How To Choose The Right Amount Of Wedding Insurance Cover
Choosing the right amount of cover for your wedding can come down to several factors, though two of the most common deciding factors include:
- The extent of cover you believe you might need for things like postponement, damage, loss or supplier failure; or
- The premium amount you are willing to pay.
Either way, it is important to understand that wedding insurance is a once off cost, based on the amount of cover you need, so that you may plan your wedding day with fewer concerns.
Typically, your cover for wedding cancellation will be greater than, say, the cover for lost rings or a damaged wedding dress. So, when exploring wedding insurance policies and options available to you, understand the different cover amounts offered for each of the insurable items, and choose the policy that fits your needs best.
Wedding insurance creates peace of mind when planning a wedding
As with so many insurance types, wedding insurance is about peace of mind. It is not necessarily about being able to claim the full loss you might have experienced.
Instead, for many buyers of wedding insurance, it is about being able to claim a sufficient amount to make the wedding insurance worthwhile so that in the unlikely scenario you need to claim, you get something back instead of nothing back.
Understanding the risk you are prepared to accept and the potential out-of-pocket expense you might have in the event of making a claim is important when choosing the right wedding insurance policy for you.
Or in other words, in the unlikely event that a supplier goes out of business and takes the deposit with them, some level of insurance pay-out would sufficiently weather the blow and that could be lived with.
Wedding insurance is sold in different tiers based on your required cover
Wedding insurance is almost always sold in tiers, with the cover amount for wedding cancellation and postponement typically leading each tier. This is because cancelling a wedding would ordinarily incur the greatest loss compared to, say, wedding gifts being lost, stolen or damaged.
Nobody wants their wedding cancelled or postponed, though it does happen.
There is a reason why at Wedsure we specifically focus on covering such an eventuality, and when exploring wedding insurance policies, this is usually the best place to start.
To give you an indicator of cancellation coverage tiers, at Wedsure, we provide four levels of cancellation cover:
- $8,000
- $16,000
- $35,000
- $75,000
The first tier would likely be sufficient if your wedding is a small backyard wedding with close friends and family. If your wedding extended to fifth cousins and you planned to release doves from the cathedral, you would probably opt for a higher tier.
Whatever gives you peace of mind.
Cancellation versus rescheduling with wedding insurance
Once you have ticked off the cover for wedding cancellation and postponement, it is time to get into the other areas covered by your wedding insurance policy.
Rescheduling a wedding is a common area of claims, and most policies offer cover if you need to reschedule.
The cover offered for rescheduling your wedding is usually less than cancellation and postponement, as much less is often lost if you need to postpone. You keep the rings and dress, suppliers will generally change dates and so forth.
Rescheduling is a common wedding insurance claim for so many reasons so make sure you choose the appropriate amount of cover.
What else is included in each wedding insurance tier or policy?
Once you have ticked off the big-ticket items covered by your policy, it is time to get into the detail.
Your wedding insurance policy should cover you for:
Wedding supplier failure
The supplier goes out of business with the upfront deposit or fails to provide the services on the day, necessitating you to source them elsewhere, with out-of-pocket expenses.
Wedding cars and transport
Cars are often double-booked during peak season. Buses break down. With this cover, you’re covered for this scenario.
Wedding attire
Handing down the dress to your daughter is the dream, though if the dress is torn or destroyed on the dance floor, wedding attire covers repairs or replacement.
Wedding rings
It is the cliché that the best man loses the rings, though we’ve seen it happen. At Wedsure, we offer cover up to $20,000.
Wedding gifts
With so much going on, often late into the night, who is looking after the presents? In the event of loss or damage, this is often an overlooked but important part of wedding insurance, especially—and we hate to say it—when cash and envelopes are involved.
Professional counselling
Weddings can be stressful, and in the event of, say, a wedding cancellation or some other mishap, it can lead to elevated levels of stress and anxiety. This is why we believe covering the need for professional counselling is important and include it in all the tiers of our wedding insurance policies.
Accidental damage to hired equipment
One of the eye-openers for any couple is the cost of replacement wine glasses at a wedding. They’re deceptively expensive, especially when a whole tray hits the deck. Someone falling on the turntables, a marque being damaged. You name it, we’ve seen it and it needs to be covered.
When exploring the different wedding insurance options and policies available to you, always read the PDS and fine print to ensure you understand any exclusions or limits.
And then you can decide whether you invite that uncle or not!
Wedding insurance for COVID
We wish we had seen the last of COVID too, though unfortunately, COVID remains a fact of life and a common cause of claims.
At Wedsure, COVID wedding insurance cover is optional and adds $200 to any policy with up to $10,000 of cover.
For example, if you need to reschedule your wedding due to someone in the wedding party or close family having COVID and you have taken out optional COVID cover, you should be covered to reschedule.
True peace of mind on all fronts and gran with thank you.
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