You've gotten married -- congratulations! In the midst of the bliss, you may be making time for those nitty-gritty practical details. That includes updating your insurance policies, or maybe looking around for some new ones. The good news is that you often have more choices as a married person, and may enjoy even lower rates than when you had to tick off "single" on that insurance application form.
How insurers set rates may seem like a bit of a mystery. Younger drivers seem to pay more than older ones, because more experienced drivers have a longer clean driving history. It makes sense then that married people -- who are typically older than singles -- have cheaper auto insurance rates. In addition to the age factor, some companies may offer a discount on the basis of marital status, but not all.
When you get married, you may have the option to cover you and your spouse's vehicles under the same policy. This gives you access to a multi-car discount. When should you switch?
That depends on your quote. Step one is to shop around for cheap insurance rates. Then make sure any savings outweigh possible cancellation fees from your old insurer.
If you are not already co-habitating, moving in together means changes for your home insurance. Whether you are buying a new home and starting fresh with a new policy, or updating your existing insurance, the personal property of both spouses will generally now be covered. If your spouse is moving into the home where you used to live as a single person, let your insurer know. That way, their belongings are sure to be protected.
Make sure you look into the benefits of bundling all your insurances together too - as that can save money on home insurance.
Health and Life Insurance
You may wish to add your spouse as a dependent on your extended health insurance policy, and they may want to do the same. Keeping both policies may prove beneficial, since they may have different levels of coverage. In terms of life insurance, you may take this opportunity if you so choose to have your spouse listed as your beneficiary.
Your employer-provided insurance should be brought up-to-date as well. If you work for a large company, your HR representative should be able to handle this change. Just let them know you have a spouse, and need to change your pension and related information. Your HR representative may also help with your health, life, and dental insurance if you get these through your workplace.
Once you've tied the knot, take a moment to list all of your current insurance policies. There's a good chance you'll have to update each one. Have a chat with your insurer and ask if the status change makes a difference for your coverage, and if your premium rates will change. They may be able to discuss new packages with you, or simply add your spouse's name to your personal details.
Research Your Insurance Options
Getting married is a cause for celebration. Make updating your insurance an early conversation you have as you begin your life together. You can find all you need to know and shop around for home, auto, and life insurance policies at Insurance Hotline , whenever you're ready to grab some quotes.