Why The Average Wedding Insurance Policy Is Short By 30%
Why The Average Wedding Insurance Policy Is Short By 30%
According to official statistics the average wedding in the UK last year cost 20,000, yet the average wedding insurance policy in the UK provided only 14,000 of cover, meaning that on average couples are under insuring by around 30%. This is effectively gambling 6,000 on a wedding, which seems very strange since these are the people who have already decided that wedding insurance is a good idea.
Each year there are still some couples who decide to gamble their entire wedding, and choose not to have any wedding insurance at all. Clearly this is extremely risky given the vast number of weddings each year which experience anything from a slight problem to a major disaster, and which result in unexpected additional expenses ranging from a few hundred pounds to several thousand pounds.
Few people have 6,000 to casually throw away, so why is it that couples who have already chosen to play it safe and take out wedding insurance are still happy to risk such a large sum of money? Remember, this is only an average shortfall - some people are still prepared to take out wedding insurance, but risk even more than 6,000. What's going on?
Findings would suggest that there are two main reasons why couples are under valuing their wedding insurance by around 30%. In the first instance it is that many couples feel that they don't need to insure the whole of their wedding as they may have other insurance policies which they feel covers them in certain areas already. This includes home insurance which may cover goods and items in the home, health insurance which may cover any emergency health care requirements, travel insurance for problems which may happen during an oversees wedding or honeymoon, and credit card protection for items or services purchased using a credit card.
To a certain degree there is an element of truth to this, but there's also a great big caveat. Because the problem is with all of these policies, they only cover certain aspects under certain conditions, and often will fail to provide the speed of response usually required when a wedding is jeopardised.
Home insurance will for example cover certain items only up to a maximum limit, which may exclude certain items of jewellery and items such as the wedding dress. Hired goods such as suits and outfits may not be covered, and damage caused due to wedding guests visiting may be excluded. Once the items leave the house to go to the wedding they won't usually be covered, and in any case, getting compensation for any loss or damage could take several days or even several weeks.
The second reason is that many couples overlook some aspects of their overall wedding costs, simply miscalculating the true value of their wedding. For example, the average cost of a wedding of 20,000 includes the honeymoon, and this may often be 2,000-4,000, which may not be covered. Other overlooked aspects include the engagement rings, and issues such as wedding gifts, the value of which may not even be known in advance.
By undervaluing a wedding by so much couples are leaving themselves wide open to the very real possibility of either having to find the shortfall out of their own savings, or postpone the wedding until they're able to make up the money lost. For some this could mean being unable to put a deposit on a home for several years, and not having appropriate wedding insurance can easily result in long term consequences. Live Leicester City - Swansea City Live Stream Online Football 03-01-2011 Hd Video Tv Coverage Barnsley - Coventry City Streaming Live Online Soccer Hd Tv Coverage 03-01-2011 Business Insurance Quotes – Getting Prepared to do Business in California Football Sheffield Utd Vs Doncaster Rovers Live Streaming Online Tv 03-01-2011 Coverage Checking out and Comparing Horse Insurance Wanting to know why SUVs are cheaper to insure? Untold Insurance Secrets Does Your Insurance Company See You As Just A Number? What Sr-22 Insurance Is And How To Get It Cheap How To Find Cheap Motorbike Insurance What Does Motorbike Insurance Offer? Why You Need Motorbike Insurance Where To Get Great Motorbike Insurance