Kate Middleton has done pretty well for herself, marrying a prince and all.
Royalty needs insurance and for a wedding that will cost an estimated five billion Pounds (yes, Pounds, if The Telegraph is to be believed anyway), can you imagine what they’re spending on insurance?
Luckily, you don’t have to imagine. We here at Justmoney.co.za have crunched some numbers and put together a cost estimate for the Royal Wedding Insurance costs*.
Car/royal coach insurance – £25,000,000
Remember when Prince Charles and his wife Camilla were attacked in that Rolls Royce Phantom VI? Well, Will and Kate will be using the same one. The newly-wed couple will also be driving off in the same 1902 State Landau that Charles and Diane used in 1981 when they tied the knot.
Hopefully they opted to go for something that offers a no-claims bonus.
Remember, there’s also a glass carriage and a whole convoy of cars to insure, but we’re leaving it up to you to estimate just how much this will cost.
Terrorist attack insurance – £100,000,000
The British police, CCTV and all the other security roped in for this event does lower the insurance cost, but that doesn’t mean the British Royal don’t need to be prepared, especially with the national obsession and all the civilians who’ll be gathered to catch a glimpse of the newly married couple.
Pet insurance for the Queen’s Corgis – £30,000
Pembroke Welsh Corgis aren’t really cheap. Pure bred and registered, they cost about R2500 to R3000. Royal Corgis, as you can imagine, will cost a whole lot more. Of course the little furry friends are invited to the wedding, they’ve been owned by the Royals for years and they’re pretty much part of the family. There’s six of ‘em and with the hustle and bustle of a Royal wedding, they need some proper insurance, just in case they get caught in the middle of an impromptu dance off.
Dress insurance – £5,000,000
Imagine Kate does a runner or a Corgi gets its paws on it, not even to mention open flames. Obviously the dress will be expensive and its value will increase even more after the wedding. It’s up to Kate decide whether she wants to extend the policy or sell the dress on eBay and leave it up to somebody else to insure.
Jewellery insurance – £15,000,000
No rapper’s bling can compete with the jewels of the royal family. Tiaras, necklaces, rings and everything else you can dream of. These jewels are pretty much priceless, but the royal jewels still need protection from damage, loss and theft.
Kidnap insurance – £100,000,000
It’s probably a long shot and it would take some serious planning to pull off a royal kidnapping, but all bases have to be covered. Just imagine the ransom demands? We bet Kate and Will would rather not spend their honeymoon tied up in a barn somewhere.
Holiday insurance for the honeymoon – £1,000,000
Whether they’ll be frolicking on the beaches of Bali or gallivanting around the Isles of Scilly, travel insurance is vital. Not just in case a mutant shark finds its way to the private beach where the pair will be staying, but also to help in the case of lost luggage or any sort of any foreign and unsavory illnesses befalling them.
Just like the common man on the street, royals need travel and holiday insurance, theirs is just on a much, much larger scale.
Wedding cancellation cover – £100,000,000
Last, but not least, is cover in case the whole shebang doesn’t even happen. A massive scandal involving either Kate or William, a natural disaster, a bomb threat or Kate deciding this whole royalty thing is not for her are all real threats. Should any of these concerns materialize, the royal family will need to make up for their losses. Food, drinks, flowers and everything else will all go to waste.
Total cost of insuring the wedding: £356, 030, 000
We don’t even want to go into how much that will be in Rands, but we hope they compared insurance quotes before making a decision…
*These cost estimates should be taken with a pinch ofsalt. There is no way we could ever estimate exactly what the Royals are spending on their insurance. While these figures were mentioned on the Business Pundit website, they are still estimates.
However, it’s always a good idea for you to check your premiums and make sure you know what you are paying for. Get a comparative insurance quote to see if you could save on your insurance.