HARTFORD, Conn.--(BUSINESS WIRE)--The Travelers Companies, Inc. (NYSE: TRV) is marking its 10th anniversary of offering wedding insurance by highlighting a decade’s worth of wedding costs and claims trends. Since the Wedding Protector Plan was launched in 2007, Travelers has provided peace of mind for couples with a no-deductible policy that helps protect a wedding budget from unforeseen events that could ruin their special day and finances.
“Couples and families make a significant financial investment in their wedding,” said Todd Shasha, Managing Director of Personal Insurance Product Management at Travelers. “We introduced the Wedding Protector Plan to help ensure that the wedding budget doesn’t spiral out of control when unfortunate and unexpected events occur. As costs and the economy have gone up and down over the past 10 years, wedding insurance has helped newlyweds start off on the right foot financially as they start their lives together.”
Matrimonial Money Trends
Over a 10-year period beginning in 2007, total wedding costs have averaged $26,000, according to industry expert The Wedding Report. Its analysis shows:
- The average cost was highest in 2007 at nearly $29,000, and lowest in 2009 at about $22,000. Today, it averages around $26,000.
- The amount of money couples spent on wedding favors and gifts for the bridal party dropped 27 percent over ten years. In 2008, the average spend peaked at $326. Today’s average spend on gifts is $239.
- Brides spent an average of $918 on their bridal dress 10 years ago. That cost peaked in 2015 at $1,218, but has since declined slightly.
Ways Weddings Have Gone Wrong
Based on its 10-year claim analysis, Travelers has identified trends regarding mishaps and common issues, including:
- The top cause of wedding insurance claims over nine of the past 10 years was vendor problems. One-third of vendor issues involved venues that closed unexpectedly or couldn’t accommodate the wedding as promised.
- Twenty percent of all vendor-related claims were caused by photographers failing to deliver agreed upon photos, videos, etc.
- In 2016, the most common claim was for missing or damaged property, marking the first time that vendor issues were not the top cause of claims.
- Weather issues accounted for just nine percent of claims on average over the past decade, but in 2012 it made up 20 percent of all wedding insurance claims.
For couples who are planning a wedding, Travelers recommends researching vendors thoroughly before placing deposits and checking with the Better Business Bureau for reviews or references.
The Wedding Protector Plan offers insurance related to issues that impact not only the wedding but also the rehearsal dinner and even the next-day brunch. Couples can add liability coverage to their core coverage plan, which many venues require in case someone at the wedding is injured or causes damage to property of others. For more details, visit travelers.com/event-insurance.
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $28 billion in 2016. For more information, visit www.travelers.com.