Getting married is one of the biggest events in most couple’s lives and the majority of brides and grooms choose to mark their special day with a celebratory wedding event. From modest boutique style ceremonies to lavish large scale productions, couples invest much in the occasion. Years of dreaming and months of planning mean the stakes couldn’t be higher in terms of pulling off the wedding they have envisioned. Time and emotions have been invested, but so too has a significant amount of money. The costs associated with even a small wedding soon add up. If something goes wrong with the arrangements the financial impact can be considerable and may even derail the day itself. For many couples the natural solution is wedding insurance. Protecting their investment in the big day is becoming an increasingly common part of wedding preparations. One specialist insurer Wedsafe has reported a 60% upturn in sales of wedding insurance policies since 2007. Let’s explore why so many more couples are adding wedding insurance to their pre-wedding checklist and look at how this type of protection works.
Bridal assurance background
The bottom line of insurance is that it provides protection against possible eventualities. People around the world routinely take out insurance policies to protect their homes, their cars and their lives against unexpected events. They willingly do this because it provides peace of mind that if something does go wrong they will be financially compensated for any loss suffered. With the average wedding now weighing in at a hefty $30,000 –roughly the price of a new car- it is hardly surprising that more couples want the protection which wedding insurance can offer.
Wedding insurance took its first steps down the aisle in Britain back in 1988 when Cornhill Insurance wrote its first policy. Demand was low in those days but over time this has changed. With a move stateside and the passage of time, wedding insurance has become an essential part of wedding planning with an estimated 20% of couples now taking out this type of cover.
The vows of wedding indemnity
Couples about to enter into wedded bliss make some big promises to each other, but what does wedding insurance vow to deliver? In general, wedding insurance helps couples prepare for all or at least most eventualities. Even with the most careful planning things can happen to disrupt aspects of this most special day. Weddings involve people and unfortunately people can become ill. Most policies provide cover if there is a need to cancel because either marriage partner or a very close family member is taken seriously ill. This may not alleviate the distress of the situation but it does remove worries relating to the financial impact.
Weddings also involve a significant number of elements and associated suppliers. From ceremony and celebration venues to gowns to catering to photography, weddings seem to require a cast of thousands to deliver the goods both before and during the big day. If one or more of these crucial cogs in the wheel lets the couple down, particularly at the last minute, there can be serious implications for the forthcoming nuptials. So if, for example, the limo company doesn’t do their bit and a replacement service is required on the morning of the wedding, it is likely that the cost will be significantly more. This is the type of situation where wedding insurance comes into its own, providing a safety net for the happy couple.
Weather can also play havoc with weddings. Obviously the location and its climate will either increase or decrease the likelihood of this being an issue, but for most couples there remains the potential that unexpected inclement conditions could affect their special day. What if that dream winter wedding turns into a nightmare thanks to a serious ice storm? Summer weddings can be equally susceptible to unpredicted weather conditions rendering the arrangements unworkable. These scenarios are far from desirable but at least with wedding insurance the couple will be recompensed sufficiently to reschedule when the weather has returned to normal.
Finding the perfect match
A wide range of policies are available –from standard packages to bespoke tailored solutions. Just like finding the right life partner, it is important to match the insurance cover with the couple’s specific needs. Think about what elements need to be protected, the associated budget and what is affordable. Shopping around is important in terms of getting the best deal –using price comparison sites is a great way of identifying the most cost-effective option. It is essential to examine carefully what is covered and what is not –most policies will not for instance protect against a change of heart from one or both of the wedding partners, though there are exceptions. An increasing number of wedding venues are now requiring couples to take out wedding insurance. In this scenario a discussion is required to establish the type and level of indemnity required.
Top Hollywood actress Anne Hathaway once said,
“Weddings are important because they celebrate life and possibility.”
This is a lovely sentiment but to protect against the more unwelcome possibilities the message is clear –say ‘I do’to wedding insurance.