Weddings aren’t just emotional, they’re expensive too. Finding the perfect right, the best venue and the dream dress can all be a major headache, not to mention arranging the food and cake, and working out which guest will sit where! The costs can really start to mount up, so it makes sense to bear in mind whether or not you could benefit from taking out wedding insurance.
Read on to discover the basics of wedding insurance cover and how you can get it at a lower cost.
The Basics Of Wedding Insurance
If you’ve just got engaged, you’re ready to begin planning for your big day, and yes, that involves paying for it too. However, since a typical wedding these days costs more than £30,000 it makes sense to consider forking out for wedding insurance to cover your expenses in the event of something going wrong.
With all of this in mind, you need to know what wedding insurance will cover and what it actually does. In brief:
Wedding insurance covers any potential problem that may arise with a supplier, venue or key member of the wedding party (for example, if they should become ill). It doesn’t, on the other hand, cover you if one of you changes your mind about going through with the big day.
So, do you really need wedding insurance? The answer is, yes, if you’re going to be out of pocket should something go wrong. But even then, the type of policy you purchase, and even whether you decide to invest in wedding insurance at all, will really depend on the amount you’re going to spend on your wedding day and the type of wedding that you’ve planned. If your wedding is going to be a small, intimate affair that could easily be rearranged, wedding insurance probably isn’t essential. But if the emotional and financial stress of rearranging will just be excessive, you might find wedding insurance worth considering.
Two of the primary reasons for opting for wedding insurance cover are supplier failure and venue cancellation. You can get a policy for just £19 if your wedding is set to cost around £2,500, but for a more expensive occasion costing around £100,000, you can expect to pay £300 or more for your policy. You’ll also pay more if you’re arranging your wedding overseas.
What Will A Wedding Insurance Policy Cover?
All policies will be different, so checking out the small print is always essential, however typically wedding insurance will cover:
If the venue cancels or goes bust
If one of your suppliers lets you down
You need to cancel because a vital member of your wedding party can’t attend due to death, accident or illness
Damaged, lost or stolen flowers, wedding rings, gifts, outfits or cake
If your videos or photos don’t arrive as ordered
Legal expenses and personal liability
Take care though, since there are many things that wedding insurance won’t cover, including:
One of you changing your mind
Cancelling if just a minor element of the event goes wrong
Pre-existing condition which result in cancellation
Cancellation because of financial difficulties (redundancy isn’t included)
Typically, the following won’t be covered on a basic wedding insurance policy, but often they can be added on at an additional cost:
If inclement weather spoils the day
Will My Money be Protected If The Wedding Insurer Goes Bust?
If you pay for items for your wedding by credit card you’ll have some protection, however this type of protection certainly isn’t a substitute for proper insurance. Anything that you purchase that costs between £100.01 – £30,000 with your credit card will be covered by the Consumer Credit Act (Section 75) which makes your card provider accept liability should something go wrong. That means if you just pay your deposit (for your venue, as an example) with your credit card and the remainder of the amount in cash, you’ll still have cover for the entire cost of your venue hire should a problem occur.
However, the Consumer Credit Act’s protection won’t cover some elements that are covered by wedding insurance, for example personal liability or a key member of the wedding party falling ill.
It’s also possible to get money back via the chargeback scheme if you’ve used a debit card to pay for an item, or for an item costing under £1000 on your credit card. Again, though, this protection isn’t ideal. It isn’t even as strong as the protection offered under Section 75 since it’s only about the Amex/Mastercard/Visa process which isn’t as weighty. It’s also not possible to go to court should your bank decide not to pay.
Some couples will have a small amount of protection through their home insurance but being able to claim successfully doesn’t necessarily mean you’ll get your money back. While small issues like a ripped suit or rotting flowers will probably trigger a payout to cover the cost, a severe problem that requires the entire wedding to be rearranged may not trigger a payout at all – rather, the insurer may decide to arrange an alternative wedding for you so you’ll be paid no redress.
Again, though, there are no definitive rules with regard to this, so different insurers will offer different things. You should also bear in mind that there’ll be an excess you’ll need to pay on any claim you make. So, for example, if you find the flowers that you’ve ordered are already rotten on arrival, you may be entitled to a £2,000 payout but since there’ll be an excess of, say £25, you’ll actually only receive £1,975.
Buying Wedding Insurance In Advance
If you decide to invest in wedding insurance, it makes sense to by it sooner rather than later. That way, you’ll be covered earlier and, if something goes wrong and cancellation, refund or postponement become necessary, you won’t have a problem.
It won’t cost you any more to arrange your insurance in advance and most policies can be purchase from 2 years before your wedding date up to about a week, or in some cases, 24 hours before. That means you’ll have cover in the event of the venue being destroyed 12 months before the date of your wedding, or if a family member becomes seriously ill 6 months before your ceremony.
