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Is Buying Wedding Insurance Worth It?

Adhil Shetty


Q. I am 29 years old and going to get married soon. My parents have planned a grand wedding for me, which means a big expenditure. This has left me worried as I live in a flood-prone area. Do you think I should get my wedding insured? What do I need to know before buying a policy? Riteish Kapoor

A. Since you have mentioned your parents’ plan for a grand wedding, it completely makes sense to have it covered by the insurance. Besides you live in a flood-prone area, which makes getting an insurance cover for your wedding a necessity. However, before making this move, do assess your existing insurance covers (for life, health, and vehicle) to understand what is already covered. This knowledge will be useful in the event of losses during a flood. Next, consider the risks to your wedding and look for a suitable wedding insurance plan that can cover you. It will not only ensure peace of mind but will also save you from any losses.

Now, we come to the second part of your question. You should first be aware of all that a wedding insurance plan covers and what it excludes.

What It Covers

A wedding insurance policy usually protects against burglary and theft at the venue, damage to the venue, cancellation etc. Based on the sum assured, a wedding insurance policy can also cover expenses incurred on printing of cards, advances paid for the venue, caterer, decorations, music etc. The premium for such wedding covers depends on the venue and size of the wedding. It also factors in the sum asured. You can also get it customized as per your needs; but broadly understand that the larger your coverage, the bigger the premium.

What It Doesn’t Cover

A wedding insurance policy would not cover cancellation of a marriage due to bandh or civil unrest, war-like situation, or act of terrorism. It will also not compensate for the person covered under the policy getting kidnapped or inflicting self-injury or committing suicide. Any damage to the property caused by the insured member or the insured’s family member will also not be covered.

Do check the claim settlement ratio of the insurance company before buying the plan and also understand the claims process and the documentation it would entail. Since a wedding is an expensive affair, it would be wise to keep all your bills handy for claim settlements. The terms and conditions for a wedding insurance policy varies from company to company, so compare your options before you finalise the policy.

Have a question on personal finance? Ping me on Twitter at @adhilshetty with the hashtag #AskAdhil. The writer is CEO, BankBazaar.com, an online marketplace for loans and credit cards.