Do I need Wedding Insurance?
If so, when should I buy wedding insurance?
Publication date: 22nd
October 2011
Subjects: wedding insurance, civil partnership insurance, wedding costs, wedding cancellation
With the average cost of a wedding estimated to cost around £19,600 last year (UK Wedding Belles) wedding insurance is an important consideration when planning such major financial expenditure.
Its highly unlikely we would consider only insuring a £20,000 car with a third party policy, so why would we take the same risk with our wedding?
You can however get some cover for your wedding by making sure that you use a credit card for any expenditure between £100 and £30,000 as you can then seek repayment from your the card provider or the retailer through section 75 of the Consumer Credit Act if there is a problem with goods or services.
Your bank may be able to help reclaim sums up to £100 paid on a debit card through the charge back system, although theey are not legally obliged to do so, and you may find some limited additional cover for say presents through your home insurance.
However all of these can take time, and the advantage specialist wedding insurers have is that they are experts on rising to the challenge of a last minute disaster. If a the hotel hosting your reception has a fire shortly before your wedding day its not just getting your credit card refunded - its having the ability to go out, find, and then pay for an alternative wedding reception before you are reimbursed.
Therefore insurance tends to be the option taken up by most people planning anything but the most modest wedding. Its very affordable, designed specifically around your big day, and gives welcome reassurance for those looking forward to as stress and hassle free run in to their wedding.
When should I buy wedding insurance?
Really immediately you start committing yourselves financially – so when you sign up for a venue, agree on a dress, or put any kind of downpayment down. As most wedding insuranace policies cover any wedding or civil partnership as long as the ceremony is in the next two years actually you will provide the maximium protection at the lowest cost the early you take up the policy.
Statistically the peak months for taking up wedding insurance are over the winter - about 4–6 months ahead of the wedding day.
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