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Wedding Insurance sales set to increase by 50% in just 4 years.
Wedding Insurance sales set to increase by 50% in just 4 years.
The rising cost of weddings against the background of today's financial climate could lead to a rise in UK Wedding Insurance sales of up to 50% in the next 4 years.
Leeds,
Yorkshire,
United Kingdom
(prbd.net)
02/07/2010
"The costs involved in getting married can be considerably more than the cost of buying, for example, a new car and is often one of the biggest financial commitments a couple will make."
The rising cost of weddings could lead to a 50% increase in the number of people buying wedding insurance over the next 4 years, according to new statistics from Datamonitor.
The growth in wedding insurance is down to the recession, as more risk averse consumers worry about the huge cost of weddings and the need to protect themselves from suppliers going out of business. This in turn has driven more consumer awareness that they can insure their wedding.
“At Weddingplan we have seen a significant increase in the number of couples looking to protect their wedding with us over the last few years and see no reason for this trend to change.” commented Chris Gorney, Marketing Manager at Weddingplan.
He went on to say that “With the current financial climate putting pressure on couple’s disposable income, we expect to see a decline in the number of weddings in the UK in the short-term, and it’s true that as little as only 1 in 4 are insured. But, as people become more risk averse and wedding costs continue to increase this will inevitably lead to a greater take up of wedding insurance.”
“The costs involved in getting married can be considerably more than the cost of buying, for example, a new car and is often one of the biggest financial commitments a couple will make. Policies start at around £20 which is a tiny proportional cost that can provide real peace of mind for any couples planning to tie the knot.”
About Weddingplan
Weddingplan provides comprehensive wedding insurance cover for all types of weddings - from low cost ceremonies in the UK to lavish events abroad. Since the company was formed in 1992, Weddingplan has settled thousands of claims for reasons ranging from rings falling down the floorboards of a medieval castle to entire weddings being cancelled and rearranged due to family illness.
Weddingplan wedding insurance can be bought online by visiting www.weddingplaninsurance.co.uk or by telephoning 0844 312 3115.