As per statistics, an average Indian wedding can cost anywhere from 20 lakhs to 5 crores with an average footfall between 300 to 2,000 guests. This increases the pressure and expectation on the couple and their families, especially a lot more on the bride’s side because of the cultural setup. This coupled with the chances of an unforeseen event happening during the wedding can further add to the overall pressure on the couple and their families. In such situations, wedding insurance can be a life and pocket saver for couples as it provides them with the financial shield that could result from several setbacks. Here is what you need to know about it.
Say you have planned your wedding to the last minute detail. However, due to an unforeseen pandemic caused by the coronavirus you need to shift the date. What do you do? You cancel the event! Similarly, the statistics reveal that nearly half of the weddings planned for 2021 were postponed to 2022 because of the covid induced pandemic. This led to an uptick in the demand for wedding insurance across the globe, especially in the Indian market. However, the use cases of wedding insurance are not limited to the pandemic, but rather go way beyond.
Here is what wedding insurance will protect you against :
A sudden cancellation, stolen gold, or a personal accident, wedding insurance can protect them against any unforeseen circumstance.
It can also protect against vendor cancellations or/and postponements. For example, if your caterer goes out of business right before your wedding, you’d be able to get your deposit back.
For all the advance money paid for catering, wedding venue, travel agencies, hotel room bookings, music, decoration, etc, it safeguards against it all.
However, it is worth noting that most wedding insurance policies provide you with a cover for two years. Hence, I would recommend getting the insurance two years before the wedding date.
The main selling points for purchasing wedding insurance:
The future is unpredictable. Hence, it is always a safe bet to keep your money in safe hands. You never know when unfortunate events might blow all that you have planned for from the very beginning in just one moment. The primary reason for wedding insurance is the protection against uncertainties like cancellation or postponement of the entire event. This is the broadest form of coverage and will cover your financial losses for nearly every aspect of the wedding if you are forced to cancel it.
However, before considering an insurance policy, be sure to talk to your insurance agent to understand every detail of your policy, so that you can make an informed decision.
With inputs from Anam Zubair, WeddingWire India.
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