Wedding insurance protects from £21,000 price tag of "I do"

03 December 2008 / by Rachael Stiles
The average amount spent by couples tying the knot has increased to more than £21,000, according to Weddingplan, making it more important than ever to get wedding insurance to protect the big day.

According to research by the wedding insurance provider, bride and grooms-to-be seem to be ignoring the recession and are spending even more on their weddings than before the credit crunch, with the typical couple now shelling out £21,089 to get hitched.

Weddingplan first carried out its Wedding Costs survey in 1998, calculating the cost of a wedding for the following year, and since then the cost has nearly doubled, rising by 97 per cent in little more than a decade.

The study has revealed that couples are not heeding the woes currently being felt in the financial markets and wider economy, but are continuing to party like it's 1999 – but at 2009 prices.

While most retailers are announcing falls in profit and many are going out of business, bridal suppliers across the UK reported higher levels of enquiries for October than at the same time last year, and order volumes have actually risen by 10 per cent, with the higher value of the orders surpassing the rise of inflation.

The insurance company's research has found that rumours about couples slashing the guest list, switching to fake flowers, or cancelling the engagement party and cutting right to the chase are largely unfounded.

Almost 80 per cent of wedding venues have reported that bookings have never been so strong, and rather than having to cut prices as other markets have done, areas such as marquee hire, disco bookings, wedding cakes and photographers are becoming more expensive.

Some wedding venues – such as Peckforton Castle, in Cheshire, are reporting rises in the annual number of weddings during the past 12 months, and are already taking bookings for 2011.

And if the wedding guests are feeling the pinch of the credit crisis they're not reflecting this in the gifts they buy, with the average wedding list now averaging £3,500, up £2,000 in just two years, and wedding list suppliers are increasingly phoning couples, urging them to add more to their lists because it's getting low.

"As the average wedding costs more than a family car - insurance for the big day should be at the top of any newly engaged couple’s list." says Weddingplan’s Chris Gorney.

"It should be taken out before any major deposits are paid because, however carefully you plan, things can and do go wrong."

This is especially important in the current financial climate, Mr Gorney continued, because this year has seen many couples making claims due to failure of suppliers which have buckled under the weight of the recession.

"For the small financial outlay of insurance and in the current financial climate, we advise couples to protect their dream day and have peace of mind." he concluded.

© Fair Investment Company Ltd