Is Cheap Wedding Insurance a False Economy?

1st March 2011 by Adam

Most Wedding Insurance comparison sites compare wedding insurance based on price. However choosing a policy solely on price could be a false economy for couples getting married.

While everyone in the current economic climate wants to make sure they are getting the best value for money, some cheaper policies have lower prices because they have lower levels of cover, potentially leaving you under-insured for your big day and out of pocket if something goes wrong.

Couples usually decide on the level of cover they need by comparing cancellation cover. This is the total amount that your wedding will cost if you need to cancel. This is a stand-alone section and is NOT in addition to any other sections of the policy, for example if you needed to cancel your wedding the cancellation cover was £6,000, you would not be then be able to claim on the Wedding Flowers, Gifts and Cake section as well; the other sections are not in addition to the cancellation limit.

Similarly, not all policies are the same when it comes to re-arrangement costs, i.e. when a wedding is postponed and not all costs are lost. In some wedding insurance policies this is only 50% of the cancellation cover, in Dreamsaver Wedding Insurance policies it is 75%, giving you more flexibility if you have to re-arrange your wedding.

Other things to consider include Public Liability, some policies will only cover the Bride and Groom and cover cannot be extended to the guests, which may be requested by some venues. Dreamsaver Wedding Insurance gives you the option to extend public liability cover to your guests and increase the limit from £2m to £5m.

'Although on the face of it some policies look cheap it can be because they do not have the breadth of cover that some slightly more expensive policies have. Often the difference in cost is less than the price of a couple of drinks at the wedding reception and is negligible in terms of the overall cost of the wedding. As with all insurance policies we would urge customers to read the policy wording so that they know exactly what they are covered for prior to purchase', commented Jonathan Buttery, managing director of Voyager Insurance Services Ltd, who operates Dreamsaver Wedding Insurance.

The table below compares the cover levels of the Silver level of cover, Dreamsaver's lowest priced policy, against some competitor's products (prices correct at 16/02/11)

 Tier 1EssentialsSilver
Financial Failure of Suppliers-£750£4,500
Ceremonial Attire-£1,000£3,000
Wedding Ring, Flowers, Attendant's Gifts, Cake-£1,000£3,000
Photographs and Video-£750£3,000
Wedding Cars and Transport-£750£3,000
Public Liability for Bride and Groom£2m£1m£2m

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Please Note: Policies must be purchased a MINIMUM of 14 days before the ceremony date.

Please Note: This Article refers to an historic version of Dreamsaver Wedding Insurance policy. Policy Terms, Conditions, Exclusions and Prices may have changed. Please see the latest policy wording for more details