UK Wedding News
21/02/2012
However, according to independent financial research company Defaqto, if you’re planning a wedding this year it is important to consider arranging appropriate insurance to cover the big day.
Planning a wedding involves many aspects: rings, wedding dress, flowers, transport, catering, entertainment, venue, accommodation - and it is therefore important to have wedding insurance in place from the moment you start committing money.
Sadly there are so many things that could go wrong. The wedding venue may go bust, unexpected redundancy may mean the wedding has to be delayed for financial reasons, or, on the big day, caterers may fail to deliver or the photographer’s equipment may fail.
Defaqto has found that there is huge variation in the features and cover offered by the 101 different wedding insurance product variants currently available.
•The limit for wedding cancellation varies from only £2,500 to £70,000 with 37% of policies providing cover of £25,000 or more
•Only 9% of policies will pay the full costs of rearranging the wedding; most will only pay 50% or 75% of the cost
•Only 14% of policies provide cover for the failure of wedding suppliers, such as caterers, to provide what has been paid for. A further 80% of the policies provide cover in the event of financial failure of the supplier, such as bankruptcy or liquidation.
While the insurance premium is always an important factor, people need to take more notice of the actual cover offered by a wedding insurance policy, to ensure that they arrange cover that meets their needs.
Defaqto’s Star Ratings for wedding insurance aim to help people understand how policies compare in terms of the level of features and benefits that they offer. Taking a wide range of elements into account, Defaqto has given each wedding insurance policy on the market a Star Rating from 1 to 5 depending on how comprehensive it is.
Mike Powell, Defaqto’s Insight Analyst for General Insurance, said: "Weddings are very expensive and there are often many costs that have to be paid way in advance, such as placing a deposit on a venue. Therefore it is really worthwhile to get appropriate insurance as soon as money is committed.
"Everyone’s situations and plans are different so consumers need to ensure that the features, benefits and levels of cover they need are provided by the wedding insurance policy that they choose. Our Star Ratings help people compare different policies by providing an independent rating of the comprehensiveness of the different wedding insurance policies on the market. The key is for people to look for the right level of product for their particular circumstances."
Consumers can visit www.defaqto.com/star-ratings/wedding-insurance to access Defaqto’s Star Ratings for wedding insurance.
Some key elements for couples to consider when reviewing wedding insurance options include:
•What level of cancellation and rearrangement costs do they cover?
•What level of cover do they provide if a wedding is cancelled because one or both of the couple are made redundant?
•What cover does the policy provide if the wedding venue goes into administration and the booking is cancelled?
•Similarly, what protection is offered if one of the suppliers, such as the caterer, entertainment or wedding car company, goes out of business?
(GK)
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'Huge Variation' In Wedding Insurance Polices Uncovered
At this time of year many couples will be making plans for a summer wedding. Amid such dreaming about ceremonies, wedding dresses, invitation lists and venues, the last thing on your mind is likely to be insurance.However, according to independent financial research company Defaqto, if you’re planning a wedding this year it is important to consider arranging appropriate insurance to cover the big day.
Planning a wedding involves many aspects: rings, wedding dress, flowers, transport, catering, entertainment, venue, accommodation - and it is therefore important to have wedding insurance in place from the moment you start committing money.
Sadly there are so many things that could go wrong. The wedding venue may go bust, unexpected redundancy may mean the wedding has to be delayed for financial reasons, or, on the big day, caterers may fail to deliver or the photographer’s equipment may fail.
Defaqto has found that there is huge variation in the features and cover offered by the 101 different wedding insurance product variants currently available.
•The limit for wedding cancellation varies from only £2,500 to £70,000 with 37% of policies providing cover of £25,000 or more
•Only 9% of policies will pay the full costs of rearranging the wedding; most will only pay 50% or 75% of the cost
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•Only 14% of policies provide cover for the failure of wedding suppliers, such as caterers, to provide what has been paid for. A further 80% of the policies provide cover in the event of financial failure of the supplier, such as bankruptcy or liquidation.
While the insurance premium is always an important factor, people need to take more notice of the actual cover offered by a wedding insurance policy, to ensure that they arrange cover that meets their needs.
Defaqto’s Star Ratings for wedding insurance aim to help people understand how policies compare in terms of the level of features and benefits that they offer. Taking a wide range of elements into account, Defaqto has given each wedding insurance policy on the market a Star Rating from 1 to 5 depending on how comprehensive it is.
Mike Powell, Defaqto’s Insight Analyst for General Insurance, said: "Weddings are very expensive and there are often many costs that have to be paid way in advance, such as placing a deposit on a venue. Therefore it is really worthwhile to get appropriate insurance as soon as money is committed.
"Everyone’s situations and plans are different so consumers need to ensure that the features, benefits and levels of cover they need are provided by the wedding insurance policy that they choose. Our Star Ratings help people compare different policies by providing an independent rating of the comprehensiveness of the different wedding insurance policies on the market. The key is for people to look for the right level of product for their particular circumstances."
Consumers can visit www.defaqto.com/star-ratings/wedding-insurance to access Defaqto’s Star Ratings for wedding insurance.
Some key elements for couples to consider when reviewing wedding insurance options include:
•What level of cancellation and rearrangement costs do they cover?
•What level of cover do they provide if a wedding is cancelled because one or both of the couple are made redundant?
•What cover does the policy provide if the wedding venue goes into administration and the booking is cancelled?
•Similarly, what protection is offered if one of the suppliers, such as the caterer, entertainment or wedding car company, goes out of business?
(GK)
Top stories
20/03/2020
LeToya Luckett-Walker Is Pregnant
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Lydia Bright Gets Candid About Giving Birth
Lana Del Ray Splits From Boyfriend
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Susanna Reid's Mother's Day Plans
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