As with any other type of insurance, the cost of wedding insurance varies. The price of your policy will depend on factors such as the type of wedding you choose and the extent of cover you need. Each insurance provider will usually have a range of cover packages on offer. Basic cover can be purchased for around $240, which would pay out around $5,000 if your wedding is cancelled. For a high level of cover, which would pay out around $50,000 for a cancelled wedding, policy prices range between $1000 and $1300. In between, a range of cover levels are available to suit your wedding plans and your budget.
Essentially, the more you pay the greater the cover that you have, should anything go wrong. The cover level you choose will indicate the maximum possible payout, not the amount that you are entitled to receive. If you have a policy which offers $50,000 of cancellation cover, and your wedding is cancelled, your insurance provider will assess your claim and compensate you accordingly: if the cancellation resulted in costs of $18,000 this will be the amount you receive. It is worth paying more for a policy if you are planning an expensive wedding, but you will not always need the highest level of cover. Remember that the cheapest policies may not provide you with enough financial cover, whilst expensive policies might charge you for unnecessary cover.
Use your wedding budget to calculate the level of cover you require. For example, if your estimated wedding costs are:
wedding dress - $2,000
wedding attire - $1,500
wedding rings - $1,750
Wedding Gifts - $800
wedding cake - $350
transport - $1,000
Catering - $1,750
photographer - $1,000
Total = $10,150
You may wish to consider a policy which offers cancellation insurance of up to ten or fifteen thousand dollars. Currently, a policy offering $10,000 of cover costs around $465. Make sure that you compare policies, and prices, to find the best deal: a wedding insurance policy offering roughly $25,000 of cancellation cover currently costs $870 from one provider, but $855 from another: a difference of $15.
It is advisable to purchase wedding insurance when you have an exact date for the wedding in mind. Many policies are designed to cover you for one year, and some insurance providers will increase the cost of your policy if you require the insurance for longer than twelve months.
