Through this buying guide we will provide you with some useful information and tips on the key things to consider when taking out Wedding Insurance.
Why should you take out cover?
There are many reasons to consider taking out Wedding Insurance. As with any other major financial commitment you make throughout your life such as purchasing a car or a home, you want to make sure you have financial protection in place just in case something does go wrong. Wedding insurance covers a wide range of risks such as the following:
- Cancellation caused by illness to you, your partner or a close family member
- Cancellation or rearrangement due to extreme weather conditions such as a floods or natural catastrophe
- Financial protection due to failure of wedding venues and wedding suppliers
- Loss, damage or theft of items such as wedding rings, cake, ceremonial attire, photography and gifts
- Public Liability for the wedding participants and for guests
So wedding insurance can provide peace of mind and financial protection for a range of unfortunate circumstances. In some cases your chosen wedding venue may also request that you take out insurance to protect your big day.
What doesn't wedding insurance cover?
Unfortunately, wedding insurance will not cover you in the event that you change your mind and decide not to tie the knot! Likewise honeymoons and travel aspects are not covered. For that, you should consider travel insurance. Most policies will also have exclusions relating to pre-existing medical conditions. All policies available on the market today also exclude claims and losses arising from any Pandemic or Epidemic including Covid-19. Every wedding insurance supplier will have a number of geographical restrictions and general exclusions applicable to all sections of the policy as well. Therefore, it's very important that you read through the policy documents to ensure you are aware of what is and isn't included.
How much does wedding insurance cost?
Every wedding or civil partnership is different and there is no one size fits all product or pricing. Prices vary significantly from supplier to supplier. Once you start to plan your wedding you should start with a budget in mind to cover all the major aspects of your wedding such as venues, catering, photography, flowers, attire, cakes, entertainment, transport etc. Once you have a set budget in mind then you will be able to quickly select a level of cover that meets your budget and circumstances. For example, if you are planning to spend around £20,000 in total on your wedding day then you will need to purchase cover that will compensate you up to the amount in the event of a cancellation. Then you can shop around to find the right cover for you. If your plans change and your budget increases then you can also speak to your wedding insurance provider to see if you can upgrade your level of cover.
Is all wedding insurance the same?
In short, no. Each wedding insurance provider will likely offer different levels of cover with different excess levels and exclusions etc. It's important to review the cover levels offered by the various wedding insurance suppliers and the policy documentation to ensure that you fully understand what's covered and importantly what's not. You will then be best placed to determine which wedding insurance supplier and level of cover is right for you.
When should you buy wedding insurance?
The vast majority of couples start planning their wedding well in advance, often one to two years before the actual wedding date. Once you start planning your wedding you will most likely have a rough idea of when you would like the big day to take place. Typically, the first step is finding and choosing the perfect venue for your wedding ceremony and reception. Once you have chosen your dates, selected your dream venue or started to pay any deposits for various wedding suppliers then you should really consider purchasing insurance to ensure you are covered. You will then be covered from the time you purchase the insurance to a period following the ceremony and reception dates. Typically, most wedding insurance providers will provide cover up to a maximum of 2 years from the date of purchase of the insurance.
What sort of wedding costs will need covering?
There are many things that need to be covered when planning a wedding. Pretty much most things that represent a substantial expenditure can and should be covered including the following:
- Wedding & reception venues
- Ceremonial attire such as wedding dresses and suits etc
- Entertainment such as live bands and DJ's
- Photographers and/or videographer
- Other wedding services suppliers
It's also important to look at the definition of wedding suppliers as all insurers differ on what they would cover under this section. Some have a more narrower definition than others. So in order to get the best level of protection look at wedding insurance providers with a wider definition. Wedinsure for example covers any supplier with whom you have a written contract to provide a service or services at, or for, the wedding and or wedding reception, in return for advance payment by you. So this is one of the widest definitions of wedding services suppliers on the market.
Dealing with Suppliers
We strongly recommend that you do your research on all your wedding suppliers before you sign any contracts or pay over any money. You will be surprised at how many claims we see for financial failure of wedding services suppliers, which is one of the biggest area of claims we receive. So what can you do to make sure your wedding suppliers are financially stable?
- Firstly, if they are a registered UK company then you can check their status on the Companies House register. This will normally include financial information and provide any details of insolvency issues or voluntary arrangements. We strongly recommend not dealing with any suppliers who have a history of insolvency or financial issues. Most major suppliers such as venues, caterers etc will likely be registered as a limited company.
- Look for customer reviews and feedback online to see what others thought about their service. Check their Facebook page and other social media accounts such as Instagram, Pintrest and Twitter. Search on Google to check out any news, information or reviews etc. Look to see if they use Trustpilot, Feefo or another reviews platform.
- Ask for written contracts with all your suppliers and make sure you clearly agree the terms of the service they are providing. Read through any contracts to understand what are their standard terms of business and make sure these are fair. For example, what payment terms are they requesting? What are the cancellation terms?
- Never pay over more than you need to at anytime. If you do and something was to happen then any additional amounts you pay over what was due may not be covered by your insurance.
- Check out their website and make sure they have a verified address and method of contact such as phone and email etc.
- Make sure they have their own business insurance in place to cover their liabilities as a business.
If you are dealing with sole traders or part time professionals then it may be a bit more tricky as there may not be as much information readily available. For the large part you can still perform much of the same research as above to establish their credibility and worthiness as a supplier. Do they have a website? Do they have a verified address and contact method? Do they advertise their business on Google and other directories? Do they have a professional email address? How long have they been trading? If you come across a supplier who only deals via a personal email address or mobile number and has no verified business listing on Google or any other directory and no website then that should really set some alarm bells ringing.
Also, if you get a an unbelievably cheap quote or offer from a wedding supplier, don't automatically think its a great deal! Ask why? Why are they soo much cheaper than everyone else? What's the catch? Quite often you may find there is a reason its cheaper. So again, make sure you do your research and don't just go for the cheapest quote.
If I pay wedding suppliers by credit card am I covered?
Under Section 75 of the Consumer Credit Act, anything you purchase worth between £100 and £30,000 on a credit card could be covered through your card provider. This technically only covers breach of contract between you and the supplier, and its important to note the card providers are not obliged to chase suppliers for you. However, this doesn't cover key circumstances that a specialist wedding insurance policy does. For example, cancellation caused by someone falling ill, personal and public liability, loss or damage to key things such as ceremonial attire, gifts, cake, flowers, photography etc. So taking out wedding insurance is still the best way to ensure you have adequate protection in place in the event things do go wrong.