Getting married is a big life change, but with it comes even more decisions. As you start to merge your lives together as newlyweds, one thing you’ll want to consider is merging insurance coverage. Here are a few insurance tips for newlyweds that can help save money and ensure you’re both covered.
Combine Your Car Insurance Policies
A perk of combining your car insurance policies when you get married is that you will most likely save money, compared to each of you having your own coverage. Many find that their car insurance rates lower after getting married, and there may be an opportunity for discounts such as a multi-car discount.
Combine Your Homeowners and Renters Insurance Policies
If you have separate home insurance or renters insurance policies, one person can cancel their policy when you move in together. The policy you don’t cancel should then cover both of you. You’ll probably have to make adjustments to the policy’s coverage, as you now have more belongings to protect. You’ll also want to make sure your new wedding rings are covered under your personal property coverage in the event they are either lost, stolen, or damaged.
Bundling Your Homeowners and Auto Insurance Saves More Money
Bundling is one of the easiest ways to save money on your homeowners and auto insurance. In addition to saving money, you’ll also have the convenience of asking questions and raising concerns in one place. Bundling also consolidates your monthly insurance payments, and some insurers may be able to provide a single deductible for both policies.
Other Insurance Discounts for Married Couples
While you’ll find many benefits of combining your insurance, there may be opportunities for additional discounts when you get married. When it comes to home insurance discounts, many carriers offer discounts for certain home improvements and installations such as security systems or up-to-date smoke and carbon monoxide detectors.
For auto insurance discounts, you may consider usage-based insurance as a way to get a discount for good driving habits. Usage-based apps often provide discounts for good driving behavior that’s tracked from your phone or an in-vehicle device. From bundled home and auto insurance policies to loyalty discounts and more, most carriers offer opportunities to cut costs with special discounts.
Pro Tip: SelectQuote Can Help You Shop Around for Bundled Insurance
Any big life event such as marriage is a great time to revisit all of your insurance coverage, including reevaluating your needs and getting new quotes. At SelectQuote, we simplify the process of shopping for insurance and allow you to compare some of the most trusted home insurance and auto insurance carriers in just minutes. We can also help you look into the benefits of existing policies and what you hope to cover, and decide if there are opportunities to bundle and save.