Company Website:
http://www.travelers.com/
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.
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Travelers celebrates 10 years of wedding insurance (Graphic: Business Wire)
“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.
About Travelers
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170927005704/en/
Contacts:
The Travelers Companies, Inc.
Sperry Mylott, 860-277-5075
smylott@travelers.com
Source: The Travelers Companies, Inc.
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