Marriage Could Mean You Save More on Insurance Every Month

Blog

Marriage Could Mean You Save More on Insurance Every Month on avanteinsurance.com

There are many possible insurance benefits available for newlyweds

Marriage is a major event. And once the confetti and cake have been cleared away, it’s time to start thinking about how it affects your insurance. You and your spouse aren’t the only ones joined in matrimony: your home, car, and life policies could also benefit from uniting.

Like marriage itself, a combination of policies can have ups and downs. You’ll both need to take your share of responsibility to make the insurance partnership work. Here are some important factors to consider before your premiums tie the knot:

Marriage and home insurance

You’ll very likely be sharing a home now that you’re married, and all your shared possessions will be stored under one roof (not to mention any wedding gifts you just gained). A shared homeowners policy will cover your possessions in the event of theft or damage. Not all misfortunes are covered under this policy, so make sure to check with your provider to see if certain environmental factors or items of high value are excluded.

If you’re both renting, then combine a renter’s insurance policy to look after your things. Your landlord will likely be insured but this only covers the building, not its contents.

Whichever of the two you choose, you can benefit from adding in auto insurance from the same provider. This results in a multi-policy discount, also known as a bundle discount. Floridians can expect around a 5% saving by bundling.

If you are a homeowner, ask your insurer if your premiums could be reduced; many providers look at married homeowners as more reliable. Protecting your new or existing home with locks, alarms, and other security measures will make the home safer and further lower insurance rates.

Marriage and auto insurance

Being married is a sign of commitment and responsibility; two words insurers love. When it comes to auto insurance, marriage leads to fewer car accidents and thus cleaner driving records and lower premiums. Not every state will view marriage as a reason to lower your premiums, but Floridians could save up to 6%, according to Insurance.com.

If you and your spouse both own a vehicle, place them both on the same policy. It not only benefits from the multi-policy discount mentioned above, you’ll also be eligible for a multi-car insurance discount. This will see more favorable rates on your liability, comprehensive and collision features. How much of a discount will depend upon how clean each spouse’s driving record is.

When separate policies may be a better idea

The cleaner record holder will suffer under a combined policy if their partner has a history of accident claims, driving charges, or even a poor credit rating. While discounts and premiums may see less in savings, it won’t be forever. Bad records expunge themselves, given time.

If your spouse travels significantly more miles than you in a month or if their model is more expensive, separate policies may be better.

If you already have or are intending to start a family, consider switching to one of the many family-oriented vehicles. Insurers look on these very favorably, as we highlighted in our previous blog.

Marriage and life insurance

This is a vital consideration for newlyweds. It’s not pleasant to consider funeral expenses or the impact on income after a tragedy, but planning for the worst is a good idea.

Term life insurance is a popular choice among newlyweds due to the fact that it’s less expensive than permanent or universal policies. It covers individuals for a set amount of time (the “term” of the title). How long that term lasts is up to the couple. They may choose from 10 up to 30 years and payments can remain fixed throughout the term.

Married couples can choose to have separate life insurance since each individual policy exists to protect the other person. Some providers allow for joint life insurance, but this typically comes with the necessity of being permanent or universal.

Stay-at-home spouse insurance can also be an important investment. If one partner works while the other tends the home and family, this form of coverage is strongly recommended.

Make a professional the next person you join up with

Insurance exists for one reason: To protect you against an uncertain future. If you’re newly married and you need a one-on-one consultation that will help you safeguard that future, Avante Insurance is here to help.