DO I NEED WEDDING INSURANCE

So you’ve been waiting for your man to propose for like forever! He’s finally done it, YAY!!!!!! What a beautiful ring you now have on your finger. It’s SO exciting. Naturally, you’re both very excited to start planning the wedding.

You can’t wait to start looking at beautiful wedding dresses, find an amazing wedding photographer. The dream venue.

You’re going to be spending the rest of your lives together as husband and wife. Eeeek!!! Let’s get insured!!!! HUH? Say what?

I know‚ĶI know, it’s boring. Insurance eh? YAWN! It’s not nearly as exciting as choosing a dress, picking a wedding theme, the right colours for your bridesmaids dresses etc.

Nothing will go wrong anyway right? If you weren’t sure you’d be together forever then you wouldn’t have said yes. So why bother wasting money on insurance. Everything’s already so expensive right? Skip the boring insurance and save a few quid. It just makes sense right? WRONG!!!

According to Bridebook’s national survey in 2018, the average cost of getting married is now over ¬£30,000! Whilst you may not be planning on spending anywhere near that amount. Whatever your budget is, it undoubtedly will be a lot of money to lose should disaster strike.

There are a multitude of things that could go wrong. What if one of you gets made redundant? What if a key supplier simply doesn’t show up or goes into administration?What if your venue goes into receivership or worse still, burns to the ground? All these have happened to people when planning their wedding.

Wedding venue burns down, a reason why you should buy wedding insurance

 

Common objections for not buying insurance

The topic of wedding insurance often pops up in the bride groups on Facebook. It is reassuring to see that most bride’s do see the advantages of buying insurance. The most common reasons cited for not buying insurance are:

  • It’s just a waste of money, we don’t need it.
  • I got married, didn’t have insurance and everything worked out OK.
  • My credit card covers us

Let’s discuss the first two reasons. Basically my opinion is that all insurance is a total waste of time…..until you need it.

Let me give you an example. Unfortunately not directly wedding related since we didn’t need to claim on our wedding insurance policy. But like most, I’ve always had home insurance since I bought a house. Each year I paid hundreds and never made a claim. I could easily argue that all those years of paying insurance was a waste of money. Until one evening I heard an almighty CRACK in the kitchen. A water pipe had burst which in turn flooded our kitchen. The cost of repairing the damage caused was well over ¬£5000. A cost thankfully my insurer paid. At that point, I was very glad I had bought insurance.

Here’s another example, this time wedding related. I was the wedding photographer for a couple a few years ago. Somebody called in a bomb scare to the hotel which meant the whole venue had to be evacuated for hours. For hours, no-one knew if the wedding would be cancelled for security reasons. The couple were not insured. If police had cancelled the wedding then every supplier would have required to be paid again despite it not being the couple’s fault. If that was you, could you afford that?

Do I need wedding insurance? Yes you do!

I was recently talking to a bride who decided not to buy wedding insurance. Unfortunately her bridal store closed suddenly and they lost £400.

I’m sure I could find examples all day long but here’s the main reason you should do it. COST. Wedding insurance is very reasonably priced for the cover you get. In my opinion, it would be a false economy to scrimp on the insurance then spend hundreds on little details that most of your guests will probably not even notice.

How much is wedding insurance then?

Unsurprisingly, the cost will depend on various factors. One of the main ones being the level of cover you require. Typically cover will range from £30 to £200+.

This is a one off cost and not a monthly payment.

If your wedding budget is up to £15,000 then you could get cover from around £60.

To me that does not seem a lot of money to enable you to sleep soundly at night. Knowing that if disaster strikes you will be covered.

Common misconceptions

It is worth taking a moment to talk about what is usually covered and what is not.

Again, please please ensure you read the policy document which your insurance company will issue. So you are familiar with what is covered and what is not. I will talk here in general terms so your insurer may well be different.

The first thing I’d like to say is that wedding insurance is not a catch all policy. As in it’s not a totally get out of jail card. Insurance typically covers you for unforseeable events.

Drawing from experiences I’ve seen on social media, here are some often asked situations and what my thoughts would be. But like I say, please check with your insurer. I have been known to be wrong!

Situation 1: “I booked with xyz company and now I can’t get in touch with them”

Insurers will only cover failure of supplier if they have gone into formal administration and stopped trading as a result. If you’ve got a rogue supplier who is still trading but not responsive then insurers will expect you to deal with this as a private matter. Eg. Small claims court.

Situation 2: “We’ve had to cancel the wedding due to unforseen financial reasons”

If that reason was one of you was made redundant then this may be covered. However if it is simply because the costs racked up beyond what you can afford then insurers will not cover this.

Situation 3: “We’ve had to cancel the wedding because we’ve split up”

This is definitely not an insured event.

Situation 4: “My venue has gone into adminstration and I don’t have insurance. Can I buy it now?”

No.

But what about deposits I have already paid?

What if you’ve already started wedding planning and paid deposits? Well check with the insurance company but many policies will cover deposits you have already made. So if you’ve already paid deposits out and only now hearing about wedding insurance, you should still be covered. Not all policies do this so it is worth checking before you take the policy out.

My partner is in the armed services. What if he/she is deployed?

Some policies like Dreamsaver cover the risk that he/she may have their leave cancelled by their commanding officer. So it is worth checking with the insurer to ensure miltary deployments are covered.

Final Thoughts

Putting it into context, how much will you be spending on stuff like your Save the Date cards? Invitations? Postage? Wedding favours? I know wedding insurance is all very boring stuff compared to the other things you need to consider. But I am a big believer in getting the essentials

Have I convinced you yet? Honestly honestly if there’s one thing not to cut back on is wedding insurance. Sure chances are you won’t need it. But then isn’t that the nature of insurance? We all buy car insurance right? Home insurance? Of course! Yet for something as important as a wedding it seems many couples will simply take the risk. Don’t do it! Get yourself insured today!

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