November 18th, 2013
When it's all done, you've said "I do" and the wedding bells have stopped ringing, there may be a few changes to make when it comes to your insurance. While not the most romantic of topics, insurance is an important consideration to undertake after getting hitched. Getting married is a big life change that takes some planning, and your insurance policies should also take some planning. Luckily, there are many opportunities to save money with insurance policies once you're married.
After two people get married, two households are joined, meaning there are a lot more possessions to take care of. To make sure these are all protected, home insurance needs to be expanded to include the other person. Whether you're a homeowner or a renter, insurance is a crucial part of living together.
Keep in mind that weddings will sometimes bring in higher-priced items such as rings and gifts that could be hard to replace if damaged or stolen. If you have valuable possessions, or your significant other does, valuable coverage may be the best way to protect them and get peace of mind. There is not always a direct discount for married people when it comes to home insurance or renters insurance, but when resources are pulled together in legal terms in a marriage, coverage needs to be adjusted.
Most people don't get married to save money on their car insurance, but it happens to be one of the benefits of joining or pooling policies. Marriage is a great union between two people, and it can also join drivers together in safety. Insurance providers see married people as having a lower risk of getting in a car accident and many offer discounts for couples who have tied the knot. For married couples who have more than one car, multi-car policies can be cheaper than insuring two cars separately.
However, getting married doesn't mean that two people should combine their auto insurance policies right away. Two safe drivers may be able to reduce their monthly payment significantly, but it may not be the same story for a couple with a history of accidents or several claims. Even if one person has several accidents, tickets or something as serious as a DUI on their driving record, both people could be affected with a higher rate when policies are combined.