The average cost of wedding insurance has also increased, with the average policy now costing £176, compared with a pre-pandemic cost of £71
Figures from wedding insurance comparison website Protect Your Family shows that the average cost of a wedding is now £22,359, an increase of 27% compared to March 2021.
With increased risks around Covid, the average cost of a wedding insurance policy has followed suit, now costing £176 – compared with a pre pandemic cost of £71.
The pandemic not only caused chaos for couples, wedding venues and travel firms worldwide as plans were thwarted by forced cancellations, it also resulted in specialist wedding insurance firms leaving the market.
However, as the world gradually returns to normal with thousands of weddings expected this summer, Protect Your Family is now able to offer a more comprehensive comparison as wedding insurer Dreamsaver has joined its panel.
Those looking for wedding insurance to cover costs for the big day can now compare specialist insurance from five insurers – Wedinsure, Cover my Wedding, Insure My Day, Wedcover and the newest addition Dreamsaver.
When it comes to planning the perfect day, would-be brides and grooms are more than happy to take out a policy to ensure their day is perfect and to cover any costs should the worst happen.
In fact, the average claim for wedding insurance is £2,000. The most frequent claim is for financial failure of wedding suppliers, followed by cancellation and rearrangement.
Protect Your Family data also shows that August is the most popular month for a wedding for, with an average of 96 guests invited.
When it comes to buying wedding insurance for the big day, most people are doing it almost a year in advance, with the average duration from policy purchase to wedding date coming in at 363 days.
Jason Gibson, from Protect Your Family, said: “With the wedding industry now worth £10bn per annum in the UK, and with the chaos of the last two years due to the Covid pandemic, there has never been a more important time to buy wedding insurance to ensure that you are covered should the worst happen.
“Although policy prices have increased sharply since Covid, it is still pennies compared to what people are shelving out for the big day. The wedding insurance landscape has changed so much over the last couple of years, so it is vital that brides and grooms thoroughly research what they are looking for in a policy and ensure that the insurance policy cover levels match the wedding you are planning.
“It is great to see Dreamsaver come onto the market, giving our customers more choice when it comes to getting a policy with five insurance providers to compare. Happy couples can now protect their big day with the peace of mind that there are policies available with various options, including Covid and EU cover.
“Here at Protect Your Family, we know how important your wedding day is, especially if you have had to wait even longer for it, and so we can help you compare the different policies to ensure you get the right one for your wedding and your budget.”
For more information about wedding insurance and the cover levels available, please visit: https://www.protectyourfamily.co.uk/wedding-insurance/
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Notes to editors:
For more information, please contact Kathryn Chadwick or Rachel Mainwaring at Front Door Communications on knock.knock@fdcomms.co.uk or by calling 029 20 020360