Wedding Insurance For Overseas Weddings
If you’re getting married abroad, you’ll need to ensure you’ve got the right kind of wedding insurance to cover you for all eventualities. Checking the terms of the policy is vital to make sure that you’re covered overseas, since not all will cover you outside the UK. You may need to pay around 10% more for wedding insurance for your overseas wedding but the amount can vary between insurers.
You should also note that if you’re getting married abroad, some elements may not be included in the costs. For example, public liability may not be covered for a wedding held in Canada or the USA. That means checking the small print before purchasing is key.
Wedding Insurance For Fireworks
If you’re going to have fireworks at your celebration, or any other kind of extravagant stunt to mark the big day, you need to take extra care. Either arrange for a professional to carry out this element of the occasion so you can take advantage of their insurance or pay extra for additional coverage on your wedding insurance.
Firework displays, if they go wrong, can cause thousands of pounds-worth of damage, so making sure you have sufficient cover is imperative. Most wedding insurance providers won’t cover a firework display, however hiring a trustworthy firm that has cover of its own will give you peace of mind. Also, they’ll have the skills and experience to ensure that the display is a success so it makes sense to go for this solution.
If your wedding ceremony will be using fire, even in a very limited capacity, you should check with your wedding insurer to find out whether you need to pay a larger premium to obtain cover.
Choosing Reputable Providers
Nobody wants their wedding day to go wrong, even if they do have wedding insurance, so choosing reliable and reputable providers and companies when you’re arranging your big day couldn’t be more important. Of course, even if you choose a big-name hotel chain as your venue you still can’t guarantee it won’t go bust, but you’ll have more reassurance.
Ask friends and family members for their own personal recommendations, and do plenty of research about suppliers. Check out online reviews and look up Facebook forums and groups in your local area to get recommendations and tips.
Keep Receipts And Get As Much As Possible In Writing
You should always keep written records of everything that you arrange and ensure that written contracts or agreements are in place with every supplier you’re using. Make sure that everything that you’ve paid for has a receipt, and keep it safe since if you do need to make a claim on your wedding insurance you’ll probably need to provide it. Make notes, too, of when every full payment will be due so you don’t lose track of your suppliers or lose your deposits.
Make Sure Your Honeymoon Is Covered
Wedding insurance doesn’t cover the cost of your honeymoon. You have to have travel insurance for that, just like you would need for any holiday. Make sure you arrange your cover when you make your booking so you’re covered for cancellation and any problems that occur before the trip.
Finding Wedding Insurance
Now that you’ve read all of the information provided in this article, you may be in the best place to decide whether wedding insurance could be a good choice for you. If you’ve decided to go ahead and arrange cover for your big day, this step-by-step plan will make sure you get the right cover at the right price.
Work out the cost of your wedding. Before you can even begin researching wedding insurance cover you need to write down everything you’re going to spend money on so you can work out the cost of your big day. You’ll need to do this anyway to determine your budget, however insurers put different cover types into bands to match the entire wedding cost so you need to get your estimate right so you won’t end up under-covered.
As an example, if you spend £10,000 over budget and were insured only for the original cost you estimated but then needed to cancel, only the original cost will be covered. You can avoid this eventuality by telling your wedding insurer if your costs rise unexpectedly during your planning stage. You may need to pay more to increase your level of cover, but it’ll be worth it. You don’t need to include any items you don’t need cover for, though. So, if you’re going to pay a large bill for drinks on the wedding day itself, for example, this doesn’t need to be added into the costing.
Use comparison sites to get sample prices. This will give you a point to start from and to continue your research.
Check what will be covered. Before you choose any wedding insurance policy make sure you know what is covered by each one that you’re considering. Will all of the key elements of your big day be covered in the event of a problem? Will you need to pay more for certain aspects of your ceremony? Will overseas weddings be covered? Do your research well before making a decision.
Once you’ve narrowed down the most suitable policies for your needs, get some quotes from wedding insurance brokers. They can offer you advice about which policy to choose and thanks to their connections with different insurance providers you may be able to benefit from special deals. Brokers who are members of the British Insurance Brokers’ Association are the best choice.
Check for cashback offers. Once you’ve got some quotes, it’s time to look for cashback deals that may be available. This will help you to get the cover you need at the best possible price.
How Can I Complain About The Provider Of My Wedding Insurance?
Unfortunately, wedding insurance providers don’t always have a the best reputation for good customer service. While some providers offer some customers an excellent experience, others have a terrible time trying to make a claim or arrange a suitable product. Some common issues that are experienced by couples include their claims being paid late or even not paid at all, exclusions that are hidden within the small print, or unfair charges.
Your first step if you need to make a complaint about your wedding insurance is to contact the provider of your policy directly. Sadly, this doesn’t always lead to a successful resolution of the problem. If you’re still struggling to get satisfaction you may need to use the Resolver tool to get to the bottom of the issue or escalate the complaint to the Financial Ombudsman Service. Although it can be time-consuming, taking this route should eventually lead to resolution of your problem.