Planning for your wedding day is a lot of fun. However, it can be very expensive too. Having an insurance can give you a financial safety net if things go wrong, but do you really need one?
Why get a wedding insurance?
There are many unforeseen things that could happen that can cause your wedding day to be cancelled, reschedules, or rearranged.
For example, the venue of the reception could go out of business, or a member of your entourage or one of your close relatives could become sick and be not be able to attend the wedding.
Without insurance, you could lose all of the money that you have spent for your wedding. You might have some protection if you used your credit card for payments. However, this will not cover everything that a wedding insurance can.
Section 75 can protect payments that you make by credit card that is ranging between £100 and £30,000. However, it only covers certain scenarios including if your reception venue goes out of business.
You should also consider whether the peace of mind of making sure that you are protected if things went wrong is worth the cost of purchasing a policy.
What kind of cover do you require?
Wedding insurance policies extend fixed amounts of protection, so you need to work out how much your wedding will cost by making use of a budget tool and then looking for a policy that provides you enough cover.
For example, if the entire cost of your wedding is £20,000, look for a policy that grants at least the same amount of cover for rearrangement or cancellation.
The lower the limits of coverage offered, the cheaper the policy will cost you. Many insurers offer several various policies, and each one of these policies has different limits of coverage, for example:
|Cover||Basic Policy||Mid-level Policy||Premium Policy|
How much does a wedding insurance cost?
You could pay anything from a range of £20 to £300 for a policy. It will depend on the insurer and the level of cover that you choose.
You pay for your wedding insurance with a single payment and policies start from when the cover is carried out and ends once your wedding ceremonies and/or activities are finished.
Many insurers let consumers take out an insurance policy two years before their wedding so that you can enjoy coverage well in advance of your wedding day.