Marriage and car insurance: should you combine policies?
So you’ve just tied the knot (congratulations!), and while insurance may be the last thing on your mind, it is well worth adding to your to-do list. Now that you’re married, you and your spouse could combine your auto insurance to save money and streamline your policies.
When Combining Makes Sense
If you and your spouse have separate car insurance policies currently, look into combining them into one. Not only does this streamline your policies, but it can also save you both money. Having two cars on the same policy can often earn you multi-car discounts from insurers. Even if your household only has one vehicle, you could still earn discounts for sharing a policy.
For an even steeper discount, consider combining your auto insurance policy with existing homeowners or renters insurance policies from the same company. By taking out two or more policies with the same insurer, you are bundling your coverage, which often means big savings.
When Not to Combine Policies
Though you’re now joined in holy matrimony, there are some cases in which it doesn’t make sense to bring that partnership to car insurance. If one spouse has a poor driving record, separate policies could end up costing you less. When a low-risk driver joins a policy with a high-risk driver, the high-risk driver will increase the rate considerably. If your new partner has been involved in three accidents or more or has recent gaps in insurance coverage, think twice about combining policies.
Even if you don’t combine policies immediately, review your insurance coverage regularly. Visit the independent insurance professionals, Perry & Carroll, for all of your car insurance needs in Elmira and neighboring cities in New York.