Newlyweds should consider combining their insurance policies.
Saying “I do” is an exciting time that means a lot of happy changes in anyone’s life. While the honeymoon adventures have been logged and you’re both happily enjoying married life, you may be forgetting one important detail: auto insurance. In most cases, car insurance is cheaper for married couples, but there are some caveats.
If you choose not to combine auto insurance policies, chances are, you’ll save money just by being married. Researchers found that married couples save an average of 10 to 12 percent when all other factors remain the same. This is because insurers see married couples as more stable, conscientious, and less likely to file a claim than single drivers.
For an even better discount, consider combining your car and your partner’s car in a single policy. This makes sense if you both have spotless driving records and no recent gaps in insurance coverage. In addition to lower rates, having two cars on the same policy can often earn you multi-car discounts from insurers. What’s more, even if your household only has one vehicle, you can still earn discounts for sharing a policy.
Bear in mind that combining policies doesn’t always make financial sense. Combining a low-risk driver’s policy with a high-risk driver’s policy will likely increase the low-risk driver’s car insurance rates. There is also a chance that the insurer won’t insure your accident-prone partner, no matter the cost. If your spouse has more than three accidents, your insurance carrier may not accept him or her onto the policy.
For the quality auto insurance that protects you and your partner, visit the team at Gee-Schussler Insurance Agency, serving Orland Park and surrounding cities in Illinois. We can help you understand your coverage and find ways to save.
