When considering a policy to cover your big day, make sure it provides cover for cancellation and re-arrangement. This means that should the bride, groom or any of the bridal party fall seriously ill or if anything should happen to the venue (such as a fire) you can still go ahead in the future by re-booking the wedding.
The insurance will usually only pay out due to ‘circumstances beyond your control’ - such as the venue ceasing to trade. Beware as it will not pay out for getting cold feet! As with all forms of insurance, policies vary hugely from insurer to insurer. Getting professional advice is important – make a quick call to Westhill Insurance Services and talk to one of our friendly team to get good, sensible advice. You will need to know roughly what your budget is to spend on the wedding and break it down into costs for the venue, clothes, photographs etc so that you can get the right level of cover to match your needs – there is no point in being covered for more than you need.
One final point, some people don’t purchase wedding insurance because they think their wedding will be covered if they pay for it on a credit card. However, if you are paying over £10,000 for the venue and you put this on a credit card, you may find that you are charged around 2% levy by the caterer or venue as a credit card fee. That would be £200 – probably more than the cost of your wedding insurance premium, and you can spend the difference on something you want: really a no-brainer!
Whilst insurance may not appear on the list of ‘Things To Do’ when planning a wedding, it really should! In terms of total wedding spend, it is really an insignificant amount and will provide real peace of mind and, should anything go wrong, really save the day.