Wedding Feature
Say 'I Do' To Wedding Insurance
You can insure your life, your home and even your cat so why not insure one of the most important days of your life? Most couples invest a great deal of time and money to ensure the wedding of their dreams, with the average UK wedding excluding a honeymoon costing £12,541, it is important to protect.
Average wedding cost
The average wedding cost figure of £12,541 is the average of the cancellation cover provided by the policies we studied. Whilst it's possible that couples may be over or even under-insuring themselves (as we suspected last year), this year's figure is actually extremely close to that quoted by other sources, such as the £12,544 quoted by Hitched W.I.F.E. Although their sample size was much smaller than that of this study, given the closeness of the two we feel that this truly is a very accurate indication of the cost of a wedding in 2010/2011.
Adding the cost of the honeymoon (on average around £3,000 according to specialist gift list service Buy Our Honeymoon), this makes the average wedding cost around £15,500, some five thousand pounds or so lower than that seen in recent years.
What is wedding insurance?
According to CompareWeddingInsurance.org.uk wedding insurance (or wedding cancellation insurance as it's sometimes known) is financial protection for your big day. If something were to go wrong, and if it's covered by your policy, you'll at least not lose out financially. It can cover the small things like damage to hired outfits or the dry cleaning bill for sorting out that red wine stain on the Bride's dress, right up to cancellation of the whole day.
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Vital statistics
CompareWeddingInsurance.org.uk analysed the data from a sample of over 2,000 wedding insurance policies purchased between 1st June 2010 and 31st May 2011 through their website.
The study gives a very interesting picture of not only the wedding insurance market but also the wedding market in general.
Male/Female ratio
Generally it tends to be the female that makes many of the purchasing decisions when it comes to a wedding and so it was certainly unexpected to discover that over half of all policyholders were male.
How soon do people buy wedding insurance
The average was eight months before the big day, but there were some couples taking out cover over two years before (peculiar as cover generally only starts 24 months prior to the big day) and quite a few who purchased just the day before.
What do people claim for?
According to Voyager Insurance Services (providers of Dreamsaver wedding insurance), the top ten claims on wedding insurance policies are as follows:
1. Bankruptcy/liquidation of dress supplier
2. Bankruptcy/liquidation of caterers
3. Bankruptcy/liquidation of venue
4. Bankruptcy/liquidation of other wedding suppliers
5. Loss of wedding photography
6. Damage to bridal attire
7. Adverse weather preventing majority of guests and couple reaching the venue
8. Death/injury of family member
9. Death/Injury of bride or groom
10. Marquee damage
The Wedding Insurance Market In General
A recent report by Datamonitor suggested that the wedding insurance market is currently worth an estimated £4 million and is expected to grow a further 50% by 2014.
The same report also claimed that only 25% of couples currently take out insurance cover for their big day meaning that a staggering three quarters of all weddings have no financial protection.
(GK/BMcC)
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