Not that long ago, the average UK wedding cost a staggering £21,000. Recent research shows that as a result of the recession this figure has fallen £5,000 in the last year to £15,000. This is still a lot of money and a worry to many couples who want the perfect day.
Most Brides and Grooms-to-be put a great deal of effort into planning their wedding, ensuring every detail from the napkins to the flowers are just right. Whilst it’s true to say that there will always be a little hiccup at most events, this is usually on minor and generally something so small that it’s probably only noticed by the Bride and Groom. However, sometimes bigger things do go wrong and wedding insurance is something that could help to put it right.
Wedding insurance provides cover for things like damaged clothing (particularly if hired), lost rings, stolen or damaged gifts and, perhaps crucially in the current economic climate, protection should a supplier go bankrupt.
A recent Yahoo Finance article suggests that wedding insurance is unnecessary and that similar cover can be found elsewhere for free. It’s certainly true that your home insurance may cover you for some things and that deposits paid for by credit card might provide some protection under section 75 of the consumer credit act. However, can you be certain that everything is actually covered? For a small premium, wedding insurance provides peace of mind that should something go wrong on your big day you’ll not be left out of pocket.
So is wedding insurance worth it? Given how low premiums have dropped, it’s probably worth taking out wedding insurance for even the smallest wedding. It’s certainly worth it for the peace of mind and if the Best Man rips his trousers on the dance floor, you know you’ll be covered!