It must have only been a few years ago when I first heard about wedding insurance. Coincidentally my wife and I had just gotten engaged and we thought to ourselves, “Wedding insurance… why would we need that??”
It’s natural for people to think about life, home and car insurance, but insuring your wedding is another subject entirely. When we think about the previously mentioned types of insurance, we usually associate them with negative events. Planning a wedding should be a joyful, though stressful, experience. No one wants to think about something terrible happening on their big day.
Interestingly, the major comparison websites don’t compare wedding insurance offerings yet. I took a look at the John Lewis offering, which will insure you for up to £20,000 for £98. My wife and I thought about all the weddings we’ve been to, about 30, and couldn’t think of a major problem happening at any of them. According to the numbers from John Lewis however, 30 isn’t a large enough number.
Insurance is all about likelihood, if we take the Cancellation/Rearrangement coverage (£20,000) and divide it by the cost of the insurance (£98), we get 204. This means that there is a roughly 1 in 204 chance that someone will claim this benefit. Keep in mind this is a gross simplification!
What could happen?
Some venues may even require you to have insurance before they let you hire them. While wedding insurance covers the things you would expect like the venue, wedding dress, rings, gifts, etc it also covers personal/public liability. I suppose this may cover an “accident” involving someone swinging drunkenly from a chandelier. Considering tying the knot at a historic location? The liability coverage would cover you in case a guest accidentally damages the building or work of art.
While many people may opt out of wedding insurance because they feel comfortable with the venue, vendors, guests, etc consider the complexities of a destination wedding. Having your ceremony or reception abroad and needing to rely on vendors you’ve probably never met before may add a certain level of risk. For those heading to tropical destinations, an ill-timed hurricane can put a damper on things!
We’ve read about brides who have had their photographers skip town and other vendors getting into car accidents on the way to the ceremony. For the small added cost (0.54% on top of the average UK wedding cost), wedding insurance is well worth looking into.
Would you consider wedding insurance? Has anything bad happened to friends or family on their wedding day?