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How Getting Married Can Help With Your Insurance

February 11, 2013

Marriage can save you money on insurance billsSaying “I do” is an exciting time that means a lot of happy changes in anyone’s life. While planning a wedding leaves little time to worry about things like insurance, there is some good news when it comes to newlyweds bringing their insurance needs together. Getting married can have a positive impact on your insurance rates and open up some options for you.

Combining Car Insurance

When two single people get married and bring their car insurance together under one roof, they both stand to save some money. A couple who decides to insure their cars together with the same insurance company may qualify for the multi-car discount that can result in great savings on both policies.

When you get married, you have the option to switch one person’s car to the other’s insurance policy, or to shop around for the best possible rate on both vehicles at the same time. Getting married is a really good time to get car insurance quotes; you will have to the opportunity to see how you could both be saving by switching to a new car insurance company.

Aside from the new discounts available to you, you may see an automatic reduction in rates just because you are now married (particularly if you are a male under the age of 25). Statistically, married people tend to be more responsible drivers, and this is often reflected in insurance rates. That means that simply by informing your insurance company that you are married you could see your rates go down. Keep in mind that there may be other changes that will affect your rates. If you are now able to carpool together to work, you may be able to reduce rates on one of your cars now that it is no longer used for commuting. And a new address together can impact your rates as well, especially if it greatly reduces commute time.

One Home, One Policy

If you’re moving in together for the first time after marriage there’s even more good news for your insurance budget. Having one home means having only one insurance policy, so you can drop the policy on the home no longer needed. You can also combine all of your personal property coverage under one policy, including any additional riders you may need for valuables such as jewelry, antiques, art and computer equipment.

The shared homeowner’s policy may also give you both a discount on your car insurance if you have all of those policies with the same company – meaning savings all around on all of your policies. Not only will you save more having one policy, you can likely increase your coverage and still pay less.

Life Insurance for Couples

Many people think about life insurance for the first time when they get married. If you don’t have any policies in place yet, it’s definitely the time to protect your new spouse and potential children in the future. Married couples can consider a joint life insurance policy that will pay out upon the death of either spouse, which for some can mean saving on the cost of the policy. Joint policies are, for some couples, the most affordable way to provide important coverage.

Individual policies are also a good consideration for newlyweds, and some insurance companies even offer a discount on auto and home insurance when you take out a life insurance policy through them as well, meaning you can reduce all of your insurance costs and have the life insurance coverage you need. The sooner you purchase life insurance, the more likely you are to be able to lock in a low premium thanks to youth and good health. Waiting could be costly.

Shopping Around for Insurance

Newlyweds can save by taking some time to shop around for insurance that will combine all of their needs under one company, as well as offer them the best coverage at the best rates. Some companies offer more discounts than others or better rates for married couples than other companies, so comparing rates when you get married is a good idea to help you find the best possible deal.

Getting married can have a very positive impact on your insurance rates, but it also means that you need to take the time to make sure you have all the coverage you need to start your new life together. Start your new life together off right by planning for the future and finding all of the right coverage for your needs.

  • JimmyDawson

    It’s all a lie, it’s not worth it. Getting married is about the worst thing a guy can do financially, what may be saved on insurance is far outweighed by the extra expense of a high maintenance, demanding wife. A guy is normally better off to use rentals over the course of his life than get married, plus that means no child support or spousal support which cost a lot more than car insurance.