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Daily Insurance Industry News
Saturday 21st of July 2018
April 21, 2010

Defaqto rates wedding insurance

by Richard Kilner

Story link: Defaqto rates wedding insurance

As the wedding season begins, Defaqto has included wedding insurance in its Star Ratings reports of financial products.

The firm’s analytical minds examined more than 80 products and gave each one a Star Rating ranging from 1 to 5.

The average wedding costs £20,000, making insurance an important aspect just in case any crucial supplier fails to deliver.

Cancellation, loss, damage, breakdown cover for key suppliers and other areas are all considered by Defaqto when awarding the Star Rating, in addition to exclusions and other features.

More than a quarter of insurers will not cover overseas wedding, 58% cover bankruptcy and liquidation, but only 14% cover suppliers that fail to meet obligations.

When it comes to cancellation the greatest level of cover is £75,000 from Covermyday, closely followed by £70,000 from Debenhams Diamond Plus.

More than half of insurers have a coverage level of under £20,000, which is the average cost for a wedding.

Head of Research Brian Brown explained that the Star Rating system offered consumers a quick and easy way to see the relative strength of a financial product.

Last year specialist insurer Hiscox warned couples against wedding underinsurance, advocating a reassessment of home contents insurance as many couples make a large number of purchases and receive so many gifts due to a wedding that they find their previous coverage inadequate.

 

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