There are few times in your life as exciting as your wedding day. Months of planning go into this beautiful day and your family and friends come out to see you promise yourself to the one who will be your partner in life. This moment is the first of many things you and your spouse will share throughout your life.
One item you will likely come together to share is your car insurance policy. It is also one of those things in your life that can cause stress as you hunch together over endless possibilities from dozens of different insurance companies. Don’t let insurance coverage be the cause of your first marital spat. Here’s a guideline to help you along as you shop around.
Decide whether to switch or stay with your current insurance
There are several things to look at when making the decision to switch from your current insurance provider to a new one. There are many reasons combining your insurance policy with your spouse just makes sense, such as:
- Multi-car discounts are offered with most insurance companies.
- There are also discounts for multiple policy types (for example, homeowners or renters insurance).
- Rates tend to be slightly lower for men under the age of 25 after they marry.
- Consolidation to one policy will make it more simple overall.
Even if your spouse has a not-so-perfect driving record, consolidation and available discounts to couples makes joining policies the obvious option.
Of course, there are exceptions to everything so it’s important to keep every factor in mind. If you’re still living at your parents’ house and your new spouse has a horrendous driving record, you might still qualify to stay under your parents’ policy. It’s important to do all your research to ensure you’re following the laws in your state and finding the best policy for your situation and budget.
Determine what coverage you need as a couple
So you’ve made the decision to consolidate your insurance and are now wondering what that entails. What type of coverage do you need? Generally young married couples are in need of saving money in every way they can. At the same time, it’s important to ensure you’re fully covered in case of an unforeseen accident or disaster.
Many factors go into determining your insurance coverage. Of course it’s difficult to list all the things that will affect what coverage you need but here are a few to keep in mind:
- How many cars you have together
- If you rent or own your home
- Your ages and past driving records
For example, if you only own one vehicle together, you might not absolutely need to combine your coverage. Many insurance companies require you list all licensed drivers in the home on your policy but if you don’t have to, it is a way to save money. It’s important to remember, however, if you don’t include your spouse on your insurance coverage and they do get in an accident in your vehicle, you’re on your own.
Once you figure out what and who to include in your insurance policy, it is important to shop around for the best deal. Even if you and your spouse happened to both have the same insurance company before you got married and were happy with their services, don’t just settle with that company for the sake of convenience.