Wedding Insurance Calculator
When wedding insurance pays off.
Calculate wedding insurance expected value. Enter budget, cancellation probability, and premium to see if it pays. Free — no signup.
What this tool does
This tool calculates the expected value of wedding insurance. Enter total wedding budget, estimated probability of cancellation or major loss, insurance premium, and coverage percentage of budget. The calculator shows expected payout, net expected value, and break-even probability.
Enter Values
Formula Used
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Disclaimer
Results are estimates for educational purposes only. They do not constitute financial advice. Consult a qualified professional before making financial decisions.
Wedding insurance covers cancellation, supplier failure, damage, and similar losses. Typical premiums are 50-300 depending on coverage level and wedding size. Payout equals the covered budget if a qualifying event occurs. This calculator shows expected value.
A 30,000 wedding budget with 3% cancellation probability and 150 insurance premium covering 100% of budget: expected payout 900, net expected value 750. The insurance is worth it statistically. At 1% cancellation probability, expected payout is 300 - still positive at this premium level.
Expected value and risk protection are different decisions. Even at negative expected value, wedding insurance caps downside risk on a major financial commitment. Most couples find 100-200 premium reasonable for peace of mind on a 20-50k spend. The tool shows when it's also financially favourable.
A worked example
Try the defaults: total wedding budget of 30,000, cancellation probability of 3%, insurance premium of 150, coverage percentage of 100%. The tool returns 750.00. You can adjust any input and the result updates as you type — no submit button, no reload. That's the real power here: seeing how sensitive the output is to one or two assumptions.
What moves the number most
The result responds to Total Wedding Budget, Cancellation Probability, Insurance Premium, and Coverage Percentage. Not every input has equal weight. Flip one at a time toward extreme values to feel which ones move the needle most for your situation.
The formula behind this
Coverage = budget × coverage %. Expected payout = coverage × probability. Expected value = expected payout - premium. Break-even probability = premium / coverage. Everything the calculator does is shown in the formula box below, so you can check the math against your own spreadsheet if you want.
Budgeting for the milestone
One-off life events have a habit of spreading — a wedding that "costs 15,000" routinely ends at 20,000 once related expenses are tallied. Use this tool to build the realistic figure, then add 10–15% for the items you haven't thought of yet.
What this doesn't capture
Life events generate side costs the figure doesn't include: time off work, lost income, travel for others, aftercare. Add 10–15% to the direct number as a buffer; the items you haven't thought of usually fill most of it.
£30,000 £ wedding, 3% cancellation risk, £150 £ premium = $750.00.
Inputs
This example uses typical values for illustration. Adjust the inputs above to match a specific situation and see how the result changes.
Sources & Methodology
Methodology
Coverage = budget × coverage %. Expected payout = coverage × probability. Expected value = expected payout - premium. Break-even probability = premium / coverage.
References
Frequently Asked Questions
What cancellation probability is realistic?
What do policies actually cover?
Is wedding insurance worth it even at negative expected value?
When isn't it worth it?
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