Can You Save Money By Not Having Wedding Insurance?
Can You Save Money By Not Having Wedding Insurance
?
There's certainly no doubt that we all live in troubled times, economically speaking. Most of us are looking for ways to cut costs, cut corners and cut down. Unfortunately one of those areas hit quite hard is wedding insurance, which is a bit of worry, since that's exactly the sort of cutback people shouldn't be looking for.
There are some forms of economy which may seem like a good idea at the time, but which are actually classic cases of false economy. It's a little like saying that although you have to carry a dozen eggs home, you will cut the cost of packaging, bags and baskets by simply holding them all in your hands. To help minimize the time during which they're exposed to danger, you'll run.
The chances are that this kind of economy will result in only one, all too predictable outcome - egg on your face. Trying to cut back on your wedding by cutting out wedding insurance is very much like exposing your eggs to greater and greater risk, and the greater the risk, the greater the chance of catastrophic failure.
Bear in mind that despite the recession and the long term financial problems being experienced in the UK, last year the average wedding cost over 20,000. That price includes everything, including the honeymoon, but nonetheless, that's a staggering amount of money. Never mind a dozen eggs - let's try running with 20,000 of them in our hands.
Even more staggering is the fact that wedding insurance is available for under 20. Can you name anything else you'll have at your wedding that costs less than 20? Even the Bride's garter costs more than that in many cases, and certainly 20 won't go very far on any aspect of the day. Perhaps a small flower display, a few drinks at the bar, an extra bottle of wine, one more small photograph or a different choice of soup at the reception.
Yet for less than 20 an entire wedding can be covered and protected should things go wrong. But then here comes the next excuse for the false economy. People claim that their wedding is unlikely to go wrong. They claim they've planned it well, used high quality, reliable suppliers and done their homework. They may even suggest that their home insurance, credit card protection, health insurance or travel insurance will protect them.
Statistically, so they claim, they're unlikely to ever need to make a claim on their wedding insurance, and so would rather either save 20, or dump an extra bottle of wine on the table for the reception. But this argument doesn't hold any water. Because whilst people claim that statistically they're unlikely to need to claim, the real statistics tell a very different story.
According to statistics published by wedding insurance companies in the UK, half of all those who take out a policy end up making a claim. In some cases these claims may be for just a few hundred pounds. Perhaps some wine was spilled on the Bride's dress, the Best Man's hired suit got damaged during some high spirited celebrations, or a drink spilled on the venue's carpet, which required professional cleaning. But at the same time many claims were for either many hundreds or even several thousand pounds, and in hundreds of cases every year, the full cost of the wedding was claimed for.
So when you consider that 50% of all weddings end up needing to fall back on wedding insurance, and that wedding insurance is available for under 20, it really makes no sense to cut corners, and risk what should be one of the most important days of your life, and one of the most risky, and expensive occasions you'll ever have to plan.
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