A recent study by the wedding planning website, Bridebook, looking at 20,000 weddings throughout 2016 found that the average cost of a wedding was over £27,000. Incredibly, they found that the average cost of a wedding in London was over £38,000 and that over 4% of weddings in the Southeast actually cost more than £100,000. These figures also did not take into account the average cost of a honeymoon, which they found to be around £3,704.
I remember back in 2007 doing a study for another Wedding Insurance company at the time where we found the average cost to be just under £20,000 at the time. So that would represent a 35% increase in 10 years! With the average cost of a wedding increasing it really does highlight the need for couples to take out wedding insurance to protect their big day as weddings represent a major financial commitment! Whilst we are certainly seeing an increase in the number of couples considering purchasing wedding insurance, we still believe that around 60%-70% of weddings are not covered. So that means the vast majority of couples are simply not aware that wedding insurance exists or simply don't realise the need and benefit of taking out cover.
Wedding insurance provides cover for a number of unfortunate circumstances with the main ones being failure of wedding suppliers, cancellation and rearrangement due to sickness of the wedding participants or a close family member, loss or damage to wedding items such as ceremonial attire, rings, gifts, cake, flowers, photography, transport and public liability. In the grand scheme of things wedding insurance also represents a relatively low cost with prices starting from as little as £20 for £2,500 of cover.
So regardless of whether you are spending £2,000 on your wedding or £27,000 just ask 'what if?' something did go wrong? Can you really afford to take the risk and not take out wedding insurance?