Getting Married?
How Getting Married Changes Your Insurance
Millions of couples in the US and Canada tie the knot each year. The beginning of a new life may also mean big changes for your insurance policies. In many ways, the changes can be good news for your budget.
Auto insurance
Most couples choose to combine their auto insurance policies rather than maintain separate policies. This strategy often leads to lower premiums overall.
In addition, many insurers also rate married couples as a lower risk than single people, giving you 2 ways to save money. If you own 2 or more vehicles, you might also earn a multi-vehicle discount.
Check with your agent or broker for quotes on coverage. In some cases, it may make sense to wait a bit longer, especially if you or your partner have had a recent driving mishap or a break in coverage.
Insurers rate dozens of factors when pricing a policy, so each situation can be a bit different.
Home insurance
If you are renting, you can move to a single renters insurance policy after you move in together. This saves money as well, and if you combine the renters policy with an auto insurance policy, most insurers offer an extra discount.
If you are buying a home or already own a home, talk to your agent or broker about getting coverage in place and naming both of you on the policy. As with renters insurance, most insurers offer an extra discount for bundling home and auto insurance with the same provider.
Home insurance rates usually come in lower for married couples as well, giving you yet another way to save.
Life insurance
Many families are 2-income households, making life insurance a must-have coverage. Now is the time to get the protection your need.
Rates for life insurance are more affordable if you secure a policy when you are younger, so it is best not to wait. Each passing year can make coverage more expensive if you have not locked in your rate by buying a policy.
Work with your agent or broker to find the best type of life policy for your needs. Your agent or broker can also help you design a strategy to be sure you have enough coverage now and in the years to come.