Car Insurance Policies

Should Newlyweds Combine Their Car Insurance Policies?

Being in the newlywed phase is full of adventure and questions. You start to combine living quarters, your bank accounts, credit cards, and so much more. This begins to jog your memory of what you should do about your car insurance. Should you combine your policy with your partner or keep them separate? Today we are going to take a look at when you should and shouldn’t combine policies so you have a better idea of what you should do.

You’ll Save A Bundle Regardless 

We want to start by sharing the simple fact that becoming hitched is actually enough in itself to lower your car insurance rates. But, how can this be? Car insurance companies base your monthly rates on what they believe your risk is of filing a claim. Those with a higher risk pay more than those with a lower risk.

Your risk is based on statistics. Car Insurance by Youi companies sponsor many studies to determine how a single attribute can affect a person’s risk for filing an insurance claim. Those who are married have on average a lower risk of filing a claim than those who are not. Make sure to notify your insurance company before your next contract is renewed so that you can take advantage of this easy discount.

When You Should Combine Policies 

If both you and your partner both have good driving records and have not lapsed on your insurance, it’s likely combining policies will reward you with lower rates and more discounts. Keep in mind that any policy you get that has multiple vehicles on it will typically receive a multi-vehicle discount. If you really want to get creative with lowering your car insurance rates, you can always take advantage of bundling offers with renters or homeowner’s insurance.

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When You Should Avoid Combining Policies 

If you or your partner are a high-risk driver, it could negatively affect the other. A poor driving record is a sure fire way to an increased insurance rate. Those who have multiple accident reports on their record are going to be harder to insurance as well. If you both have very different driving histories, you should probably stick to separate policies. Otherwise, the person with the clean driving record is going to end up paying a lot more than the person with a bad driving record.

You Can Always Do The Research 

If you are still not sure whether you should combine car insurance policies with your partner, you can opt for researching rates. It’s usually easiest to talk to both of your insurance providers about adding the other spouse onto the existing policy. You should have ready the spouse’s vehicle information, driver’s license number, and existing policy. Be sure that when you get estimates you are comparing the same amount of coverage that the existing policy already has. You don’t want to settle for a lower car insurance rate that ends up providing less coverage than you need.

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