A survey conducted by wedding insurance specialist WeddingPlan has found that the average cost of a UK wedding has increased by nearly 15% to £24,000, compared to £21,000 in 2010i. That’s only £3,600 below the UK’s average annual salary of £27,600. Weddings are part of a £10billionii industry and are one of the biggest financial outlays of a person’s life.
Steve Whitaker, head of products for WeddingPlan said: “The survey provides some fascinating insights into how weddings are changing, and why insurance has become an increasingly popular option for couples tying the knot.”
He explained that, of the 1000 respondents that took part in the survey, almost half of them spent between 1-2 years planning their big day, and 95% of weddings are held in the UK.
The survey found that 63% of participants spent most of their budget on the venue, followed by food & drink (27%) and their honeymoon (6%). Couples in the UK invite, on average, between 50-100 guests to join them for their big day. The bride has between 3-4 bridesmaids, and more couples are choosing to take their vows in a licensed venue (63%) instead of traditional places of worship (29%) or registry office (5%).
Technology dominates modern day wedding planning, with 94% of couples conducting overall online research while a further 44% used social media for planning and organising their wedding and/or honeymoon. The survey found Pinterest and Facebook as the most popular way to find inspiration online.
Furthermore, while it was once popular for the bride’s family to pay for the wedding, recent research suggests the father of the bride is now off the hook as modern brides feel this tradition is ‘out of date’iii.
With themes ranging from rustic vintage chic to butterflies and even Formula One, weddings are increasingly becoming more creative and, with so much at stake, the demand for wedding insurance is getting bigger.
88% of participants that took part in the survey considered insurance to be an important part of planning their wedding.
“We originally took out WeddingPlan insurance to cover us in case anything bad was to happen. Little did we think it actually would!
On Christmas Eve 2014, our venue in Surrey was closed due to the Thames breaking its banks and flooding the hotel we had chosen. We were away in Scotland at the time and with our wedding due to take place on January 4 2015, we were anxious to find a replacement. WeddingPlan were brilliant in reassuring us that we were covered and could get our money back. I paid the £25.00 excess (the best £25.00 we’ve ever spent!) and was paid over £1,100 a few days later from our insurer, allowing us to secure somewhere else in time.
We have since recommended WeddingPlan to our friends who weren’t even considering insurance. Better to be safe than sorry!”
About WeddingPlan Insurance:
With the ability to take out a policy up to two years in advance of the big day, wedding insurance protects couples for potential mishaps including loss and/or damage to wedding attire, failure of suppliers or cancellation/rearrangement cover for both weddings and civil partnerships.
With so many wedding insurance options on offer, how do you distinguish the best policy for you?
Considering WeddingPlan insurance, cover is offered on cancellation and rearrangement, failure of suppliers and loss or damage to your wedding attire as standard. With policy prices ranging from £20 to £207 and up to £65,000 cancellation cover, there is also the option of marquee cover, public liability and ceremonial sword cover.
While a majority of claims made are against venue cancellation, supplier failure and illness or accident, don’t forget it’s not just the big things that need insurance protection. It’s possible to get a range of cover for wedding essentials including transport, flowers, the cake, wedding rings and even stationery.