Have You Considered Wedding Insurance?

How confident are you that your future spouse will say, “I do” on that big day? Does she have any experience being a runaway bride or ladies, has your engagement been one of those romances that would make the next tear jerking chick flick or have you pulled him along kicking and screaming? Nobody needs to remind you that your wedding may very well end up costing more than a new Mercedes and that’s a lot of money to dish out if you’re less than sure that when that big day arrives you’re going to end up with a table full of gifts and memories that last a lifetime.

Luckily, the insurance industry has you covered. For a nominal cost, you can purchase wedding insurance that will insure your investment. What do you need to know about wedding insurance and do you really need it?

Actually, wedding insurance does have a change of heart clause but unless your future spouse decides that you’re not the one at least 6 months before the big day, you might be stuck with a broken heart and a broken wallet. Wedding insurance actually covers expenses of a more practical nature.

One wedding insurance website lists events like a tornado destroying the wedding venue, stolen rings, a seamstress losing the bridal gown, the caterer going out of business, and the tuxedos somehow being rented twice. (Wouldn’t you like to hear the explanation for that?)

These aren’t low dollar losses. The tuxedos, for example, were a $2,300 mistake and those stolen rings were $15,000. How do you tell your future spouse that you think wedding insurance is a good idea? Remind them that a wedding is a complicated and expensive event with a lot of people being trusted to provide the perfect event. Just one mishap could be very expensive.

What not to do

First, tell your wedding party not to do anything fun because your insurance doesn’t cover it. If anybody is injured in your wedding party that causes the event to be postponed, your wedding insurance won’t cover it. What are they not allowed to do? Hunting, skiing sledding, racing of vehicles, sky diving, and other aquatic events are just a partial list.

Next, don’t schedule your wedding at or near a nuclear power plant. If your pictures or videos are damaged as a result of nuclear action or war, you aren’t going to collect any money from your wedding insurance. Last, if your car was unlocked and your rings were stolen, you’re out of luck. Keep your car locked if you’re going to keep thousands of dollars worth of jewellery in it.

Although it’s easy to joke about such events, it can’t be denied that a wedding may be the largest single event you ever pay for and for everybody but possibly the English monarchy, wedding expenses can’t be replaced if something goes wrong. Consider insurance for those unforeseeable events and if you have your wedding at a nuclear power plant, don’t say we didn’t warn you!

Written by Tom Drake

Tom Drake is the owner and head writer of Canadian Finance Blog. While you’re here, consider signing up for the RSS feed or email subscription. Both deliver the latest articles directly to you everyday! Have a Twitter account? Then follow me for all the latest posts or to send me any comments or questions!

14 Responses to Have You Considered Wedding Insurance?

  1. Adam Leyton says:

    It’s really interesting to see that ‘change of heart’ can be covered under Canadian wedding insurance policies. I know of one insurer in the US that provides this type of cover, but here in Europe it’s practically unheard of.

    I like your advice about not arranging your wedding near a nuclear power plant! :)

    On a serious note, wedding insurance is certainly something worth looking into and it’s amazing how many couples planning a wedding aren’t even aware that such policies exist.

  2. Interesting. I had never heard of wedding insurance. There was a fire in a strip mall in our town this past spring. It started a few stores over but ended up engulfing the dry cleaners where I know of one wedding dress that got destroyed the day before the wedding.

  3. Krantcents says:

    I too never heard of wedding insurance! I suppose if you can insure various other things, why not weddings? Is it only in Canada? Why not cover it for the catastrophe?

  4. Ben says:

    Ive heard of it. My wife had her wedding ring stolen on our honeymoon! We were in Hawaii on a beach and saw it all happen before our eyes. Getting ring insurance is a must and its pretty cheap for insuring something so small and expensive!

  5. I guess there really is insurance for anything! I think weddings have gotten more and more expensive over the last few decades, and I’m sure wedding insurers are gleeful at the prospect.

    On the one hand, it seems like in the hours leading up to the wedding, one thing after another goes wrong. Once it’s actually time for the wedding, it seems like it all tends to work out.

    So I bet this is easy to market to nervous parents and couples paying for the wedding, but I wonder how much the companies really have to pay out…

  6. Glenn Cooke says:

    Weird, not something I’d ever do (or will need to do :) ).

    Another alternative is to just lower the cost of the wedding so that potential losses aren’t catastrophic. Unlike many losses, this one’s controllable.

    But I guess that’s not advice prospective newlyweds want to hear :).

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  8. Harry says:

    I saw that many people are not aware of an insurance policy provides insurance for wedding.It seems weird for them to listen.
    Wedding is always a special to a human being in life. It’s not a single day preparation. You have to waste a large amount of money for that special day. Taking an insurance policy is just a step to protect the money you have invested. Wedding insurance covers all the expenses of your wedding and return you all if any mishap occurs.

    • Adam Leyton says:

      I’m not sure that many couples would appreciate the vast sums of money they spend to ensure the perfect day being called a ‘waste’!!!

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