Consider this before deciding to invest in an auto insurance policy with your new spouse.
As a newlywed, your auto insurance is probably one of the last things on your mind. However, it’s important that you and your spouse sit down and discuss how you would like to handle your auto coverages which were separate before marriage. For instance, you should decide if combining your auto insurance is a good move. Here are some of the things to consider:
You Will Save Premium by Combining Your Cars on One Policy
When you get married, if you combine your auto insurance on one policy you will probably enjoy a drop in your existing auto premium. Insurance companies rate married drivers with differently than they rate single drivers – married drivers are considered to be less likely to have accidents or poor driving records.
Combine to Maximize Savings
That being said, combining your auto insurance into a single policy is the most effective way to save. This is because your household will go from paying two separate premiums to one joint one. Additionally, having multiple drivers and cars on a single policy can unlock special discounts. If you have your auto insurance with renters or homeowners insurance with the same insurance carrier, you also get a multi-policy discount on each policy – discounts that can be substantial savings for both the auto and the home insurances!
Why You Might Not Want to Combine Your Insurance Policies
There are some situations in which you may not want to combine your insurances. For instance, if one of you has a particularly bad driving record or a low credit score, this could drive up the overall cost of your shared insurance premium. In this case, you might be better off keeping your policies separate so the low cost of one driver’s premium can offset the expense of the higher-risk driver’s insurance. We recommend checking with your insurance agents to see what will work best for you.
These are just a few of the things you should keep in mind when deciding if you should combine your auto insurance with your spouse. Do you have further questions regarding your auto insurance? If so, contact the professionals at Randy Jones Insurance Services in Pleasanton, California for assistance today.