Auto insurance is probably the last thing on your mind when you’re getting ready to get married. However, after everything is done, after the honeymoon is over, when you’re finally back to your regular life, you might want to think about it. Why? It’s simple. Because one insurance is cheaper than two. If you didn’t know it, let me tell you that you have the option to combine your insurance and that of your beloved’s into one single policy.
Car insurance is usually cheaper for married couples, because insurers feel that married people are less risky to insure and less likely to file claims. And, by combining policies, you can save even more.
It makes sense if you both have spotless driving records. It doesn’t matter if you have one car or two. Two or more vehicles can earn you a multi-car discount, while having just one car can get you discounts for sharing a policy. All of this in addition to the lower rates. And if you combine your auto insurance policy with homeowners’ or renters’ policies, you can probably start planning for a second honeymoon. Because the overall discounts will be even greater.
When not to do it
It’s important to know that you won’t save money just by combining the two policies. There are times when this can actually end up costing you more. If one of you has a really poor driving record, having two policies will be the cheaper choice.
Merging a low-risk drivers insurance policy with that of a high-risk driver will likely increase the first one. And this isn’t the only bad news. Unfortunately, insurance companies consider the driving histories of all family members within the same household. So, having a high-risk driver in your family can make you riskier by association. But there is a way around this. In most states, if your high-risk spouse has his or her own insurance policy, you an exclude him or her from your policy. This only works, however, if you each use your own car.