Why couples should take out wedding insurance

The majority of couples will tie the knot this year without wedding insurance. The last time a study was conducted in 2010, Datamonitor estimated 3 out of 4 weddings in the UK go-ahead uninsured. We don’t have any recent national data; however, we previously identified an increase in the number of couples taking out wedding insurance prioer to when Covid-19 hit. Following the pandemic, many insurers put a stop to offering wedding insurance due to the unpredictable nature of how Covid-19 was going to impact the wedding and hospitality sectors. Those who didn't have a wedding insurance policy in place before Covid-19 hit lost out on deposits and cancellation costs. It is still arguable that the majority of wedding days and receptions go on uninsured. To understand more, we first have to look at how much weddings cost on average.

The average cost of a UK wedding

It’s no secret that the average cost of a UK wedding has increased over the years. In 2021, various sources reported different averages:

• £17,300 – Hitched
• £9,000 - £32,000 – Money Saving Expert
• £20,000 - £30,000 - NimbleFins

At the end of the day, weddings usually are expensive and therefore will require insurance for peace of mind. Here’s a scenario to put this in perspective.

Insure your wedding just like your other life assets

Imagine you bought an expensive piece of jewellery that was not covered by your contents insurance. Would you be comfortable leaving your property knowing that if something went wrong, you would not be able to recover its value? Chances are, you’ll ensure that such an asset is appropriately insured, just like your car and property. So why should a wedding be any different?

What does wedding insurance cover?

A good policy will protect your wedding ceremony and reception. Many top providers offer different levels of cover as packages. The following key covers are typical of a wedding insurance policy, however you should always read the policy wordings to ensure the cover meets your needs.

Wedding cancellation

This protects irrecoverable deposits or fees paid up front if the wedding reception or ceremony was unavoidably cancelled due to reasons such as family or the couple falling unexpectedly ill, the venue experiencing a disaster such as fire or flood or the inability of the couple and majority of the guests to reach the wedding ceremony or reception due to adverse weather conditions.

Additional costs of rearrangement

Imagine the couple paid £5,000 for a wedding venue, which then experiences a disaster such as a fire or flood. As a result, the wedding is moved to an alternative venue that costs £2,000 more. The cancellation cover protects the initial £5,000 cost whilst the additional cost of rearrangement cover protects the extra £2,000 to move the wedding in the event of a valid claim.

The financial failure of suppliers

This provides cover if suppliers have gone out of business due to bankruptcy or liquidation. For example, the cake maker or photographer end up closing their business and are unable to deliver their services.

Irrecoverable deposits and the additional costs of arranging alternative suppliers are covered even if the deposit was paid before you bought the policy. Certain wedding insurance policies also contain a specific cover for wedding cars and transport in the instance of breakdowns or accidents.

Additional covers

The policies provided by us also cover additional important aspects of the wedding such as:

• Wedding gifts
• Rings
• Flowers
• Wedding cake
• Attendants gifts

Wedding liability insurance

This is essentially public liability for the couple that covers accidental injury to third parties or accidental loss of or accidental damage to third party property. Certain policies offer the option to increase public liability to cover all guests.

Certain venues will not take on a wedding booking unless the couple has public liability cover of £2 million or more. Some insurance providers do offer the option of liability cover only.

Optional covers

As with most insurance policies, there are optional covers to ensure any bespoke preferences are protected such as:

• ceremonial sword cover;
• extending public liability to £5 million;
• extending public liability cover to all guests;
• marquee and mobile W.C. cover.

Overseas wedding insurance

Many wedding insurance providers offer overseas wedding insurance containing the key covers detailed above with additional cover for essential documents such as passports, birth certificates and visas.

Excess and policy wordings

Some wedding insurance providers do not require excesses on any of their policies. It’s always a good idea to read your policy wordings so that you are clear on the exact cover you are purchasing and any additional costs.

You may wish to avoid a policy with complicated wordings. Certain providers use ‘Plain English’ and shorter wordings which make it a lot easier for you to understand.

When can I take out wedding insurance?

The accepted period of time between purchasing wedding insurance and the big day itself varies amongst providers although you can purchase a policy up to 2 years before the wedding. It’s a good idea to get cover in place once you start paying deposits and making arrangements. Some policies also specify that the insurance must be bought at least 14 days prior to the wedding date.

There may also be limits between the date of the ceremony and reception. For example, non-Asian Weddings and Civil partnership ceremonies and receptions insured may be required to occur within a 21-day period. There are policies for Asian weddings detailed below.

Asian wedding insurance

There are specialist policies available that are specifically designed for Asian weddings or Shaadi. These policies may cover up to 6 events over a period of 94 days and are also delivered as different packages that include the key covers detailed above.

Travel & Honeymoon Insurance

There are policies specifically designed for Honeymoons offering single or annual multi trips and long stays. In addition to the usual covers such as emergency medical expenses and cancellation, features such as no age limits or discounts for families (kids go free) are available on single trip policies.

How much does wedding insurance cost?

Costs do vary amongst providers but typically you can arrange cover for less than the price of a bottle of Champagne. You can pick up a policy starting from as little as £25 for wedding insurance or £59 for Asian wedding insurance. Naturally, you will want to shop around and you’ll notice many providers display convenient tables that compare different levels of cover.

Again, we recommend you read the policy wordings that may contain clauses not displayed in the summarised tables so you are clear about the insurance you are purchasing.

What is the best wedding insurance?

This is solely dependent on the ceremony and reception plan. As detailed above, tables that compare different packages and optional extras make it easier for you to find a level of cover suitable for your wedding and planned expenditure.

It’s best to finalise all plans, ensure all suppliers are booked and have an idea of your total costs before purchasing wedding insurance so you are not spending more than you need on a policy.

What are the risks of an uninsured wedding?

Without insurance, the possibility of suppliers failing to deliver their services, the venue going out of business or burning down and the probability of family or the couple falling ill all threaten the harmonious running of a wedding.

There are many news stories online about cancelled weddings and other wedding-related disasters that serve as examples of how things can go wrong. Likewise, it’s just as important to make sure you are adequately covered and don’t leave yourself underinsured.

Concluding thoughts

As detailed in the introduction, the number of couples taking out wedding insurance is increasing due to greater awareness and recommendations from wedding professionals. Planning a wedding already requires a lot of focus and attention, therefore, it makes sense to ensure all that hard work and financial outlay is protected so you can get on and enjoy one of the happiest days of your life.