Wedding insurance – five great reasons to consider investing
Ok, let me state from the outset, I’m a big fan of insurance, period, so wedding insurance cover to me is a no brainer. However not everyone would agree, and insurance for insurance sake is not on my agenda either. So why would I recommend wedding insurance cover when I wouldn’t necessarily recommend other forms of insurance?
Back in the day, when I lived a very different life in banking, we were all targeted on insurance sales. Now some insurance is a must – for example buildings insurance and home contents insurance for me would be sensible options for anyone who is considering purchasing a property. On the other hand other insurances like, for example, overdraft repayment protection, credit and debit card protection, all the PPI related stuff, are much more debatable, especially if sold against personal performance targets rather than customer need.
Don’t get me wrong, the whole PPI debacle should never have happened, customers were obviously sold policies when they should not have been, hence the massive refunds that banks have been forced to make over recent years. On the other hand, the banks also paid out under these policies, when those who had legitimately been sold the insurance in turn relied on legitimate claims in later years. So it wasn’t all bad, and I’m not protecting the banks here, the stuff was heavily oversold in my opinion, and the banks were rightly punished.
However – that doesn’t make all insurance bad, and some insurances are genuinely here to help and protect. I would list wedding protection insurance amongst them. Why? Well here goes:-
1 Your wedding day is usually one of the most important days of your life – so far
Weddings are generally chaotic events planned to take place at a specific time on a specific date at some time in the future. They rely on everything happening to plan – not only on the day, but running up to the day as well. Weather, personal injury, all can play a part. Also, consider the potential bankruptcy of major suppliers, or suppliers who don’t fulfil their contractual duties, who don’t have their own insurances. Dread the thought, but you could really do with your own back up plan.
2 Peace of mind
Are you a worrier? I chat with loads of brides, and they worry about lots of things going wrong on the day. Most of your worries will not lead to major problems, most weddings run without a hitch. But for the big stuff have a back up plan, and give yourself peace of mind, both running up to the day, and on the day.
3 Weddings cost a lot of money
You can spend a fortune on your wedding, or work to a smaller budget. Either way, they total costs adds up. What other high value purchase would you make in life, without considering insurance cover at the same time? House, car, holiday, jewellery – wedding!
4 Shit happens
I’m afraid that’s the bottom line – shit does happen. Fortunately it happens to very few, but when it happens, it can happen big time. I remember back in 2008 when wedding gift company Wrapit called in the administrators, three of my brides were directly affected. Wrapit were a very popular company, and only one of my brides was insured for the loss of all her wedding gifts.
I was also aware of one (not a hundred million miles away) venue where the proprietor ran away with wedding booking fees and final balances, leaving brides uninsured and nowhere to turn for refunds.
So please beware, the simple answer is – take out wedding insurance cover.
5 It’s cheap as chips
Considering that it’s your big day, and what you’ll be insured for, wedding insurance cover really is dirt cheap. For premium comparisons, take a look at this Which Wedding Insurance Rate Comparison Page.
£19 to cover a £14, 500 (i.e. about average) wedding, it just seems silly not to.
Whatever happens, don’t let it worry you, have a fabulous day. But please do consider spending twenty quid and investing in some peace of mind.
I rest my case, your honour. The man in the funny wig is making me laugh………