Has the Economic Climate Reduced Wedding Spend?

Has the Economic Climate Reduced Wedding Spend?

Data from the first 6 months of 2010 have shown the most frequent Dreamsaver wedding insurance policy purchased through www.WeddingInsurance.co.uk to be the Gold level of cover, which has a cancellation cover £10,000.

Many commentators have reported that the average cost of a wedding in the UK is in the region of £20,000; however our research has shown that customers are buying policies to cover wedding for a much lower amount.

This could be due to two factors:

With the current economic climate couples may be opting to have smaller weddings or economise in other ways, such as having friends help with certain items for example making the cake and hence needing a lower level of wedding insurance cover.
Alternatively, couples could be underinsuring their weddings, which Dreamsaver Wedding Insurance would never recommend. By doing this if a couple needed to claim on their wedding insurance policy they would only be eligible to the policy limit, potentially leaving them out of pocket, if there is a claim and the level of cover chosen does not meet the actual cost.

 ’As the economy improves we would expect the cost of weddings to increase and see a corresponding rise in the sum insured of wedding insurance policies. However, if couples are underinsuring that is a more worrying trend. A wedding insurance premium is a tiny proportion of the overall spend on a wedding (just 0.3%), so underinsuring your big day could be a false economy.’ commented Jonathan Buttery, Managing Director of Voyager Insurance services, who operate the Dreamsaver Wedding Insurance brand.