Should you commit to auto insurance with your new spouse?
If you’ve just gotten married, you and your new partner have a lot of major life decisions to make. One such decision is whether you should combine your auto insurance into a single policy. Before you make this decision, here are some of the things that you should consider.
Getting Married Will Unlock Discounts
Generally, just changing your status from ‘single’ to ‘married’ will drop your auto insurance rates. This is because insurers consider married drivers less risky to insure than single drivers. This means that, even if you and your spouse do not decide to get a joint policy, you will still experience some auto insurance savings.
Combine to Save
That being said, investing in a joint auto policy will usually help couples save on their auto insurance. When you only have one auto insurance premium, this payment will likely be far less than the cost of your two individual premiums. Additionally, having a joint policy can help you unlock multi-driver and multi-car discounts for even more savings.
When Combining Isn’t Right for You
There are some cases in which couples are better off keeping their auto insurance separate. For instance, if one spouse has particularly low credit or a bad driving record, this will result in a high joint auto policy premium. Instead of combining coverage, each person should keep their separate policy so the low cost of one driver’s insurance can better offset the expense of the higher risk driver’s policy.
These are some of the things that newlyweds should consider before they invest in a joint auto policy. Do you have more questions regarding your auto insurance? If so, contact the experts at ISU-Wissink Insurance for assistance today.