We’re in the height of wedding season, so it’s a good time to share my advice on marriage and car insurance.
So you have just tied the knot? Congratulations! Insurance may be the last thing on your mind, but it’s definitely well worth adding to your to-do list. It’s time to start making life decisions together that impact you equally. One of those decisions is how you will handle your auto and home insurance. Streamlining your policies can simplify your monthly bills – but did you know it can also save you a considerable amount of money?
Combining your auto policies makes sense when you’re frequently driving your spouse’s vehicle, but it can also offer you both multi-vehicle discounts from insurers. For an even better discount, consider combining your auto insurance with homeowners or renters insurance with the same company. Building your coverage with multiple policies with the same company means considerable savings.
Another benefit to combining your separate auto polices is knowing you have the same level of coverage regardless of which one of you is driving. Many times the coverage carried separately is significantly different. Now that you’re married it’s important to review your assets together and make decision jointly on what level of coverage is best to protect you. From differences with electing for Full or Limited Tort and deductibles, it’s vital you make those decisions together – with the guidance of an experienced agent. Many times I find the coverages two individuals selected separately can vary greatly. As you are now married and have combined assets, it’s important to review those coverage limits and selections and decide if they’re still sufficient for you. Plainly said, many times I’m able to significantly increase the coverage limits by combining policies, while still putting a large chunk of change back in your pocket.
Interestingly, statistics show that married couples are more likely to have a better driving record than their single counterparts. While this is not always the case, your marital status is factored into your auto rate.
In some cases it doesn’t make sense to bring that partnership to car insurance, such as if one spouse has a poor driving record. When a low-risk driver joins a policy with a high-risk driver, the high-risk driver will increase the rate considerably. In this instance it’s beneficial to work with an agent who will review your record with you, let you know when you can expect the rates for you to lower, and if it is in fact better for you to stay separately.
With many companies, you don’t have to wait until you are married to combine your coverage. Once engaged or with a major joint asset like a home deeded in both of your names, you could combine insurance at that time instead of waiting until marriage.
We’re here to help you navigate the benefits of combined insurance. Visit the independent insurance professionals at Ferri Dawson Insurance Group for all of your car insurance needs in Murrysville and neighboring cities.
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